In the early days of the internet, we were all pretty sure we were building tools that would benefit the world, spread democracy, and usher in a new era where people from different backgrounds would come together in harmony. Things didn’t go exactly according to plan. So it makes sense that not everyone is bullish on the prospects for what is known as Web3. Kaitlyn Tiffany in The Atlantic: The Crypto Backlash Is Booming. “At its most basic, Web3 imagines a massive shift away from the habit of accessing the web via centralized platforms such as Facebook and Google, and toward a norm of communicating, storing information, and making payments through a supposedly incorruptible, uneditable, fail-proof system. This would conceivably give the average person greater control over their personal data and the consequences of their interactions, but for various reasons it has so far been a bit of a farce.” I’m not sure it’s been a farce, but it’s definitely created a big divide between the true believers (many have made a lot of money already, and in the startup world there’s been a significant investor and employee migration towards Web3 startups) and the doubters. While the tech is new, the battle lines have been drawn and the debate over the future of the internet has become heated. Thankfully, Web1 and Web2 have provided us with countless outlets where we can scream at each other about Web3.

+ 3’s Company: If you can beat ’em, join ’em? The U.S. is considering a radical rethinking of the dollar for today’s digital world. “It’s a vision of a cashless future that other countries are already embracing. China, for example, has unveiled the digital yuan on a trial basis. India this week said it would create a digital rupee. Now the U.S. is weighing whether it wants to get into the game.”

+ One thing to note about the crypto revolution and its promise to decentralize the web and level the playing field is that the biggest venture investors are footing the bill for Web3’s creation. They’ll reap outsized benefits if it succeeds. And the idea that those at the very top will receive outsized benefits is anything but innovative. Forget about the top 1% or even the top 0.1%. We’re talking about the top .01%. Barry Ritholtz with the numbers. The Super Wealthy versus the Merely Rich.