The Reality of Web3 with Lane Rettig

 
 

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“We have to get back to the original vision of Bitcoin and the cypherpunks, which is that in a sense, Bitcoin and crypto in general, is outside of any particular nation-state system.”
— Lane Rettig

SHOW DESCRIPTION

Lane Rettig is a former Ethereum Core Developer who now works as a core developer for Spacemesh. In this interview, we discuss the Terra/Luna crash, trust and the discipline of Bitcoin; the history, theory and reality of current Web3 initiatives; and Bitcoin’s future.

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On Friday Jack Dorsey’s Block announced that it is building “Web5” on Bitcoin. It is purposefully bypassing Web3, which Jack has previously criticized. In fact, Jack stated in a tweet to launch the initiative “RIP web3 VCs”. So, why are Jack, and many other bitcoiners, so fiercely against what in theory is supposed to be a revolution of the internet enabling it to decentralise?

Maybe it is the same issue being raised about the crash of Terra/Luna, the issue raised about the much-critizsed ICOs and IPOs within the industry, and the issue raised about the motivation for VCs aligned with the “crypto” ecosystem. Rigged incentives and asymmetric risk where the VCs always win? Greed dressed as innovation and utility under the cynical rebranding of Web3?

The problem is, by the time these flaws have been realised, the VCs have already exited and made a tidy profit. And as always, it’s retail investors who get hurt. Maybe Web5 is just what is required, for the internet, for retail investors, and for Bitcoin.

TIMESTAMPS

00:03:23: Introductions
00:05:56: Veganism and pizzas
00:13:17: Real Bedford FC
00:19:59: Parenting
00:40:29: LUNA stablecoin
00:47:23: Regulation versus self-regulation for crypto
00:53:20: The dotcom bubble, and sister in a coma
00:58:45: Trusting stablecoins, and the concept of value
01:15:33: Background to Web3
01:20:01: Tokens and instant exit liquidity
01:26:14: Uber, changing incentives, and Exit to Community
01:33:25: Decentralisation vs centralisation
01:38:49: Minting tokens, pseudo-equity, and shares
01:44:59: Bitcoin spinoffs, and what's next for Bitcoin
01:50:14: Getting value from podcasts, and libertarians
02:03:07: Final comments

 

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SHOW NOTES

Connect with Lane:

Mentioned in the interview:

Other Relevant WBD Podcasts:

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