The Bitchuation Room with Francesca Fiorentini
@franifio·283K subscribers·2.7K videos
The Unstable Scammy, Hackable World Of Cryptocurrency
Posted
May 27, 2022
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May 27, 2022
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10:32Now PlayingHow much of Web3 — the self aggrandizing title that crypto currency evangelists gave to the idea that eventually everything online will be one blockchain — is a scam? How much of it is actually legit? As it turns out, it’s mostly a scam for the majority of those involved.
Beyond the regular crashes, which make the stock market volatility look like a walk in the park, Cryptocurrency is also rife with theft. These days, we’re much less likely to see a story about a promising token or something with novelty in the crypto space than we are to see a story about millions of dollars worth of some token disappearing overnight. Beyond theft, many of the new Web3 projects are just straight up scams with copy and pasted white papers and half baked promises for revolutionary potential.
One of the biggest promises of Crypto is that it is more secure than normal financial transactions. This obviously isn’t the case. Another is that it’s untraceable, which was proven false when the FBI tracked down a major theft of bitcoin. So… what’s actually the appeal behind all this? Molly White helps explain how the promises of Crypto, while maybe admirable, have pretty much all been broken.
Molly White is a software engineer, wikipedia editor and the creator of Web3 Is Going Just Great, a website cataloging grifts in blockchain, crypto and NFT world. Follow Molly on Twitter
Atsuko Okatsuka standup comedian who appeared on the The Late Late Show with James Corden, Hulu, Adult Swim. Follow Atsuko on Twitter
Recorded May 22, 2022
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