Web3 is but a scam
Chapter IV where the currency is fiat
This week’s setting the mood is the Best Band Ever™ Cake. Witty. Thoughtful. Quirky.
Difficulty level: I'm too young to die.
Web3, whatever it claims to be, is about nothing but money. People smarter than me are analysing the technology of it. Or coming to a surprising conclusion that crypto is
very bad for global warming.
Currently, we're living through two technological hypes - k8s and crypto. The first, I'm sure, will eventually find its reasonable niche and will join kafka, nosql etc, as just another tool, fit for a very particular purpose. Amazingly (or not), it looks like the Resume-driven development was coined as early as 2007, so technological hypes are nothing new.
Cryptocurrencies, on the other hand, are not restricted to developers' CVs and salaries. They got out, and some people make money with it, most lose to favour the first.
Both want the system to continue, first to keep milking the second, second hoping to become first.
For the crypto system to continue, though, it has to have substance and credibility. An actual value that will keep people participating.
The irony of the situation is that since the switch to fiat currency model, this can be said about any currency. US dollar has value only as long as enough people believe it does. And the US dollar has the US government behind it, working on supporting that belief. And the world is trying very hard to believe it.
Nobody and nothing supports cryptocurrencies. People buy them because they heard of people buying them and getting rich. It's a bubble that has to eventually burst, unless the whole system becomes real.
Nfts were a first attempt, but they've quickly become what they are - a joke.
Web3 is the next attempt in making crypto mean something. If the ledger becomes the backbone of the internet, if all tweets, memes and posts are stored in it - then people would want for it to go on, and that will mean the milking can continue.
And that's it. Web3 is nothing but an attempt to legitimise cryptocurrencies a little longer so that speculation can continue. A little longer.
And then the new crypto-rich will buy their little island, or prince Andrew's chalet, and hope to sit out the consequences of global warming.
It's just a money scam.
Take care.
PS. This post is 100% GPT-3 free.