Hey WC, what's your most contrarian web3 take? Can be related to anything.
Crypto wonât succeed because it canât replicate those massive, novelty checks they hand out at award ceremonies.
voting is fucking dumb and tokens push us down a road that doesn't lead to democracy, but majoritarianism. governance is broken and immutable primitives ensure that it will be broken forever. governance mostly shouldn't occur onchain, except when money moves, and money is the least important aspect of coordination
Iâll prob get canceled for this but I believe the more time we spend on an open global internet interacting with global citizens, the more we need a digital currency for global commerce.
Itâs barely possible to realize web3 potential in countries where every click on some website is a âtaxable eventâ and could bring huge liability
Not everything should be a dao, most things should not be
Web3 is going to completely change reality tv (and movies too), not video games
Serious web3 projects do not achieve a quick ROI. We are here for the long haul.
Blame the SEC for high gas prices Tons of smart ambitious ppl in the space, and the only legal way to get rich is aping into meme coins
If you have âconnect walletâ on a consumer dApp, youâre already đ
Tokens are skeuomorphic and adapted from currency and equities. NFT digital objects are the most exciting thing about Web3.
Most of web3 is still bullshit. Itâs an industry with speculation as its most massive underlying use case. Most projects are funded via speculation, directly or indirectly.
Blockchain stuff isnât a step function improvement over any existing financial technology Itâs a novel economic incentive layer wrapped in a technology which makes it a step function improvement in coordination. Applications should revolve around this if they hope to get adoption.
We are rebuilding the current banking system on a newer stack and companies like Circle and Coinbase are best positioned to be the winners that will take it all.
Satoshi Nakamoto paid their taxes early and in full every year
Centralization is ok, if it helps the user. KYC is ok, if it enables a regulated use case. Web3 protocols may accumulate wealth. Web3 communities will accumulate wealth. Web3 is a culture, built on a social technology.
NFTs are dead in consumer apps. Long live âstamps.â
Airdrops while sounding novel are a gimmick and enable pump/dumps which donât help the ecosystem long-term, only make insiders mediocre rich
Itâs all just a fad, fashion; certainly not culture ⌠yet
The "token network effect" model needs a very nuanced rewrite Most protocols should be much smaller in scope Too much emphasis on incentive design, not enough on solving bad product design basics Crypto is a 50+ year quest to reach the top of the s-curve We prob need CBDC's as a trust-bridge for most people
Social Recovery wallets are a dead-end street
you do not need to transact in your own token. use eth or usdc. anytime i see a project that does this iâm immediately skeptical.
I think it cannot be overstated how bad the idea of public voting (everyone sees everyone else's voting record) is. We need private (but verified) voting in DAOs.
Storing your seed phrase on metal plate(s) serves no purpose.
The price of ETH going up is NOT a good thing. Its not a security and we should stop treating its price as though it were one. Cheap ETH is better for adoption and long-term retention. $10k ETH will no longer have a cryptoart scene.