The first believes (or would like the marks to believe) that blockchains and the rest will usher in an age of tremendous benefits and innovation. The second can see how bad the web3 arguments are but still believes there must be a pony in there somewhere (NYT being the leading example). The third is coming to the Doctor Tarr and Professor Feather conclusion that the inmates are running the asylum.
The best arguments are coming from the third camp.
I worked at the SEC for 18+ yrs, the last 11 as Chief of the SEC Office of Internet Enforcement. I have taught cyber law at Georgetown and Duke Law Schools for 20 yrs. I spent 5 yrs at Stroz Friedberg fighting cyber crime. Why I believe the bulk of Web3 is both scourge & scam.🧵 pic.twitter.com/M273MUTUeE
— John Reed Stark (@JohnReedStark) April 1, 2022
And that's before we even begin to talk about the environmental damage, enabling of illicit financing, regulatory arbitrage, predatory inclusion, and a whole slew of negative externalities.
— Stephen Diehl (@smdiehl) April 3, 2022
It is entirely rational to prima facie reject the entire premise of the crypto project.
New from me and @ben_mckenzie: we took a look at Binance -- the world's largest crypto exchange, a money-printing machine with no headquarters and a nomadic CEO -- and why some users are suing it over a mysterious outage on May 19, 2021.https://t.co/e66wPMGEHx
— Jacob Silverman (@SilvermanJacob) April 1, 2022
Looking at Binance and other exchanges, one thing that's become apparent is how many potentially conflicting roles they play at once: they're marketplaces, shadow banks, crypto hedge funds, VCs, & other intermediary roles that would be done by a third party in a regulated market.
— Jacob Silverman (@SilvermanJacob) April 1, 2022
I meant to follow up our post on the NYT's embarrassing "The Latecomer's Guide to Crypto." Now I don't have to. This exhaustive and devastating paragraph-by-paragraph examination is the last word.
Holy fuck this is amazing.
— Cory Doctorow (@doctorow) March 25, 2022
"The (edited) Latecomer's Guide to Crypto" by @molly0xFFF et al https://t.co/8py4xDKNsC
Yep.
The description of "DAO = slush fund + 4chan poll" is pretty spot on.
— Stephen Diehl (@smdiehl) April 1, 2022
And this.
Weirdly, the #NFT analogy I never hear is the most accurate one:
— Cory Doctorow (@doctorow) March 22, 2022
"An NFT is like paying someone to affix a brass plaque bearing your name onto a piece of furniture, irrespective of whether own that piece of furniture."
For a good deep dive.
One of the most important projects I contributed to recently is an
— Stephen Diehl (@smdiehl) March 31, 2022
thorough analysis of crypto from multiple ideologies and perspectives. Trying to steelman the strongest form of their view. (1/) 🧵
And another.
Very smart critique of smart contracts. Thread. 👇 https://t.co/KFtezB3UXJ
— Stephen Diehl (@smdiehl) April 17, 2022
Because smart contracts replace the *under*-regulated and thus corrupt financial system with an *un*regulated system that has the same fallible humans at its core, and then makes all of their poor or corrupt choices irreversible.
— Cory Doctorow (@doctorow) April 17, 2022
The latest of many.
"The Axie Infinity hack, what happened, and why people keep talking about bridges"https://t.co/KdJQLtHNxT pic.twitter.com/jk58mh1ThH
— Molly White (@molly0xFFF) March 31, 2022
So in case the "digital serfdom" business model wasn't awful enough. Now the hacked funds are being used to fund the North Korean regime. I honestly didn't think this could get any worse, and yet here we are.https://t.co/NAkslcIkh7
— Stephen Diehl (@smdiehl) April 17, 2022
Say this about Ponzi, he never contributed to the destruction of a planet.
From @reveal: In Hardin, Montana, the coal-fired power plant was on the verge of shutting down until bitcoin came to town. But in just one year, the amount of carbon dioxide the plant puts into the air jumped nearly tenfold. https://t.co/t2EvSmRmZf
— Yellowstone Public Radio (@YPRadioNews) March 31, 2022
Stay in school kids, and don't do drugs. https://t.co/4qR8b9vz55
— Stephen Diehl (@smdiehl) April 17, 2022
And finally, our moment of schadenfreude.
An NFT of Jack Dorsey's first-ever tweet, which sold for $2.9M last year, has been up for sale since last week and has failed to garner a bid over $1K (@iamsandali / CoinDesk)https://t.co/V1A2ooDjJ6https://t.co/yKLfhh07zL
— Techmeme (@Techmeme) April 13, 2022
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