Humanity needs to be digital without a doubt, but how to achieve this? The problem with the latest web3 “innovations” is that there are no real use cases.
Cross-border payments? This has been working for many years, moreover #fintech companies are doing it without headache.
Web3 NFT ownership? Users are made to think they own some JPEG images. Real ownership is protected by law. Any other “ownership” simply doesn’t work and illegal.
Tokenisation? Why divide an expensive artwork or real estate into tokenized parts? And again it’s not an ownership protected by law. Anon network of miners can disappear at any time without any obligation.
All known web3 use cases are simply artificial and practically illegal, which leaves a lot of room for scams.
Defi simply reimplements cefi on blockchain rails, but in unregulated space. If you lose your assets no one can help.
New web3/defi hacks almost every day, billions of USD in crypto assets are lost.
The plaintiffs in both complaints allege that between April 14, 2021 and July 26, 2022, Coinbase made false and misleading statements about its business, operations and compliance practices. According to the indictment, Coinbase was subject to a bankruptcy proceeding that recognized its customers as general unsecured creditors of the company because it failed to disclose that its customers’ bitcoins were being blocked by the company.
