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The reactionary roots of crypto and web3

Cryptocurrencies and web3 were born from a long tradition of reactionary responses to the New Deal and the abandonment of the gold standard. We trace that history and discuss the implications it has on design, intent, and future of cryptocurrencies and web3.

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Web3 is stupid

In order to keep a network that is 10 times larger profitable for its owners, customers would need to pay 10 times as much to use it. Unless you think splitting equipment and facilities across many different parties make their costs 10 times lower. It really should be obvious to everyone that something which costs more to run will cost more to use. How likely do you think such a service is to succeed. Clearly, we have a problem.