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Fundamentally, Web3 can't actually solve any of those problems because the technology doesn't actually do anything, besides money laundering, and siphoning money away to miners and whales. The technology also isn't new, distributed databases are several decades old, proof of work was originally developed for email spam filtering, etc. I've found it only "cool and interesting" from a purely entertainment perspective, like if the money was fake video game money and you didn't actually care what happened to it. But even then it gets boring real quick because you'll easily find that the trading patterns are all either completely random or are heavily manipulated.

In the real world, all those things you described are illegal in most places. So the only way they've gotten around that is by setting up this fake system, lying to people and telling them it's real and charging them real money to use it, and then when they get pressed by regulators they admit it's fake again.




Web3 provides distributed consensus that enforces the immutability of a virtual machine protocol.

This is a new feature set that was not available before. In practice it has enabled the emergence of a core set of highly reputable DeFi apps - MakerDAO, Compound, Aave and Uniswap - that have managed billions of dollars worth of digital assets and not malfunctioned in the recent market crash, while several centralized lenders and investment funds did.

>>and then when they get pressed by regulators they admit it's fake again.

This has never happened AFAIK. The opposite - of projects taking the credible position that they don't control the protocol because it is autonomous and immutable - has happened, as in the case of Uniswap Labs vis-a-vis the Uniswap protocol.

For decentralized/genuine DeFi apps, like MakerDAO, Compound, Aave and Uniswap, as opposed to centralized ones like Ripple, I don't expect this position to ever be challenged by regulatory agencies, because in reality, these protocols cannot be shut down or changed by any party.




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