Web3: Time to Grow Up and Clean Up

Web3 has some promising aspects, but we must not overlook its darker side. The technology is impressive, yet it has become a favored tool for scammers and money launderers. While prices are rising and major players are showing interest, if we fail to address the core issues, this could all collapse again.

Trust Deficit

Most people still do not trust cryptocurrency. Over half of U.S. adults consider it risky and unreliable. If the industry cannot demonstrate that it is not a rigged game, it will struggle to grow. Without the trust of regular people and politicians, Web3 will not advance.

Accountability and Rules

For years, many in the industry have acted as if rules do not apply to them. They have used complex terms and loopholes to avoid responsibility. The truth is, if your business fails when you follow basic rules, you are not running a legitimate business. Handling people's money makes you a financial company. Trading makes you part of the market. It is time to choose a lane and follow the rules.

The Leverage Problem

Leverage is a significant issue in crypto. It drives the extreme price bubbles and sudden crashes. When things go wrong, it is usually ordinary people who suffer. Let's call it what it is: a risky gamble that endangers users.

Bad Actors and Reputation

The industry often claims that bad actors are a small part of the problem. In reality, they are the ones making the headlines. If Web3 wants to be taken seriously, it needs to act accordingly. This means following the rules, being transparent, and permanently removing bad actors.

Path Forward for Good Players

What can the good players do? First, they need to ensure their systems are secure and compliant. They must clearly explain how things work, potential risks, and who is responsible. They also need to hold bad actors accountable.

Conclusion

Web3 has real potential, but it will not fulfill it if it continues to operate like a wild west show. It is time to mature, follow the rules, and build something sustainable. The market is giving crypto another chance. Let's not squander it.