What is Web3? (and why does Jack Dorsey hate it?)
No one really knows what web3 is, but its clear that Jack Dorsey doesn’t like it! But why? This question is important to explore, as this is likely the future of how we interact online. #web3 #bitcoin #narratives
00:00 – Intro
00:32 – Brief Recap
02:44 – Narrative
04:16 – Crypto Narrative
04:46 – My Graph
08:33 – Summary
13:03 – Final Thoughts
Crypto is a great example of a transition from legacy to new systems.
For anything to be made, it has to have some element of narrative to get adoption. For crypto, the path has looked something like this:
Narrative Creation
Narrative Resistance
Narrative Disruption
I want to caveat this entire section with the following – people’s intentions are often gray, but we perceive them to be either white/black (we think that people are saying the most extreme of what they mean) – so this results in narrative disruption.
I love crypto. I am fascinated by what it is capable of, and there are so many builders in the space who are doing amazing things. But grift economy is alive and well (in both crypto markets and regular markets, of course) and there is a level of frustration that comes from watching it unfold.
This is an important point. “The losers are the people following the rules”. The old adage “rules are meant to be broken” is strong across *all* aspects of life.
Just like in all new markets, there is a lot of rug pulling, a lot of money grabs, a lot of behind-the-scenes-info-gathering in crypto – and because of the extreme interpretation of information problem, all we often see (or perhaps pay attention to) is a rug-pull project that makes a large portion of those that play the game end up as exit liquidity.
If we have to zoom out all the way, it’s not a bad or good thing (ahh the gray) it’s just a Thing. It’s a calibrating system (and traditional finance is just as bad, if not worse). And truthfully, crypto/web3 is building some incredible things for the world – but the gray, the gray, the gray, the grayyyyyyy.
With all that being said – it’s exciting right? Building the future, rethinking structures – it’s amazing. Being a part of it is even better (which is why it’s important to create accessible onramps to crypto/web3 for *everyone*).
But there is massive resistance to crypto, mostly because of marketing problems. It’s important to have anchors of hope, but most of us know that the world is gray – not good, not bad, just relatively decent-ish usually. I also think the reason that there is resistance to crypto because it doesn’t *feel* like this world is built for everyone.
Open-source for who? Collaborative to who? Decentralized by who?
For this, we have to return back to the decentralization framework – is ownership the most valuable thing that web3/crypto can offer? Probably not, considering the true things that society needs (access and opportunity, which crypto also offers, but it isn’t marketed the same way). And because of that – the narrative needs to shift.
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