Contribution of cryptocurrency to the real economy, part 3

Hi frens,

Web3 people often view themselves in the early wild web1 age, aiming for mass adoption. However, web3 people seem to be too young to learn from dot-com bubble.

In the late 1990s, internet companies rushed to IPO for return of fundings, without building products used by real users. This is exactly what happened in 2017 ICO boom, and, let’s face it, releasing tokens nowadays is no different from going public.

The real economy is highly regulated, structured to encourage building real products and limit the excesses of capitalism. Cryptocurrency, or the "token" economy behind it, risks unleashing these forces once again.

Is IPO or ICO “evil”? No. Amazon was founded in 1994, went public in 1997, but has continued to build the best e-commerce for the past decades. The problem lies in the management or investors who stop helping growing the business whether IPO/ICO or not.

Web3 is still small compared with web2 or the real economy. Many people only strive for mid-term returns, either failing or succeeding, because it's easier for making a living.

Still, very few people in this area have a long-term view in mind, reasonable business model or revenue, and work relentlessly towards it. I hope to maintain a clear vision in this field, with my future products.

Your friend,

Denken