My first impressions of web3

Moxie Marlinspike takes a look at “web3”.

Despite considering myself a cryptographer, I have not found myself particularly drawn to “crypto.” I don’t think I’ve ever actually said the words “get off my lawn,” but I’m much more likely to click on Pepperidge Farm Remembers flavored memes about how “crypto” used to mean “cryptography” than I am the latest NFT drop.

Also – cards on the table here – I don’t share the same generational excitement for moving all aspects of life into an instrumented economy.

Even strictly on the technological level, though, I haven’t yet managed to become a believer. So given all of the recent attention into what is now being called web3, I decided to explore some of what has been happening in that space more thoroughly to see what I may be missing.

Cryptocurrencies are the MLMs and pyramid schemes for nerdbros. They are a complete waste of effort, hardware, and electricity, and literally do not serve any purpose other than drawing in more unfortunate suckers to broaden the base of the pyramid at the expense of the environment.

And NFTs are even worse.

There is definitely interesting technology behind these concepts, but for now, they’re being used for scams, pyramid schemes, and MLMs. Don get suckered into this dumpster fire.

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