[granddemolisher]

IMO, the term web3 is tainted by VCs using retail to dump their tokens faster than they can dump equity in traditional IPO which is less transparent to average schmuck because most of the money comes from the retirement funds passively investing in everything.

It's their shortcut to liquidity which resulted in overpromises and dumps.

It's not unreasonable for someone to be sceptical but to dismiss it all together is a mistake.

We need to go back to the core. Decentralized financial instruments built to help people prosper economicly. To uplift poor people in unbanked countries. To stop dictators from rugging poor people and investors. To provide individual freedom and highest level of personal attainment.

The yield bullshit needs to stop.

Edit: I don't mean all yield strategies, just ones which are unsustainable (most of them).

I want unsecured lending products in crypto based on on-chain reputation which happens automatically on taking small loans or doing a lot of transactions maybe endorsement system where institutions stake money in return of verification.

Banks won't provide loans to people who need them the most. Even self employment people and founders with millions of dollars in exit struggle with a home loan because banks refuse to deal with anyone who doesn't fit their cookie cutter.

I believe crypto has potential to disrupt it.

I love flash loans for this exact reason. They are unique to crypto, allowing freedom to anyone to increase market efficiency by taking advantage of arbitrage without creditionals and needing absurd amount of capital to start.

[latchkey]

Certainly, the marketing around web3 went to shit. But I've been in it for 4 years now so I don't really care about the VC's because I see the larger picture already.

I agree with everything you said, but the end. The ponzi tokenomics definitely needs to stop, but the lego yield stuff has potential. It is more than just unbanked, it is people without lines of credit. It is teaching people how to be fiscally responsible.

Based on my Vietnam example below. Woman with gold teeth instead deposits her stable money into her phone. That money earns yield automatically. She can also use a portion of it as collateral for a Kiva-style loan to help with her farm crops (or whatever small business she has). People who buy her products effectively pay back her loan directly by submitting to her phone app. She's in control of it herself.