Is Web3 Bullshit? (Transcript)
Will blockchain work for money? No<p>Will blockchain work as a store of value? No<p>Will blockchain work for art? No<p>Will blockchain work for the web? No<p>Web3 is just another problem domain people up the pyramid chain are looking to expand their MLM into. Since blockchain (as with herbal life, etc.) isn&#x27;t effective at almost anything, this will pass.<p>It&#x27;s so laughably ineffective that I think we dont even really have to argue much with it. &quot;Blockchain technology&quot; takes the computing power of an apple watch and realises it with a data centre.<p>It&#x27;s so bad its self-exposing to most non-gullible people.<p>I think we can wait for Web3 to pass, as with NFTs.<p>Next it&#x27;ll be HousesOntheBlock, MedicalRecordsOnChain, etc. this will all cycle out over the next decade until gov&#x27;s start to see the massive crypto losses, and as with the opiod pandemic, step in.<p>One would hope most govs would regulate it into oblivion soon. As soon as the pyramid scheme around crypto is broken 99% of its fanatics won&#x27;t be desperately searching to find a use case.<p>Remember, with crypto, people&#x27;s lives are <i>actually</i> invested in it. This ain&#x27;t Rust. It&#x27;s Rust but each keyword was $50,000 you need.