“We don’t want Web 3.0/DAO” Voice from the aboriginal people of encryption

Jack (Twitter founder Jack Dorsey) is right, we can’t talk nonsense any more, we have to tell people the reality. I know Jack is partial to Bitcoin, but his view of VC is correct.

"We don't want Web 3.0/DAO" Voice from the aboriginal people of encryption

Regarding WEB 3.0, I think something is wrong. I am an aboriginal in the encryption field. I have been using various DeFi protocols and my tokens. I uninstalled the social media app to make room for various cryptocurrency-related applications on my phone. Just a few days ago, an agreement I participated in was hacked, and I naturally lost a lot of money. Yes, I am a Degen (short for degenerate, usually used for self-deprecating to be a “gambler”).

Even so, I do not buy these WEB 3.0 accounts.

You may be tired of hearing the word WEB 3.0. Recently, Jack Dorsey, the former CEO of Twitter, posted the above tweet on Twitter, which caused controversy. And I can say that it is hard to disagree with him.

I am also disgusting with WEB 3.0.

WEB 3.0 was fabricated by outsiders

I don’t know where the word Web 3.0 comes from, and even some encrypted natives like me are surprised. Because many of us have been participating in the so-called Web3 or DAO since the birth of smart contracts and blockchains, and they think it’s no big deal. This is just what we have been doing. We will not discuss it because it exists in everyone’s concept like jargon. We just do some things repeatedly, trading, investing, using DeFi, talking about gm and the like.

I began to hear the noise about web3.0 in the middle of 2021, about when the market hype of NFT was about to reach its peak. Coincidentally, at this time, I began to notice that a new group of flamboyant people began to enter the venue one after another. I have never met many of them before.

Crypto is a closely integrated community. When you see that a Twitter account has “not followed by people you follow”. Then you know it is an outsider. Those outsiders who flocked and shouted “Network 3.0, Decentralization” were mostly VCs (venture investors/institutions), and soon TradTech (traditional/non-cryptocurrency technicians). In short, those from Silicon Valley.

It’s like negotiated.

I often hang out on Twitter, and most of my awake time is spent on it. Therefore, when I saw a wave of VC accounts marching towards something new, I immediately noticed this. In the past, their profiles were keywords like “technology” or “electric vehicles” or “creator economy”. Now they reinvent themselves as spokespersons for “Network 3.0” and DAO.

To be honest, it is not surprising that venture capital companies adjust their direction according to the wind, because they have always adhered to the principle of “where there are gold mines, they will go wherever they are”.

"We don't want Web 3.0/DAO" Voice from the aboriginal people of encryption

Not to mention that their past gold mines have been drained. Technology stocks and SPAC, the old love of venture capital firms, have all been hit hard this year. They may have already made a profit, and now they need a new playground.

I just don’t like what they call “my stuff” in the field of encryption. The small world in our corner is what we build up little by little every day (and it seems that it has no existing VC/whale problems). VCs will ruin everything, just like what they do with overvalued SPACs in traditional technology.

These people are just a bunch of crooks and gold diggers.

Web 3.0 has the breath of ICO in 2017

If a thing has shiny, too good packaging on the market, you know it is full of lies. The crypto field experienced this kind of absurd drama in 2017, such as the large number of ICOs at that time.

Therefore, when the people of Web 3.0 come with a mixed narrative and a basket of rhetoric, they simply want to repeat the drama of 2017.

"We don't want Web 3.0/DAO" Voice from the aboriginal people of encryption

Web 3.0 is marketed as if it is the future of the Internet. Exuding blind enthusiasm, especially hope for the encryption field. They are described as dreams of a better world.

Web 3.0 borrowed the cryptocurrency terms gm and wagmi, and yelled around to make everyone believe that it is a crypto-native concept. Web 3.0 will change their lives by promoting social development (this mainly means Buy their tokens), so that people have a false sense of belonging.

Don’t get me wrong, the natives of crypto also believe that cryptocurrency is the future. But at this point, most people know that Bitcoin as an alternative to currency is debatable, and Dogecoin is just used to be funny.

At the same time, what surrounds Web 3.0 is the atmosphere of the rise of crypto unicorns and the price of currency rushing to the moon, and this feeling makes people shudder.

Because the aborigines of encryption know that the real encryption field is ruthless. Whales, directly or indirectly, express their thoughts that they want to eat you (reaping retail investors). There are many hackers and Rug Pulls. The so-called governance is useless. You can still lose more than 70% of your principal in a short period of time.

A large number of Rug Pulls, black box operations, and a deep bear market have long tempered the minds of long-term participants. In their opinion, honest criminals are more appreciated. Yes, it would be better if a person/project directly stated that they would harvest our leeks instead of pretending to save the world.

If new participants are blinded by the so-called “web3” and cannot see all these negative things, they are only instilled with hopes and dreams, it is very dangerous. Marketing around web3.0 is also a plunder of people’s insecurities and desire for belonging, making them extremely market-manipulating.

"We don't want Web 3.0/DAO" Voice from the aboriginal people of encryption

This is the weakness of those venture capital companies. They have no idea how the encryption field works. They think they can break in with their own style and be surrounded as kings. They think that we can’t see through their lies, of course, the development of things is just the opposite. This is also a bad time, because in the past two years, the encryption field has been very mature and has begun to become anti-VC.

Web 3.0. Unclear definition, no product

“Build first, market later” has never been a strategy that capital allocators like. Therefore, companies that have no products but are valued at US$1 billion will appear in the traditional financial market.

Obviously, the Web 3.0 field driven by venture capital is also moving in the same direction.

First of all, what is Web 3.0? It has an ambiguous definition. It is so vague, no one can really explain what it is. In some cases, anything related to the blockchain is Web 3.0, although it basically operates on old-school infrastructure like an old-school company, such as the NFT platform OpenSea and a centralized exchange CoinBase.

“Web 3.0-is Web 2.0 sprinkled with cryptocurrency and blockchain”.

When researching DAOs, I often find that those DAOs have nothing except some air coins and discord channels. Almost all of their tokens are coins that I have never heard of. When I checked it on CoinGecko, they ranked 700th.

They are fighters in the air currency.

The current Web 3.0 movement is full of noise. People are clamoring about gm and wagmi, creating a false sense of community when there is actually nothing. I did not see any products or services. What I see is bad token economics. This article even admits that they will continue to need new people (which they call “customers”) to maintain the token price. Isn’t this a naked Ponzi scheme? ? Article link: https://every.mirror.xyz/y_WLA-Tk3VF5uPqHi-glDLVVfHxLUbjXakRI7SMISas

The author is a venture capitalist.

The Web3 boom is worrying

I often think about the best way to learn cryptocurrency, and I have come to a conclusion that DeFi is the best way. You first trade on a centralized exchange, understand the market atmosphere, understand price behavior, and then switch to DeFi, and you can even explore more deeply. Simply increase your investment. Learn over time.

This idea may be radical, but I still recommend that you take more detours and try and fail more before “graduating.” Only after this, you are eligible to invest in riskier illiquid assets, such as NFT or ultra-low market capitalization DAO tokens.

What I want to say is that compared to DeFi, the entire Web 3.0/DAO thing is still in its infancy. Most of it is untested and unexplored, so entering these areas directly is a taboo for new leeks.

Web 3.0 is trying to reshape the image of cryptocurrency. I must admit that cryptocurrency is inseparable from speculation or shady trading. Yes, it’s not perfect, but that’s why I like it. It is not ashamed to tell the facts.

Some outsiders feel the need to give the crypto field a new name and an attractive narrative. For example, the “New York Times” in its latest article “Silicon Valley’s New Getting Rich Express” called it: cryptocurrency startups.

I disagree with this rebranding. This result is nothing but Web 3.0 disguised by TradFi and TradTech (basically web 2.0). It is not in the realm of encryption in nature. Again, they are just foreign gold diggers. It’s disgusting, not to mention that once they mess up, they will leave here quickly, and when we have to clean up their mess, they will label us again.

The word Crypto is enough.

The last words to write

In VC-driven Web 3.0, your DAO tokens will not move better than your SPAC stocks. In fact, due to their air currency nature, they are much worse in terms of speculation and volatility. The DAO will be a group of fictitious organizations with no actual agreements or products, only serving narratives. You can vote, but you never know whether it matters.

I will tell you the truth. As an old Degen, my feeling in life is basically trying to avoid whales and VCs. If this reality is encapsulated in some “secure” Web 3.0 packaging for ignorant novices in the encryption field, it can no longer be described as nasty.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/we-dont-want-web-3-0-dao-voice-from-the-aboriginal-people-of-encryption/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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