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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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Daniel

@growing_daniel

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.

3:39 PM · Jul 26, 2022Twitter for iPhone

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One of the few cases where if you remove the blockchain there might actually be a company. They were at it for like a decade until pivoted to a blockchain nut.