Opinion | Is the Crypto Gold Rush a Giant Scam?

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Still, many of Web3’s promises remain theoretical. With regard to NFTs, some supporters argue that it will change not only the way art is bought and sold, but also the art, artists and payment methods we value. “NFTs create opportunities for new business models that never existed before,” James Bowden and Edward Thomas Jones wrote in The Conversation. “Artists can attach provisions to NFTs to ensure they receive a portion of their revenue each time they are resold. That is, the more valuable a work is, the more profitable it is.”

At the highest height of Web3 discourse, the decentralized Internet outlook is cast as a breakwater against authoritarianism. “Conceptually, Web3 is essentially more beneficial to Western liberal democracy, which emphasizes democracy and personal privacy,” Anthony Vinci and Nadia Shadlow argue in the Washington Post. “China and Russia have already set up mechanisms to spy and control existing Web2 infrastructure through firewalls, censorship, and enforcement of technology platforms. Web3 is much more difficult to control such authoritarianism. Will be. “

Recode’s Peter Kafka believes that even the most exciting technologies can have unintended consequences if the repetition of social media on the Internet reveals. “At first glance, Twitter seemed like a fun way to tell people what you ate for lunch, and for some time it seemed like a tool to help release oppressed people.” He is writing. Think more about the possible shortcomings. “

One drawback is that cryptocurrencies are useless, even dangerous speculative investments, Binyamin Appelbaum of the Times claims. Cryptocurrencies do not serve as a substitute for government-sponsored currencies because they are volatile, cumbersome, and expensive to use. But what it does is to encourage market enthusiasm and use more electricity than in Finnish countries.

Some commentators, such as Signal’s creator Moxie Marlinspike, point out that Web3 isn’t really very decentralized because of all the strong promises of democratization. It was saved.

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