We found trust in a hopeless place
The clashing of High Trust and Low Trust principles
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These past few weeks have been challenging in a way that I didn’t envision. Similar to the concept of Crisis of Faith, it’s seemingly getting harder to navigate the medium of crypto without, at some point, questioning “What’s even the point of all this?”. Between all the celeb launches, the convenient line "Sahil told us a lie” before the chart commits seppuku and the never end complaints lobbied from mom’s basement, it’s hard not to take a look at the metaphorical mirror and say “What are we even doing here?”.
The reference point for your journey in crypto varies and matters a lot. You could go the purist route of “Satohi’s Vision” or the full 180 and fall into the “Financial Nihilism” school of thought. Such is the nature of nascent industries and this just so happens to be one of the bigger ones experiencing the ebbs and flow of the diverse participants.
Unlike most other industries, however, pseudo-anonymity is built into the medium itself. It’s a “Judge me by my deeds, though they are few, rather than my words, though they are many” kinda deal. This is one of the underlying and somewhat unspoken rules for the participants in this place and it’s one of those things that can only be proven to be true with actual skin in the game..
Web3: The Emperor's New Clothes
Let's cut to the chase: Web3, as it stands, is more hype than substance and has been for nearly 4 years now. It's the fintech world's equivalent of a startup with a $5 billion valuation and no product (which is exactly what web3 is)
The Web3 Reality Check:
"Giving actual power to the users" often means "We’re gonna add NFTs to our asset flip game that you need to even get to the loading screen" (Yes, Gala games, i’m looking at you)
"Decentralized solutions" frequently translate to "centralized platforms with extra steps"
"Revolutionary technology" usually equals "A project that can't scale beyond CryptoKitties"
Here's the kicker: after years of promises, VC funding, and enough whitepapers to deforest the Amazon, what do we have to show for all the Web3 hype? It's mostly a bunch of JPEGs with an abandoned roadmap and half-baked dApps that make Web2 look like a technological utopia. But sure, pop off with the APE ecosystem, Moonbird making a comeback (fr this this time) and the latest Doodles exhibition.
The hard truth? Most Web3 projects are selling digital snake oil (but somehow worse, you get moonbirds-themed fanny packs). They're promising to reinvent the internet but can't even figure out how to make a UI that doesn't look like a colour-blind raccoon on a bender designed it.
Crypto: Where the Ponzi is Part of the Charm
Now, let's flip the script and talk about good ol' crypto. Unlike its pretentious cousin Web3, crypto has a refreshing honesty about it. It's like that friend who tells you that yes, those jeans do make your ass look fat, but hey, at least you're rich in Bitcoin so import some custom-made jeans from Japan instead. There is a LOT of overlap between crypto and web3 with the types of dApps and protocols but there is still a key distinction between them; intent.
Crypto Reversal
Transparency in Degeneration: Everyone acknowledges it's a casino, but at least the odds are on the blockchain for everyone to try and join the fun
Experimental by Design: It's not a bug, it's a feature. Everything's in the
betaalpha stage and that's okayOpen Access to Money Games: Previously hidden financial instruments are now available to the masses. Actual Democratization, but make it a lot more degen
In crypto, almost everyone knows they're spinning a wheel. But it's a wheel where the mechanics are open source, the probabilities are (somewhat) known, and anyone can play. It's bringing the thrill of Wall Street to Retail Street, just with more memes and less insider trading (Maybe not for the Cabal though, nothing is perfect).
The Trust Paradox: Finding Honesty in a Sea of Anonymity
Here's where it gets interesting. In a world where trust is supposedly key, we've somehow found more honesty among anonymous anime avatar accounts than in the LinkedIn profiles of Web3 "visionaries” with business school prestige.
Why Anon Culture Breeds Trust:
No reputation to protect means no reason to lie and you’re based on the archive of your journey
Skin in the game: These degens are playing with their own money
Crowd-sourced BS detection: Say something stupid, get featured on smoltings name and shame account.
It's a bizarre world where "TrustMe69420" often gives better financial advice than a guy in a suit who is a certified CFA. But that's crypto for you – expect the unexpected, and always check the liquidity pools.
The Raw Truth: Why Crypto Culture Wins the Trust Game
Crypto culture, with all its memes and madness, simply feels more trustworthy than the polished promises of Web3. Here's why:
Honesty About Risks: No one's promising you the moon. They're just inviting you to strap in for the rocket ride. Whether that journey takes you beyond the moon or something akin to the catastrophic Challenger launch is part of the journey.
Open Experimentation: Everything's a test, and everyone knows it. Fail fast, learn faster and earn some stories along the way
Community-Driven Development: Ideas are battle-tested in the Thunderdome of CT (which now that I write it out may not be the best of ideas)
Rapid Iteration: In crypto, a week is like a year in traditional tech. Evolution happens in real-time and you need to keep your finger on the pulse to not be a bagholder of a project that people have already sold their airdrop tokens of
Accessible Financial Tools: Complex financial instruments are being recreated and made available to everyone. It's risky, but it's a risk anyone can choose to take.
The Path Forward: Building Real Value in the Crypto Space
So, where do we go from here? How do we navigate this chaos and build something worthwhile?
Embrace Transparency: Be upfront about risks, potential rewards, and the experimental nature of projects. Rather than promising guaranteed returns, promise an adventure that will have twists and turns along the way
Focus on Real Problems: Instead of trying to "revolutionize" everything, tackle specific issues that blockchain tech is uniquely positioned to solve. This is the biggest issue. While almost all things *can* be on the blockchain, that doesn’t mean they need to be
Community First: Build with and for your community. They're your best asset, your harshest critics, and your most valuable feedback loop.
Iterate Rapidly: Launch, learn, and improve. Perfection is the enemy of progress in this space.
Educate: Help newcomers understand both the potential and the risks. An informed community is a resilient one and a core part of CT. You will get things wrong a lot but with that also comes a compounding effect of absorbing newer knowledge faster.
Conclusion: The Future is What We Make It
The crypto space, for all its flaws, is one of the most exciting frontiers in tech and finance. It's messy, it's risky, but it's also full of potential. While Web3 promises a revolution it can't deliver, crypto is quietly building a parallel financial system that's open to anyone brave (or crazy) enough to participate. Risk is a design feature here.
As we move forward, I’d urge you to focus on building value & experiences, not just hype. Let's create systems that are open and accessible, not just decentralized in name. And most importantly, let's keep that spirit of radical transparency and community-driven innovation alive.
Remember, in crypto, we're all explorers in uncharted territory. There's no roadmap, no guarantee of success, but that's what makes it exciting. We're not just watching the future of finance unfold – we're actively creating it, one block at a time (Unless you’re Cardano, then Charles can simply buy more naming rights for buildings instead)
So, strap in, anon. The road ahead is bumpy, but the journey will be nothing short of an epic needing to be told.
thanks to @_tolks for feedback & editing