Comment by astoor

In my view web3 is socialist in the same way that the national socialists were, i.e. claiming to support social ownership while really being bankrolled by big business. There's nothing that gives capitalism a worse name than burning 5% of the worlds electricity to generate imaginary money, nothing more socially unjust than (to quote Satoshi) "Lost coins only make everyone else's coins worth slightly more", nothing more oligarchic than the original gangsters and venture capitalists manipulating the cryptocurrency schemes, nothing more kleptocratic than irreversible transactions and unfixable bugs and systems that seem like they're designed to facilitate fraud, and nothing more plutocratic than pyramid schemes and pareto distributions worse than those of any nation state on earth.