Plain English with Derek Thompson Crypto Crash, Part II: A Debate About the Future of Web3
Jul 26, 2022
In this engaging discussion, Packy McCormick, a popular author known for his Not Boring newsletter, debates the future of cryptocurrency and Web3. He explores the practical applications of blockchain technology, questioning its advantages over traditional systems. The conversation dives into the complexities of crypto culture, financial risks, and the distinction between genuine ventures and speculative schemes. They also examine the potential of stablecoins and the aftermath of gaming phenomena like Axie Infinity, providing a balanced view of crypto’s evolving landscape.
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Early Bitcoin Experience
- Packy McCormick initially bought Bitcoin in 2013 after reading a blog post but sold it a few months later.
- He avoided crypto for seven years, feeling bitter about its price increases.
Crypto Hype vs. Builder Philosophy
- Much of the crypto hype is driven by financial speculation, not necessarily genuine interest in the technology.
- However, builders focused on product development are driven by philosophical motivations.
Timeline and Scams
- The crypto crash adjusted Packy McCormick's timeline expectations, revealing the need for infrastructure development before mass adoption.
- It also highlighted the prevalence of scams within the crypto space.