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Vox - February 1, 2022

... Since every transaction is recorded in public and verified by the blockchain, you’re not supposed to need the oversight of Big Government or Big Companies. In reality, Web3 has plenty of ineptitude, costly bugs, and outright scams, like intriguing projects that disappear as soon as the organizers collect your money. Or in crypto terms: You’ve been “rugged,” as in, you’ve had the rug pulled out from under you.

Web3 is a scam.

Web3 is a world-changing opportunity to make a better version of the internet and wrest it away from the behemoths who control it today.

Web3 will make some people a lot of money. But many other people will lose their shirts on it.

I know! I’m confused, too.

The fact that Web3 is hard to define — I’ll try to do that in a bit — isn’t necessarily a bug. It’s a nascent idea floated by a mix of buzz, optimism, confusion, theological battles, and pure unadulterated speculation, which means it’s incredibly malleable. You can explain why Web3 is a fundamental remaking of the internet, and some people will take you very seriously. And you can argue that it’s an MLM scheme built to enrich people who are already rich, and find plenty of people nodding along.

What you can’t do, right now, is ignore Web3 if you work in or around tech. Because it’s all anybody has wanted to talk about for the past several months.

I see and hear Web3 pitches, debates, and dunks daily. When I talk to investors, executives, or just people who work or dabble in tech, it usually takes them a minute or two to tell me — either with pride or embarrassment — that “they’ve gone down the rabbit hole” into Web3 and are convinced there’s something very Big and Important down there. Maybe the fact that the stock market in general — and the tech sector specifically — has been tumbling in recent weeks will cool interest in this stuff eventually. But it certainly hasn’t yet.

This week, for example, YouTube CEO Susan Wojcicki announced that Web3 represented a “previously unimaginable opportunity to grow the connection between creators and their fans”; on the same day, two of her executives announced they were leaving to join … Web3 companies.

This stuff also makes people irrationally angry — even by Twitter standards. Last month, we got to see Elon Musk team up with Jack Dorsey to have a Web3 Twitter spat/wrestling match with Marc Andreessen, perhaps Silicon Valley’s most prominent VC, and Chris Dixon, who works at Andreessen’s firm and may be the most prominent Web3 evangelist.

No surprise: These men have a lot to gain and lose, depending on the way this shakes out. ...
Read full report at Vox