Hate and Distrust in Web3

The level of hate and distrust on Web3 will surprise people who are new to it. Let me break it down so you can figure out who to talk to.

Web3 is a cool place with lots of new ideas. It's simple to join and unite communities with a powerful mission (or an irresistible token!).

A place with lots of fun and love, but also crazy people, hate, and contempt.

?? Outside Web3 vs. Inside Web3

Crypto is a big Ponzi scheme for people who don't understand it.

Nassim Taleb, author of Black Swan, calls it a "tulip mania," and BlackRock CEO Larry Fink used to call it a "index of money laundering" before he became a big Bitcoin supporter.

For people who use crypto, the fiat system is also a huge, government-run Ponzi plan that is about to blow up. The good thing about this is that after a few hours of study, all the people who were against crypto and Web3 are now in favor of them.

?? Bitcoin Maximalists vs. Everyone Else Inside Crypto

Some people who support Bitcoin think that it is not crypto and that all crypto and Web3 projects are "shitcoins," "centralized garbage," or "unregistered securities."

You get the idea.

They hate Ethereum the most because it is slowly taking Bitcoin's market share and attention. For people who really believe in Ethereum and for a lot of other crypto users, Bitcoin is an old technology that doesn't change and is already out of date.

?? Centralized Finance (CeFi) vs. Decentralized Finance (DeFi)

CeFi stands for Centralized finance, while DeFi stands for Decentralized finance.

There are people in crypto who want more people to join. Some people want mass acceptance, while others just want prices to go up because more people want those things. To get people interested in crypto, you need a CEX like Binance, Coinbase, or KuCoin.

This is where people can send their regular money to buy crypto. These places are organized and have to follow rules set by the government.

This is CeFi, which stands for "centralized finance." Decentralized finance (DeFi) includes decentralized exchanges (like Uniswap) and lending-borrowing systems (like AAVE).

DeFi people are mean to CeFi people, but they don't really think about how people should get into crypto. Most of the big mistakes in crypto came from CeFi, which is good for DeFi people.

Think about FTX, Celsius, BlockFi, and other names.

?? Fans of Ethereum vs. Other Smart Contract Blockchains

When it first came out in 2014, Ethereum presented the idea of "smart contracts."

Since then, many other projects have copied or changed the ideas. Some were even started by people who used to be on the Ethereum organizations. Like Cardano (ADA) from Charles Hoskinson or Polkadot (DOT) from Gavin Wood. Ethereum's competitors criticize its slow updates and high gas fees, which makes widespread usage a pipe dream.

On the other hand, Ethereum maximalists point to the disloyalty of the former Ethereum core team, saying that they are selfish, greedy, and making blockchains that are too centralized.

It doesn't help that these rivals like to call themselves "Ethereum killers."

?? Blockchain Builders vs. People Building on Blockchain

The blockchain is the building block that people use to make things. What we mean by "stuff" are smart contracts, tokens, and NFTs (not transferable to other things). Now for more fun. A lot of the stuff that is made is very experimental, fails a lot, gets hacked, and is rough because its owners aren't honest.

That's why it usually doesn't end well. People who build blockchains often look down on projects that are made on those blockchains. They call these projects "shitcoins" and "cash grabs," as if those people don't build things, then what is the point of the blockchain? It's just a "ghost chain" without workers.

Also, not much is happening on most blockchains.

?? People Building Stuff on the Blockchain vs. Other People Building Stuff on the Blockchai

It's a race between builders to get market share and attention. You need to know how to get and stay in the spotlight when building in Web3. We'll see this more in the next few parts. Builders also have disagreements about ideas. "Real" NFT artists who are here "for the art" are mad about NFT collections like the Bored Ape that make a lot of money. By the way, these same artists don't mind using their very expensive (and very trendy) Bored Ape NFT as their Facebook picture.

New builders are often looked down upon by established builders, especially if they come from Web2. Even though they talk about decentralization, they love being censors and telling people who can and can't join the party. People who build things will also have different ideas about the blockchain they should use. Another good thing about working in building is that most people are nice to each other, though there are a few dishonest ones.

?? People Building on the Blockchain vs. People Buying the Stuff Built on the Blockchain

We're still not done! Now, more and more real things are being built on blockchains.

There are also people who buy them and/or use them (if it's a website or smart contract). We all know that things start out well. Then there's a phase of happiness (called FOMO) followed by a group panic attack (called a FUD) that ends with a crash. Lots of people who buy things built on the blockchain are upset with the people who build those things because they get ripped off. There are times when they have good reasons to be mad.

But sometimes they're just looking for someone to blame.

?? People Buying Stuff Built on the Blockchain vs. Others Buying the Same / Different Stuff Built on the Blockchain

Most people who buy things on the blockchain want the prices of those things to rise so they can sell them, get "generational wealth," buy a yellow 640-hp Lamborghini Huracán with that "generational wealth," and tell everyone, "I told you so."

This lovely situation might not happen if a lot of people sell before them. People are mad at "paper hands" because they sell things without thinking that other people might call them "paper hands" when they drop their bag. Let's say the project doesn't add any real value or new technology. When that happens, it's usually a zero-sum game where some people win and others lose. You sell at the ATH if you can turn $100 into $250,000.

Some people lose money when they buy at the ATH. Players often play against each other, which is sad.

?? Most Governments vs. Logic

Most governments act like crypto doesn't exist, shouldn't exist, and is "worth nothing," as Christine Lagarde, head of the European Central Bank, put it, even though they want to tax it and make their own digital currency.

They want to tax things that aren't worth anything. Another big problem is that the government makes rules. Even though it's hard for builders to know the exact rules, anyone in Web3 can be charged for anything right now.

Take a look at Coinbase. The company Coinbase is based in the United States. On the New York Stock Exchange, you can buy their stock. The SEC, or "financial police" of the US, let Coinbase be listed even though they knew how they did business. But just a few years later, they sued them, saying their way of doing business was illegal.

Thank God, a lot of government officials and elected officials are working on complete and clear frames for crypto builders. It's okay to feel down before moving on to the next stage.

Just go to YouTube and listen to "YOUR NEW MORNING ALARM" from Marc Rebillet.