Trust, Money, Force, Blockchain, Wired and China
Web3 sound like bs —Elon Musk
https://maxread.substack.com/p/is-web3-bullshit
I’m just starting to come to terms with “Web3”, “blockchain” etc.
Having thought that the end of brick-and-mortar stores and cash were right around the corner in 1995, I’m a little skeptical of new web trends. I’m a life-long fad-avoider and I’ve smelled a big fad around “blockchain” since it began. Wired is all over it. What further proof is needed?
That said money is about trust. Do you believe someone else will exchange goods and services for gold? Do you believe this coin really contains %100 gold? Do you believe this paper money is backed by gold? Do you believe this paper money (fiat currency) that is no longer backed by gold will continue to be accepted in trade? Do you believe it will hold value in the face of a central bank that is printing infinite amounts of it in response to political demands? Do you believe that those account balances that represent your life savings, which are nothing more than numbers in some database are secure from loss/being completely wiped out in two seconds by cyber fraud, ransomware, accidental deletion, bureaucratic incompetence, corporate self interest or the government?
Money is also about force. Will those in charge of the current fiat currencies, who wield force (police, courts, regulations, laws, armies) use that force to shut down a new fiat currency (blockchain) that they don’t/can’t control. My guess is, yes. See China.