Crypto and Web 3…The Bugs Are Becoming Features And That Is Not Good
Courtesy of Howard Lindzon
Good for morning from the Bahamas.
I continue on this forced vacation as I am locked down with COVID and no symptoms. I need a NEGATIVE test to get home.
Last night was fun as both my favorite teams – The Toronto Maple Leafs and The Phoenix Suns – played back to back and won. It was nice to just sit back and watch. Both teams have a chance to win it all.
As for this mornings post…
I really try to immerse myself in the crypto shop talk and try a lot of the products, but the technology and UI is not native or intuitive to me so I use very small amounts of money and mostly just tap out and revert back to HODLing Bitcoin and Ethereum.
I am an investor in many crypto/web3 funds so I listen in on a lot of Telegram chats and everyone might as well be talking Chinese.
For years I was comfortable with this being a bug that was great for my returns. Enough people were being onboarded and I was close enough to the center of the flow that a rising tide lifted a lot of boats.
But I worry this ‘bug’ (hard to use) is becoming an endemic ‘feature’ and that will not be good for continued great returns. The sector needs 100’s of millions of people not milions and tens of millions of people to support all the capital being invested and risked.
One big example is the Yuga labs – the Bored Ape project leader – explaining something something something to the community:
I think in Web 2 lingo they mean – ‘the internet stopped working because Amazon Web Services was down and Visa stoped accepting payments’.
Lot’s of work to do.
In the meantime, everyone can still be Goldman Sachs in the crypto and DEFI world and so the game will go on and the money will keep moving.
Anyways…wish me luck on my COVID test. I want to go home.
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