Web3: A terrible idea that is ignorant of history and technology

So far, this is the entire pitch of Web3. Imagine a world in which ape avatars sell for millions to enable greater fool scams and money laundering!

Table of Contents

What is Web3?

Web3, also known as Web 3.0,[1][2][3] is an idea for a new iteration of the World Wide Web that incorporates decentralization based on blockchains.

Fully decentralised systems have never worked

Historical reasons and examples

Government

Engineering

Markets

Technical reasons

Decentralised blockchains are never democratic

Only grossly incompetent, or malicious, developers advocate for Web3

The perils of not having a centralised failsafe. Trigger warning: gore.

Conclusions

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