I think that cryptocurrencies are a Ponzi scheme and that “non-fungible tokens” (NFTs) are a scam to part fools from their money in the ugliest possible way. But these are only manifestations of “web3” (which I never heard of before) – which seems like an even bigger scam.
**What Is Happening to the People Falling for Crypto and NFTs**
**By Farhad Manjoo, The New York Times, May 5, 2022**
**Cryptocurrencies, blockchains, NFTs and the constellation of hyped-up technologies known as “web3” have been celebrated as a way to liberate the internet from the tech giants who control it now. Instead what’s happening with Bored Apes suggests they’re doing the opposite: polluting the digital world in a thick haze of errors, swindles and expensive, largely unregulated financial speculation that ruins whatever scrap of trust still remains online. The latest ape sale took place last weekend, and it was a disaster from top to bottom....**
**In the past decade, four companies — Google, Facebook, Amazon and Apple — emerged as the central gatekeepers of the internet and, in a larger sense, the tech industry. Proponents of crypto and associated web3 innovations say these technologies can reverse the internet’s monopolistic turn...Many web3 companies are funded by the same people who built the web we’re now trying to reform....** [end quote]
The article is loaded with messes like high transaction fees, lost orders for NFT, bots, scams and hacks that are occuring on “web3.” Not to mention idiots who pay huge amounts of money for hideous NFTs and imaginary real estate on the so-called metaverse.
If there’s one silver lining of the Fed’s monetary tightening it will be that the excess money that speculators are throwing into this garbage (a classic example of a tulipmania) will vanish.