1 year ago

SHOW NOTES:
https://www.whatbitcoindid.com/podcast/the-reality-of-web3

Lane Rettig is a former Ethereum Core Developer who now works as a core developer for Spacemesh. In this interview, we discuss the Terra/Luna crash, trust and the discipline of Bitcoin; the history, theory and reality of current Web3 initiatives; and Bitcoin’s future.

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TIMESTAMPS:
00:00:00 Introduction
00:09:56 Real Bedford and babies
00:37:20 Luna
00:55:24 Trusting stablecoins
01:08:53 Web3; tokens vs pseudo-equity
01:38:11 What’s next for Bitcoin
01:43:09 Podcasts; libertarianism

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#Bitcoin #Finance #Economics

****

“We have to get back to the original vision of Bitcoin and the cypherpunks, which is that in a sense, Bitcoin and crypto in general, is outside of any particular nation-state system.”
— Lane Rettig

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On Friday Jack Dorsey’s Block announced that it is building “Web5” on Bitcoin. It is purposefully bypassing Web3, which Jack has previously criticized. In fact, Jack stated in a tweet to launch the initiative “RIP web3 VCs”. So, why are Jack, and many other bitcoiners, so fiercely against what in theory is supposed to be a revolution of the internet enabling it to decentralise?

Maybe it is the same issue being raised about the crash of Terra/Luna, the issue raised about the much-critizsed ICOs and IPOs within the industry, and the issue raised about the motivation for VCs aligned with the “crypto” ecosystem. Rigged incentives and asymmetric risk where the VCs always win? Greed dressed as innovation and utility under the cynical rebranding of Web3?

The problem is, by the time these flaws have been realised, the VCs have already exited and made a tidy profit. And as always, it’s retail investors who get hurt. Maybe Web5 is just what is required, for the internet, for retail investors, and for Bitcoin.

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