Easily the most balanced and deep review of the web3 bandwagon (maybe as you would expect from somebody who has seen it all before and from close-up).<p>I find this observation as the most hard-hitting:<p>> The failure to think through and build interfaces to existing legal and commercial mechanisms is in stark contrast to previous generations of the web<p>The gimmicky, "universe in a box", nature of web3 works great as a game, or maybe as a research tool but it is light years away from creating a gravity field strong enough to crush and remold millennia of trust relations, laws, paper contracts etc. all interlinked with actual (real life) economic activity.<p>The fact that the hype persists despite this (fairly obvious and debilitating) limitation suggests how unhinged the current environment, a result a period of extraordinarily easy money coupled with the FOMO effect attached to the trillion dollar valuations and power concentration of "big tech".<p>On the other hand, the palpable sense of anxiety in many industries indicates that we are certainly not done yet with digital disruption. Five years from now web3 will be joke, but there <i>will</i> be some new realities that will be anything but!