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So many web3 businesses are “let’s imagine a crowd sourced solution to a problem that *doesn’t* need a decentralized trustless medium to accomplish, then use a decentralized trustless medium to try and accomplish it” Turns out they’re just never good ideas.

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Liron Shapira

@liron

· Jul 26

.@Helium, often cited as one of the best examples of a Web3 use case, has received $365M of investment led by @a16z. Regular folks have also been convinced to spend $250M buying hotspot nodes, in hopes of earning passive income. The result? Helium's total revenue is $6.5k/month

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3:37 PM · Jul 26, 2022Twitter for iPhone

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Turns out the reason this idea was never made into a company before has nothing to do with the lack of a blockchain before. It’s because it’s a very dumb idea. But the blockchain is a great hook for people who are literally incapable of thinking.

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· Jun 8

Them: “Name a few use cases for web3” Web3 bros:

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0:33

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No need for a good idea when you can skip that step and jump straight to getting paid

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Deva Hazarika

@devahaz

· Jul 26

Doing this for no good business reason lets you monetize via tokens and extract lots of money through that even if the underlying product doesn’t actually gain traction or even make sense

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That’s certainly a problem sometimes but the problem here seems to be upstream, basically classic problem of building something nobody actually wants or needs vs competing solutions. (At least, for now.)

gfodor

@gfodor

Jul 26

(This isn’t a new idea, crowd source internet access has been tried before using various other economic models. I was in one of these networks 10ish years ago, they sent me a free hotspot.)