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Abuse and harassment on the blockchain
The Wild West was decentralized. And we soon discovered that towns need sheriffs and central protocols (i.e., laws). Theft runs rampant on web3. Losses from crypto scams and thefts totaled $14 billion in 2021. Decentralization promised to replace the middleman (the bank) with blockchain technology, but instead it’s created a Coachella for fraud, wh... See more
Scott Galloway • Web3
McKenzie is probably right. These two billionaires debating the future of money aren’t exactly in the mix for nomination to the Federal Reserve Board of Governors. But Silicon Valley’s motto isn’t “slowly acquire expertise and fix things.” Blockchain is new, and it’s exciting to engineers, so things are going to get broken. Unfortunately for all of... See more
The Information • Jack Dorsey, Marc Andreessen and the Makings of a Crypto Holy War
Thus, we have to question the robustness of the technology, its applications, its propensity to have bugs, and its susceptibility to security flaws.