Dancing for Algos and Breaking Free: Understanding Web2 and the Future of Web3

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This chapter explores the concept of 'dancing for algos' and how influencers are impacted by social media algorithms. It delves into the control algorithms have over our behavior and social engagements, discussing the need for a new form factor and substrate to break free from traditional banks and Web2 platforms. The chapter concludes by highlighting the significance of understanding Web2 components in shaping the future of Web3.

Many of our listeners are familiar with Li Jin, an investor and co-founder of Variant Fund and is one of our favorite thinkers on crypto and the creator economy. Li is also joined by Eugene Wei. He’s a web2 product visionary. Listeners may be familiar with some of his incredible blog posts such as, “Status as a Service”, “Invisible Asymptotes”, “Why Information Grows” and more.

In today’s episode, these two gigabrains, one from web2 social, one from web3 crypto, talk about the future of status as a service, psychological ownership, and the future ties between social and crypto.

------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-li-jin-eugene-wei

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------ TIMESTAMPS

0:00 Intro 8:00 Web2 Social History 18:55 Is Web2 Ending? 24:50 Network Effect Theory 27:45 3 Paths to Break Free 32:17 The Internet’s Good, Bad, & Ugly 41:48 The Algorithm’s Constraints 46:25 Web2 to Web3 Learning Lessons 54:40 Love vs. Fame 1:00:24 Web3’s Potential 1:07:00 Crypto's Social vs. Financial Problem 1:19:30 Ethereum’s Social Network 1:25:14 Increasing Psychological Ownership 1:31:25 Price vs. Psychological Ownership 1:35:00 Eugene’s Advice to Crypto Builders 1:42:00 Li’s Take on Crypto’s Potential Closing & Disclaimers

----- RESOURCES

Li Jin https://twitter.com/ljin18 https://li.substack.com/p/the-ownership-economy-2022 https://www.youtube.com/watch?v=N6AJlmB2h8k https://li.substack.com/p/building-psychological-attachment https://li.substack.com/p/love-vs-fame-a-framework-for-social

Eugene Wei https://twitter.com/eugenewei https://www.eugenewei.com/blog/2019/2/19/status-as-a-service https://www.eugenewei.com/blog/2018/5/21/invisible-asymptotes

----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures