Don't believe the hype, its a sequel-VR is another failed fax machine; Web3 is necessary

Perfecting Equilibrium Volume One, Issue 53

Some say I never heard of 'ya

A rap burglar, false media

We don't need it do we?

It's fake that's what it be to 'ya, dig me?

Don't believe the hype, its a sequel

The Big Web3 Story for October 11, 2022

Spent?much time in the Metaverse?lately?

How’s your?Second Life?

We live in a world littered with the corpses of “can’t miss” technologies that missed despite endless waves of hype. And the hype waves have never been bigger than for virtual reality. The idea of living in a computer-constructed reality has produced hit movie after hit movie. Just counting Keanu Reeves films there are four?Matrix movies?and?Johnny Mnemonic.

Science fiction novelists have certainly been smitten, from?Neuromancer,?Snow Crash?and Trouble and her Friends to?Ready Player One.

Who wouldn’t want to live in the Metaverse?

Pretty much everyone, as it turns out. Whether it’s?another life or a game, nobody wants to live like that.

Oculus is a decade old. In 2016 Goldman Sachs said Virtual Reality hardware sales would be bigger than the $100 billion TV market by 2025.

Today’s take is…VR doesn’t have to have a profound impact to be a success.

Which is good, because that’s not happening for the foreseeable future.

But raining on Mark Zuckerberg’s Meta parade raises a fair question: Why isn’t Web3 just another hype train ended for derailment?

While tech companies spend billions in advertising trying to convince people they want to use the metaverse, their actions convince users they need Web3.

Short of shouting “Fire!” in a crowded theater, no federal, state or local government can punish you for what you say in the United States.

PayPal says “Hold my beer.”

PayPal has lost?$6 billion in market cap, and “delete PayPal” searches are up 1,300 percent?after multiple reports that their terms of service allow fines of $2,500 per incident for “misinformation.”

The furor prompted PayPal to roll back the latest version of these fines, but it turns out?those fines were already in there, and still are, as of this posting.

Web3 is necessary because Web2 companies cannot stop treating users this way.

More Top Web3 Stories

Web3 companies see their users moving to Web3, and are trying to follow:?Google selects Coinbase?to take cloud payments with cryptocurrencies and will use its custody tool

This is no surprise to anyone with a 401k:?Dow Jones is now officially more volatile than Bitcoin. In recent months, Bitcoin (BTC) has traded in tandem with stocks, with both asset classes battling prevailing macroeconomic factors led by skyrocketing inflation and interest rate hikes. However, Bitcoin’s volatility appears to cool down compared to traditional stocks as the flagship crypto shows signs of decoupling from equities. In particular, as of October 7, the Dow Jones index that tracks the 30 largest industrial stocks was more volatile than Bitcoin, data shared ZeroHedge indicates.

Coming Next

Thursday, October 13: Part Seven of the eight-part series called Isn’t Web3 Just Another Nerd Buzzword and Why Should I Care Anyway??Money changes everything: how crypto and other fiat currencies work

Friday, October 7: The Week in Review; Plus Somewhat Off-Topic

Play stupid games, win stupid prizes

Losing money this way is the financial version of the Darwin Awards.?SEC fines Kim Kardashian $1.27 million for ‘unlawfully touting’ a cryptocurrency. EthereumMax, once promoted by Kardashian, is currently valued at a fraction of a cent.

Feola.Foto

Texas Night Sky, spot color. Sony Xperia Pro-I, 24mm f/2, 1/6 second shutter, ISO 800. FotoByFeola

Christopher J Feola?founded?PrivacyChain, which provides Data as a Service to Web3 projects and?restores the value of content. If you liked this post from?Perfecting Equilibrium, why not share it?

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