Web3 and crypto-skepticism are growing and people are finally starting to listen

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Crypto skeptics have tried to warn the public that cryptocurrency is a Ponzi scheme and Web3 is a fake decentralization that can’t fix a web that isn’t broken. Critics were mostly ignored as aggressive opportunism and soaring token prices silenced dissent. However, as crypto becomes more mainstream and people learn about its downsides, the warnings from critics are starting to sound.

Many technologists, venture capitalists, and entrepreneurs have dabbled in cryptocurrencies, NFTs, and blockchain technologies. And in 2021, the global term, Web3, has become mainstream, and its proponents claim it’s a panacea for a broken internet.

There are signs everywhere that crypto enthusiasm has permeated every facet of life. Crypto.com recently bought the rights to a major sports arena and ran an ad with Matt Damon comparing cryptocurrency to major human discoveries and endeavors. Several news outlets have also fully embraced crypto. CNBC lists token prices the same way they list stock prices, Bloomberg publishes regular crypto reports, and new startups like The Information have dedicated crypto editors.

The popularity of the crypto has been mainly fueled by soaring token values ​​and the outrageously high prices paid for NFTs. Endowed with astronomical profits, Web3 has become an unquestionable idealistic crusade for how blockchain technologies will fix a centralized web. As a result, he created an almost religious fervor in his followers. The irrefutable criticisms of crypto and Web3 are often ignored or explained away by the redirect, and some followers foment verbal attacks and threats against those who openly oppose them. The latter has stifled most crypto and Web3 criticism so far.

In 2022, there has been a noticeable shift in sentiment towards the enthusiasm and grandiose claims of Web3 and crypto. Software engineers, web developers, economists, technologists and manufacturers who have expressed skepticism are finally seeing their concerns amplified in the social media and blogging zeitgeist. Additionally, deeply researched and highly detailed videos, such as the recently released documentary, Dan Olson’s The Problem With NFTs, are also gaining popularity.

Crypto and Web3 skepticism

Stephen Diehl, a London-based software engineer in the financial industry, has written extensively on crypto and Web3 and believes blockchains are a solution in search of a problem. Diehl says cryptocurrencies are not currencies and are more like unregulated securities tied to front companies.

Diehl, like many critics, views cryptocurrencies as Ponzi schemes and views them as a form of gambling. Nobel Prize-winning economist Joseph Stiglitz has also urged global regulators to ban cryptocurrencies altogether because Stiglitz believe they will hinder the growth of a functioning society.

📌 Sidenote

Jon Henshaw interviewed Stephen Diehl on the religious fervor surrounding Web3, why crypto is repeating history and will end badly, and how Web3 is already mostly centralized. They also discussed the potential impact of the metaverse on future generations and the promise no-code technology could have on society. 🎧 Listen to the full interview

Web3, which is supposed to decentralize the web, has been criticized for fixing something that isn’t broken and is already considered centralized by skeptics. Soatok Dhole, a security engineer and cryptographer, claims that Web3 is fake decentralization. And Nicholas Weaver, an astrophysicist, computer scientist and senior lecturer at the University of California, Berkley, says Web3 is a scammer.

A shift in public opinion, coupled with numerous well-researched articles providing technical, historical, and logical reasons for people to reconsider crypto and Web3, is finally helping skeptics get the word out.

Systems researcher, cultural activist, and social entrepreneur Rufus Pollock maintains a GitHub page of crypto and Web3 reviews. The resource is a great starting point for anyone who wants to learn more about why crypto and Web3 may not benefit the web or society.

Even with the increased amplification of skepticism, the crypto and Web3 space continues to grow rapidly. Only time will tell if we will have a new blockchain-based decentralized utopia or if the doubters were right all along.

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Jon Henshaw

Jon is the founder of Coywolf and the EIC and the lead writer reporting for Coywolf News. He is an industry veteran with over 25 years of experience in digital marketing and internet technologies. Follow @henshaw

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