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The Internet Is Down, and the IT Department Is Distant
Web3 appears to be on a par with Web2. Numerous investors remain sceptical.
Web3 The Contradiction Between Dreams and Reality
It's difficult to give up a dream. It becomes even more difficult when it is based on billions of dollars.
This week, the tech industry was divided over the prospect of Web3, a decentralised version of the internet anchored by digital money that proponents hope could eventually supplant the present, corporate-dominated Web2.
You rarely see nerds dispute on social media with such religious zeal as when the subject is web architecture.
On the Web3 side are proponents of blockchain and non-volatile memory, who believe the internet should be rebuilt in ways that redistribute power away from corporate giants like Alphabet Inc. and Meta Platforms Inc. to individual users.
This frequently results in Web2 members saying, "That sounds nice, but it's just like communism: it won't function in practise and will destroy a lot of hard-earned riches in a crash." Web3 proponents assert that the Web2 forces are merely fearful. The Web2 camp responds,
Moxie Marlinspike, the dreadlocked sailor and cryptographic hero who developed the encryption technology that powers Facebook Messenger years ago, stepped into this issue. Marlinspike is the only one who truly knows crypto's basics.
Marlinspike attempted to construct a few Web3 applications on his own, but discovered that none of them provided access to the blockchain. The gatekeepers were applications such as wallets and marketplaces. He detailed many examples in a blog post of how power has already centralised among a few early enterprises, much as it happened with Web2.
Marlinspike was naive, the Web3 folks asserted. This is similar to how people felt about the mobile internet before it surpassed PCs, stated a venture capitalist with Web3. Chris Dixon, co-founder of Andreessen Horowitz, retweeted him. Andreessen Horowitz recently raised $2.2 billion for a new cryptocurrency fund. The figures increase in magnitude. According to Chainalysis, investors will invest over $27 billion in NFTs in 2021. And it is estimated that the combined worth of all cryptocurrencies is about $2 trillion.
Investing vs. Labor
There are few more reliable sources of cognitive dissonance than investors' reaction to positive economic news as if it were a nuclear calamity. For example, for more than a decade, stagnating wages have been the misery of the US economy. However, with salaries increasing, markets are left with only corporate profits and the possibility of inflation to worry about.
According to John Authers, there is reason to be concerned: For the majority of workers, inflation has recently exceeded wage growth. They may use their newly acquired, and much-welcomed, bargaining leverage to demand additional salary increases, resulting in price increases from businesses. Recreate the 1970s by rinsing and repeating.
Inequality Redress
The lowest paid employees receive far larger raises than the highest compensated employees.
Investors, on the other hand, are not amused by such sentimentality. They even pounded the stocks of major US banks today after those institutions reported giving raises to discourage bankers from fleeing to GameStop, crypto, or whatever, Paul J. Davies writes.
Today, Jamie Dimon stated that firms "should not be crybabies" when it comes to pay increases. Right he is. Additionally, investors may choose to refrain from grumbling as long as inflation can be contained.
Omicron vs China
In the realm of difficult-to-contain entities, there is the omicron variation. Even China, which has so far averted the pandemic by engaging in the world's most severe game of Whac-a-Mole, is struggling. And, as Adam Minter argues, the Chinese public is becoming tired of the country's strict lockdown restrictions. They're even complaining on social media about it, which Beijing, unexpectedly, allows.
The entire world should hope that China can find a reasonable compromise between protecting its citizens and operating its railroads, factories, and container ships on time. According to David Fickling and Anjani Trivedi, Chinese industry output has fared relatively well so far during the pandemic. If something changes, the supply-chain nightmares of the last few years may begin to resemble children's birthday celebrations.
Charts That Speak for yourselves
According to Brooke Sutherland, America's industrial sector is beginning to search inside for answers to supply-chain bottlenecks. They have recently improved, but at a pace and predictability that is unsettling.
According to Bloomberg's editorial board, Sarah Bloom Raskin is an excellent choice to restore the Federal Reserve's bank oversight to its former glory after years of slacking.
Financial System Fragmentation
Recent years have seen a dramatic fall in loss-absorbing capital.
Support us!
View all episodes
By Crypto PiratesWeb3 appears to be on a par with Web2. Numerous investors remain sceptical.
Web3 The Contradiction Between Dreams and Reality
It's difficult to give up a dream. It becomes even more difficult when it is based on billions of dollars.
This week, the tech industry was divided over the prospect of Web3, a decentralised version of the internet anchored by digital money that proponents hope could eventually supplant the present, corporate-dominated Web2.
You rarely see nerds dispute on social media with such religious zeal as when the subject is web architecture.
On the Web3 side are proponents of blockchain and non-volatile memory, who believe the internet should be rebuilt in ways that redistribute power away from corporate giants like Alphabet Inc. and Meta Platforms Inc. to individual users.
This frequently results in Web2 members saying, "That sounds nice, but it's just like communism: it won't function in practise and will destroy a lot of hard-earned riches in a crash." Web3 proponents assert that the Web2 forces are merely fearful. The Web2 camp responds,
Moxie Marlinspike, the dreadlocked sailor and cryptographic hero who developed the encryption technology that powers Facebook Messenger years ago, stepped into this issue. Marlinspike is the only one who truly knows crypto's basics.
Marlinspike attempted to construct a few Web3 applications on his own, but discovered that none of them provided access to the blockchain. The gatekeepers were applications such as wallets and marketplaces. He detailed many examples in a blog post of how power has already centralised among a few early enterprises, much as it happened with Web2.
Marlinspike was naive, the Web3 folks asserted. This is similar to how people felt about the mobile internet before it surpassed PCs, stated a venture capitalist with Web3. Chris Dixon, co-founder of Andreessen Horowitz, retweeted him. Andreessen Horowitz recently raised $2.2 billion for a new cryptocurrency fund. The figures increase in magnitude. According to Chainalysis, investors will invest over $27 billion in NFTs in 2021. And it is estimated that the combined worth of all cryptocurrencies is about $2 trillion.
Investing vs. Labor
There are few more reliable sources of cognitive dissonance than investors' reaction to positive economic news as if it were a nuclear calamity. For example, for more than a decade, stagnating wages have been the misery of the US economy. However, with salaries increasing, markets are left with only corporate profits and the possibility of inflation to worry about.
According to John Authers, there is reason to be concerned: For the majority of workers, inflation has recently exceeded wage growth. They may use their newly acquired, and much-welcomed, bargaining leverage to demand additional salary increases, resulting in price increases from businesses. Recreate the 1970s by rinsing and repeating.
Inequality Redress
The lowest paid employees receive far larger raises than the highest compensated employees.
Investors, on the other hand, are not amused by such sentimentality. They even pounded the stocks of major US banks today after those institutions reported giving raises to discourage bankers from fleeing to GameStop, crypto, or whatever, Paul J. Davies writes.
Today, Jamie Dimon stated that firms "should not be crybabies" when it comes to pay increases. Right he is. Additionally, investors may choose to refrain from grumbling as long as inflation can be contained.
Omicron vs China
In the realm of difficult-to-contain entities, there is the omicron variation. Even China, which has so far averted the pandemic by engaging in the world's most severe game of Whac-a-Mole, is struggling. And, as Adam Minter argues, the Chinese public is becoming tired of the country's strict lockdown restrictions. They're even complaining on social media about it, which Beijing, unexpectedly, allows.
The entire world should hope that China can find a reasonable compromise between protecting its citizens and operating its railroads, factories, and container ships on time. According to David Fickling and Anjani Trivedi, Chinese industry output has fared relatively well so far during the pandemic. If something changes, the supply-chain nightmares of the last few years may begin to resemble children's birthday celebrations.
Charts That Speak for yourselves
According to Brooke Sutherland, America's industrial sector is beginning to search inside for answers to supply-chain bottlenecks. They have recently improved, but at a pace and predictability that is unsettling.
According to Bloomberg's editorial board, Sarah Bloom Raskin is an excellent choice to restore the Federal Reserve's bank oversight to its former glory after years of slacking.
Financial System Fragmentation
Recent years have seen a dramatic fall in loss-absorbing capital.
Support us!