Elon Musk is right. Web3 is BS.

WebBs

Web3 is bullshit on several different levels, but most importantly, it confuses a political and power-relationship problem with a technological one. According to Web3 believers, blockchain is the technology that can finally allow the Web to go back to its decentralised roots. The truth is, blockchains are not only useless in achieving that, we already have the technology to do that.

Blockchains, NFTs and crypto-bullshit

A blockchain is a form of a digital ledger, which consists of records called blocks. Such a database is managed autonomously using a peer-to-peer network, meaning there is no main, centralised machine controlling the whole infrastructure. Instead everything is controlled collectively by all the nodes connected to the network.

Bullshit radicalism of venture capitalists

Venture capitalists are having a blast — they can suddenly pretend they are radicals who intend to “disrupt centralized intermediaries” and create an Internet “that is owned by its builders, users, and creators”. They can pretend they are the voice of a rebellious generation, trying to take on “the big guys”. However, I’m not really presenting breaking news by pointing out that the only reason VCs invest in Web3 projects is to make a profit.

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