Agree completely. There is a ton to criticize about crypto and "Web3" (I hate the term, tbh). It's rife with scams and unearned wealth. Even the things that aren't outright scams are mostly people selling hype.
But this technology does enable something novel. Digital self-custody of scarce assets is a new thing. A thing that nobody could do before this stuff. And if that has utility, then the infrastructure for trading, lending, and all the rest related to those things has value.
Even if you don't personally find it valuable, it should be clear that it is a thing that people could, in principle, legitimately prefer to traditional systems.
That being said, a huge percentage of what's happening in the space is bullshit, an outright scam or an "essentially scam" project. All those things deserve heaps of scorn and criticism. Investigate Tether, regulate ICOs, do all the things. But don't go so far as to deny that there's anything there, or say ridiculous things like "Web3 is more centralized". Even if it's true that web3 is more centralized than the internet, that isn't the basis of comparison here. Web3 isn't competing with the internet, it's competing with traditional finance. And there should be no question that Web3 is substantially more decentralized than that.
But this technology does enable something novel. Digital self-custody of scarce assets is a new thing. A thing that nobody could do before this stuff. And if that has utility, then the infrastructure for trading, lending, and all the rest related to those things has value.
Even if you don't personally find it valuable, it should be clear that it is a thing that people could, in principle, legitimately prefer to traditional systems.
That being said, a huge percentage of what's happening in the space is bullshit, an outright scam or an "essentially scam" project. All those things deserve heaps of scorn and criticism. Investigate Tether, regulate ICOs, do all the things. But don't go so far as to deny that there's anything there, or say ridiculous things like "Web3 is more centralized". Even if it's true that web3 is more centralized than the internet, that isn't the basis of comparison here. Web3 isn't competing with the internet, it's competing with traditional finance. And there should be no question that Web3 is substantially more decentralized than that.