The shortcomings of the web3 narrative are easy to deconstruct from a technology perspective, but to play devil’s advocate—what does it succeed at? It’s very possible it truly is a paradigm shift in financial deregulation, and will usher in a new anarcho-casino-capitalism world where every fourteen year old kid can launch a fly-by-night Ponzi scheme and pump it on social media all from the comfort and anonymity of their parent’s basement. A hustlers’ paradise with a 24/7 non-stop casino built on a Cambrian explosion of slot machines, with each machine grown out of a different facet of human culture whose likeness has been co-opted to seduce you into gambling more. It’s the apotheosis of capitalism where the market now provides a financial token game for every meme, every celebrity, every political movement, and every bit of art and culture—with each tribe competing against each other in a war of all against all for the hyperfinancialization of all human existence. Is that the world we want to live in?
Gloomy as heck.