The Reality of Web3 with Lane Rettig - WBD513

Lane Rettig is a former Ethereum Core Developer who now works as
a core developer for Spacemesh. In this interview, we discuss the
Terra/Luna crash, trust and the discipline of Bitcoin; the
history, theory and reality of current Web3 initiatives; and
Bitcoin’s future.


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On Friday Jack Dorsey’s Block announced that it is building
“Web5” on Bitcoin. It is purposefully bypassing Web3, which Jack
has previously criticized. In fact, Jack stated in a tweet to
launch the initiative “RIP web3 VCs”. So, why are Jack, and many
other bitcoiners, so fiercely against what in theory is supposed
to be a revolution of the internet enabling it to decentralise?


Maybe it is the same issue being raised about the crash of
Terra/Luna, the issue raised about the much-critizsed ICOs and
IPOs within the industry, and the issue raised about the
motivation for VCs aligned with the “crypto” ecosystem. Rigged
incentives and asymmetric risk where the VCs always win? Greed
dressed as innovation and utility under the cynical rebranding of
Web3?


The problem is, by the time these flaws have been realised, the
VCs have already exited and made a tidy profit. And as always,
it’s retail investors who get hurt. Maybe Web5 is just what is
required, for the internet, for retail investors, and for
Bitcoin.