Web3 Skepticism

Hollow Abstraction: An abstraction that sounds coherent, but lacks a specific referent Most people are easy targets for HAs, because they draw conclusions from abstractions without checking if they're hollow. Hollow Abstraction is the mental model that best explains web3, IMO.

The issue is web3 discourse under-sells the power of the web, oversimplifies the benefits of a new architecture, and skips over meaningful hurdles (UX, security, trust, long-term economics). I think we confuse theories with actual user value props and sustainable business models.

After 18 days of diving deep into crypto, I didn't come out of it a decentralization maxi. There's space for both types of software, community, and utility. In many ways decentralized software really needs centralization: spam, fraud, content rights, powerful programs, etc.

More generally, I posit the two keys to understanding Web3 are: 1) Beware of easy money schemes 2) Beware of #HollowAbstractions When proponents like @cdixon promise riches to come via abstract "mental models", we can gently guide them to focus on money flows and use cases.