![]() ![]() Even in the best of times, users are not compensated for the value they contribute to the platforms they use (e.g., Facebook makes billions off of people posting content for free and clicking on ads, but Facebook users don't get compensated for their contribution).This also works in reverse: Users can lose their data, relationship, and digital assets overnight when a platform like Twitter, Facebook, or YouTube decides to shut down their account and.Users cannot easily leave a platform they don't like (because all their data, relationships, and digital assets are not "portable").In our current era (web2 or Web 2.0), a handful of giant companies own most of the data and govern most communication and transactions. "Web3" is used to describe a new approach to how the internet should run. Web3 in a Nutshell (skip if you already know) ![]() But before we get to his point, let's clarify what we (and Moxie) mean by "web3". Moxie shared his "first impressions of web3" in a blog post. Last week, the Financial Times recently quoted me in a takedown of a shoddy ad starring Matt Damon, and The Guardian ran a piece on why NFTs of bored apes are actually worthless.Ī more substantial contribution to the debate about the future of the internet came from Moxie Marlinspike, founder of Signal, a private messaging app. In 2022, the world's brightest minds are arguing about digital tokens, JPEGs of monkeys, and SuperBowl ads. Our current dilemmas seem farcical in light of historical tragedies. But when it does, it matters a lot.Ī recent discussion on the promises and limitations of crypto/Web3 made me think of those Hungarian sausages. And after running around the streets of Napoli for a few days in search of generous customers, my father and uncle threw the sausages away and boarded a boat to Israel.īeing able to pack up your stuff and leave is not something that matters to most people most of the time. They heard a rumor that Italians pay generously for such rare delicacies. To kickstart the family's fortunes in the new world, my father and uncle took a few Hungarian sausages with them. Everything else - property, appliances, jewelry, books, even photos - had to stay in Romania. They were only allowed to take their clothes, bed linen, and food for the trip. In 1962, my grandmother, father, and uncle managed to get their exit visas and boarded a plane to Rome. The price of exit could go up to $50,000, depending on the migrant’s age, education, profession, family status, and political importance." Soon Romanian Jews were traded for everything from cattle and pigs to chicken farms and cornflake factories. At Khrushchev’s insistence, the Romanians began to demand agricultural products instead of cash. When Israeli intelligence officials got wind of the deals, they decided to get in on the scheme, with the approval of Prime Minister David Ben-Gurion. Jacober traded briefcases full of cash, typically $4,000 to $6,000 per emigrant (depending on the individual’s age and educational status), for exit permits to the West. A Jewish businessman in London named Henry Jacober served as the middleman between private individuals in the West and the Romanian secret service. As Zahra Tara recounts in The Great Departure: "The exchange of Romanian Jews for money and agricultural products had begun covertly after the Second World War. Someone had to buy her.įrom 1945 onwards, Romania collected more than $100 million in cash and other commodities in exchange for Jews. After surviving Auschwitz, she wanted to give her children something better than Communism and anti-semitism. Some people loved living in the Socialist Republic of Romania. ![]() He was talking about my grandmother, my father, and my uncle. "Jews, Germans, and oil are our best export commodities," the dictator Nicolae Ceaușescu boasted in the 1970s. It's not fully developed, but it captures something important about the time we live in - and where we're headed. It might be the most profound thing I've written all year. If you haven't read it yet, check it out and read carefully. □ In Praise of Ponzis was quoted in the Financial Times, in Matt Levine's Bloomberg column, in the Wall Street Journal's Chris Mims' tweet, in Morgan Housel & Michael Batnick's podcast, in Scott Alexander's newsletter, and beyond. Join us for a fun and impartial exploration of crypto's good, bad, ugly, and hilarious - and access to a growing community of alumni across the globe. □ The February cohort of Hype-Free Crypto is filling up. □ Looking for a Corporate Crypto Course? Give your team a hands-on introduction to Blockchains, Decentralized Finance, and Web3 with our private corporate cohorts.
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