Barely anyone uses Web3, Crypto is just about entirely for financial speculation now.
In context the author is a founder of Auditless - "a strategic partner to crypto companies helping design & develop new protocols".
And money laundering and sanctions avoidance… and bribery.
You left off ransomware.
When you take a break from it and come back you notice the significant usability hurdles with little-to-no functionality payoff to justify them.
The vast majority of people simply do not need a less trust-based, more complex financial system.
That payment processor just has no support, no UX team, no security team, and nobody to hold accountable.
It’s actually a more trust based system than what we have. Instead of trusting a single payment provider, you need to trust a wallet extension, the website you’re on, and the contract you’re interacting with.
Any failure in judgement is also irreversible.
It’s just a really bad solution to a problem most people don’t even know exists.
I can't wait for the biggest bank heist in history due to an exploit in a crypto algorithm.
I work at a bank. Do you know where the complexity comes from ?
It is all derived from: (1) risk management and (2) regulation compliance.
Crypto is simpler because it can't be bothered to take either seriously.
Prior to 2010, banks were charging around 5% for a GBP-EUR transaction.
This is a benefit we all see - banks now can't get away with ripping people off like they used to, when I could make a cross border payment for less than 0.5% using a crypto exchange.
Also having the ability to hedge against quantitative easing has been a life-saver for many people.
Also in the 2010s: The EU introduced the Single Euro Payments Area; Wikipedia tells me that the UK participates for transfers denominated in EUR.
A younger, more idealistic me thought some day it would replace cash, but having to track the value of every buy and sell is just too punitive for that purpose.
That leaves just memes, speculation and illegal stuff basically.
So everyone hates crypto and that's why Web3 is not taking off? Really? It's much more likely that there are simply no convincing practical use cases for it, and that's why all these people have been ignoring it, rightly so.