Nov 11, 2021Liked by Jon Stokes

I don't understand why cryptocurrency is important here. If somebody subscribes to a Substack newsletter, they're paying directly for content in the same way as in your web3 diagram, but there's no blockchain involved. What does a blockchain let you do that you couldn't do with classic Internet technologies? And if you could do this stuff with classic technologies, then why should we expect the emergency of cryptocurrencies (or other changes?) to lead to a deep change in the economic structure of the Internet?

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If cryptocurrencies were more about a reasonable way to do micropayments, and less about scammy techbros spruiking get rich quick schemes with a side-order of guns & prepping libertarianism, it'd be so much more interesting.

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Very interesting article, and I agree agree with Jeff’s comment. I just can’t see how enough people are going to care about this to make any difference. If you’re saying that the millions of Americans who are getting their news from Facebook are going to be even remotely interested in Web3 and all of its benefits, I find that very difficult to believe.

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1. How many internet users realize that their data is constantly being mined and their attention manipulated?

2. If they realize, how many care?

3. If they care, how much money is web3 worth to them?

4. If it's worth money to them, how many will know if they're getting "real" web3 and not just shady web2 operators with a web3 skin?

I'm curious what your answers to these questions are.

My answers to this are something like:

1. Most don't. The ones who do realize (<10% of world population) are wealthy, educated people in the developed world.

2. A subset (<50%) of wealthy, educated, developed world people are privacy-focused enough to care enough to change their behavior.

3. They're willing to pay real money (thousands of dollars) -- but they mostly spend that money on iPhones. iPhones are cool *and* branded as being good for privacy/parental controls. (Poor people wouldn't spend a penny, but they don't know/care so it doesn't matter.)

4. A small subset (<10%) of the wealthy, educated, privacy-focused developed world is also tech savvy enough to figure out what "real" web3 is. Basically the same people who would have a chance of noticing if you're mining cryptocurrency in their browser.

So my back of the envelope guess would be <0.5% of the world's population is the target market, and it's almost all in the US and Europe. I'm curious what the theory is of how you'd get more adoption.

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Jan 2, 2022·edited Jan 2, 2022

O.K....I will admit I'm a novice reader....but having a web content that has block chain gives me the freedom to send monies..or communication without being a slave to the way Facebook...Google...and others manipulate and control my present content and decide what or how I can move said money and view content..under the control of thier algorithms. I'm for it. AM I BEING Simplistic???

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this subject is complicated by Crypto. most folks cant afford to buy a $60,000 crypto coin or partial coin when the value is SOOO volatile i.e. risky. A majority of Americans hate inflation. Crypto currency is the primary roadblock to a successful Web3.0 rollout.

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Another question — I understand that regulations and censorship are not universally good, but in some cases, such as the spread of conspiracy theories or false rumors (in pre-capitalist society, there were still fake news/rumors/false accusations, not for the sake of getting views/unique audience, but for the sake of shifting the public opinion. people will spread fake news not to get unique audience * conversion, but to spread fake news), what does web3 have in place to regulate those content? Who's there to identify and intervene in money laundering activities, or child pornography?

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