You can also watch this as a value 4 value podcast in Curiocaster
This was an excellent question and an excellent answer from the Ranking member of the House Financial Services committee Patrick McHenry. This is the same committee which asked my question about banning of crypto adverts amost 2 years ago.
The original of this clip is on C-Span
Giving an excellent answer to the question "What is Web 3.0?" is the CEO of the Bitfury Group, Brian P. Brooks. Bitfury is "the leading full service bitcoin and blockchain technology company".
The answer glosses over the vast extraction and concentration of wealth which companies like Google and Facebook have achieved by monetising the work, attention and personal information of all of us over the last two decades.
There's a big essay on this which @apshamilton and I need to publish.
The details of this hearing are here.
▶️ 3Speak
There is so many good clips.. sadly all of them are from Mr Brooks.
I'm still going through the whole thing. Mr Brooks is a stand out witness, real clarity of thought and excellent communicator.
I really like the look in his eyes, as if these congress critters are fuxking idiots and wither they like it or not, this shit is going to happen. Haha
He just smiled while looking through their souls..
Very interesting that some US politicians are starting to understand Web 3.
What is of course unsaid is that a network where the users are the true owners and have control (like Hive) has far more legitimacy than any government. And when there is choice of networks then legitimacy increases further to the point where traditional representative democracies are by comparison terms little better than a protection racket.
As Elon Musk just said government is just the largest corporation with a monopoly on violence.
But actually most of government's power comes from its monopoly over money. Governments love issuing fines. But fines mean nothing if a person can just ignore them because the government doesn't control money anymore.
If violence actually has to be used to force large numbers of people to do things they don't want to do then things break down very quickly.
It actually sounds like there might be a few people in the government who actually "get" it. We need to keep voting more of those people into office.
Thanks for posting this. No chance I would have seen this anywhere else.
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Web-3 is becoming very popular nowadays. And the Congress man has finally got an explanation about this.
👍🏻 Excellent explanation that this congress guy got at the end:
„Web 3.0 is trillions of Dollars of value created upon the innovation of Satoshi whether we the US participate in it or not. Then it will be done offshore.“
📌 Bookmarked! Thanks for sharing, Brian!
PS: when was that hearing?
Yesterday. Links above to C-SPAN for full details.
DON'T TELL THEM SHIT!!! All they wanna do is find a way to regulate us.
~ Matthew 7:6
Haha, that's pretty clever. I have seen a lot of uses of that verse over the years but never in that context!!! It definitely fits.
Col 2:22-23
👊🏼
This is really awesome to watch with amazing questions from McHenry and Mr Brooks giving genuine point to it.
Good that they are diving into this. So often politicians decide without knowing exactly what they talk about.
NOBODY TELL THEM!
WHY are you living off my taxes if you dont KNOW THINGS!
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Check out the last post from @hivebuzz:
Things are slowly chugging along. Seems like there are more and more people who are able to elaborate on how this stuff works. Sometimes I forget how far ahead we are of the masses. I would hardly consider myself an expert on crypto, but even compared to most people who bought in 2017, I feel being at Hive has gave me a whole lot of knowledge that most people lack.
Is this the Committee you are referring to?
Unfortunately, I think all of their discussions are about regulation, and the regulation is probably planned to benefit lobbiests.
That doesn't mean any of it will work though!