The SEC's answer no questions, sue first, approach to crypto in general made legitimate players afriad to operate, so the space became dominated by those that didn't care about the law.
This isn't true, and last time someone tried to prove it was, they cited .. a huge PDF of all the questions the SEC had been asking crypto firms prior to action.
Besides, the rules are over now. The US President ran a pump and dump. Can't get more legitimacy than that.
Here are some:
https://intercoin.org/applications
But most comments I get are “I stopped reading 2 seconds in when I saw the word Web5.”
(We started using it when Jack who founded Twitter, started bluesky, promoted nostr started using it).
Here is a graphical presentation that can drive it home:
I say that as someone who read the Bitcoin paper in 2012 and was pretty excited back then.
Meanwhile online scams are a bigger industry than the illegal drug trade and bigger than the Australian economy. There are thousands of modern day slaves in call centers in Myanmar and the Philippines with fake social media profiles running pig butchering scams. That industry runs on crypto 100%. I guess that's one "problem" crypto solved.
You need some pretty convincing arguments at this point to convince me (and many others) that getting rid of this stuff wouldn't be a big win for humanity.
Here is the problem statement and solution for community leaders, the same class of decision makers who exited “AOL Keyword NYTimes” in favor of “nytimes.com” on this newfangled protocol called HTTP, with its servers and clients called browsers that people were downloading
intercoin.org/currencies.pdf
Jack Dorsey is certifiably insane. His obsession with cryptocurrency is a warning to anyone that throws away success to live as a crypto maxi. You will lose the only things that matter to you in life, your business will be taken away from you by shareholders if you own one. Your control will be hated by users that accuse you of trying to ruin the internet with NFT profile pictures and crypto tickers. Many users outright left as a consequence, others would leave after the takeover. But Dorsey set the stage for the enshittification of Twitter, and anyone that's forgotten that should face the music.
Web5, no matter who utters it, is a phrase that means nothing. A person walking on the street would not be able to define it for you. Me, a programmer, cannot define it for you or even explain what it looks like. It is a marketing term as applied to Free Software, which will alienate Free Software users and disgust/confuse common people. If you cannot find a better phrase to describe your philosophy then people will forever associate you with the myriad grifters that shared your "Web(n)" branding.
Web2 (community) +
Web3 (blockchain)