Web3? I have my DAOts
OK. The reason all this happening is that Bitcoin really did go to the moon. That&#x27;s what powers all this speculation. If the price of Bitcoin had been stable for a decade, and it worked reliably, it would be a useful medium of exchange, but nobody would care. This is all about MAKE MONEY FAST.<p>Bitcoin found some early use cases. Drugs first. Then getting money out of China. Money laundering. Tax evasion.  Scams. Bitcoin is the scammers dream - remote, anonymous, irreversible transactions. Much less risk of the mark coming for the scammer with a baseball bat.<p>Then China cracked down on cryptocurrency, shut down all the miners, and arrested a few hundred of them. Financial regulators in the more legit countries started regulating Bitcoin exchanges, so the operators couldn&#x27;t just steal the money. Know Your Customer became a thing. In the US, the IRS, FinCen, the FBI, and the SEC all started paying attention to what was happening on blockchains. Cryptocurrency crime was no longer risk-free for the crooks.<p>But by now, sheer momentum kept Bitcoin going up. That&#x27;s a powerful force. It&#x27;s not forever, though. Check out meme stocks a few years later. Remember, all this stuff is zero-sum. For every winner, there has to be a loser.<p>That&#x27;s what provides the engine behind &quot;Web3&quot;, NFTs, DAOs, and whatnot. It&#x27;s not the technology.