The Traveling Carnival That's Crypto


Eagle, CO

Last updated on Apr 30, 2023

Posted on Apr 30, 2023


Last week I saw a tweet by a Web2 founder who'd exited handsomely.

I'll paraphrase what he wrote.

He networks with other founders. The network he travels in finds Web3 attractive - as they should. But then he described why, the reasons him and other professional developers/entrepreneurs/business people haven't entered Web3.

They see Web3 and in particular NFTs as unprofessional and lacking ethics. Their view is that the space is unsavory, dominated by nefarious characters. The customers are mostly gambler persona.

I don't disagree. I offer $PEPE as a big reason why.

For sure, there are great entrepreneurs doing outstanding work in crypto. But on balance the market doesn't care. Because the market isn't looking for quality - they just wanna get rich.

Whatever oxygen there is in the room, is being sucked up by what appears to be a traveling carnival of crooks and barkers. And a bizarre cultural phenomenon called meme coins.

Any early market has its share of snake oil salesman. But I thought NFTs and crypto would be past this by now.

Instead, the traveling carnival just keeps rolling along. The lines for games of chance are long. Carnival barkers pockets are stuffed full of coins. The bottles of snake oil can't be filled fast enough.

It's discouraging.

Here's to hoping the carnival caravan runs out of fuel on an abandoned highway that AAA and tow trucks can't get to. Before great entrepreneurs and business people lose interest and the media condemns the space to the dust bin of over-hyped technology.

tty next time,

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