Why Web3 Is Going Just Great (w/ Molly White)

Molly White is the world's foremost critic of cryptocurrency, according to a recent profile in the Washington Post. A veteran Wikipedia editor and software developer, White documents the frauds and catastrophes in the so-called "Web3" space on her website Web 3 Is Going Great. Molly actually drafted the Web3 Wikipedia entry, and joins today to explain whether it is anything more than a buzzword and how we can make sense of the bizarre ecosystem of cryptocurrency, Web3, blockchain, etc.

We discuss:

• The popularity of the Web3 buzzword
• The bizarre culture around cryptocurrency including the Fyre Festival-like "Cryptoland" island that some proponents tried to build
• How the critics of cryptocurrency are maligned and treated as stupid
• How the uncritical endorsement of crypto projects by celebrities and politicians is causing ordinary people to be swindled out of their money
• The failure of Congress to properly regulate the sector including the dangerously pro-crypto framework put forth by senators Gillibrand and Lummis
• Why blockchain is not going to improve Wikipedia, and why technology can't solve deep structural economic problems more generally

"I think a lot of my criticisms of crypto come down to that: A lot of these projects are seeking to find technological solutions to what are truly social and political problems." — Molly White

Molly's writings can be found here. The open letter to Congress that she co-signed is here. Here commentary on the "Cryptoland" video (and a link to the video itself) is here. The celebrity crypto ads feature Matt Damon, LeBron James, Spike Lee, and Larry David. Note that in fine print at the end of the LeBron ad, one can see the ominous warning "Before deciding to trade cryptocurrencies, consider your risk appetite." Though the line is not quoted in this program, the Spike Lee commercial features the "do your own research" exhortation that Molly discusses. Here is the clip of senators Kirsten Gillibrand and Cynthia Lummis plugging the idea of investing retirement savings in cryptocurrency. The honey badger video, for those who want to take a trip down memory lane, is here.

"I put a lot of time into trying to figure out whether this was just an elaborate parody or not. But I believe they were in fact trying to build a real crypto island." — Molly White