Twitter account @ Web3isgreat talks about the crash in the crypto / NFT market

by James · July 9, 2022

One of the few benefits of the current crypto / NFT bubble that bursts is the daily one damage joy I receive involving every ridiculous Web3 debacle. Oh, the NFT you spent $ 2.9 million on is now worth $ 29? Can’t withdraw money from your crypto exchange? Too Bad.

Molly White, a software engineer who brings together all this bad news in a fantastic doomscroll. @ web3isgreata rudely named Twitter account (and the corresponding website Web3 Is Going Just Great) with 95,000+ followers that tells about “just some of the many disasters that happen in crypto, defi, NFTs and other blockchain-based projects” .

“I have no cryptocurrencies or NFTs, I do not make any money on this website, nor do I try to make money because cryptocurrencies are doing badly,” she notes. So look at this as a personal project.

In theory, Web3 is interesting and represents a possible future path for the web world. But the place is currently full of bankruptcies, scams and vague marketing. And @ web3isgreat is simply the best way to keep track of the latest bugs in the decentralized web’s growing pains. (White’s website actually has the title “Web3 is doing just fine … and is definitely not a huge grip that flows lighter fluid on our already smoldering planet.” It also has an ongoing “grip counter” that speculates on how much money has been lost for Web3 scams.)

Among the latest @ web3isgreat highlights, we have another cryptocurrency exchange that “pauses” withdrawals:

On June 19, Hoo put all withdrawals on hold, and estimated that it would take them 24-72 hours to reactivate them. Instead, they have gradually opened withdrawals for specific tokens in a piecemeal manner, in 14 announcements so far since June 22.

– web3 works just fine (@ web3isgreat) July 6, 2022

A crypto investment company lost 99% of its customers’ funds:

And a “multi-chain console for Web3 games” that was removed for its fraudulent allegations:

Note that these are just three news items that took place over a 24-hour period this week.

While Web3 has its followers, Smith seems happy to call it a torment. “One of the most distinctive features of ‘web3’ is the high level of handwriting around it,” she writes. “Even if you can find no end to press releases, crypto evangelists on Twitter and venture capitalists highlighting the virtues of web3, you will have a much harder time finding a definition that is not so full of buzzwords that it becomes meaningless.”