It won't be long before all the bullshit gets completely wiped off the map from not only regulators, but also legitimate projects. None of these scammy WEB2 products understand how the attention economy works. They think they are going to get "first move advantage" when all that's going to happen is that someone will move in and undercut their entire business model.
Say what you want about Mark Zuckerberg, but at least he actually knew what he was doing. Remember Facebook back in the day? It had no ads and it was free. He spent years acquiring the userbase. All these WEB3 masqueraders aren't even good at properly setting up a WEB2 platform, let alone WEB3. It's very obvious that they will all fail miserably in the end. In the meantime, they provide a nice placeholder for risk to see what works and what doesn't. They are cannon-fodder.
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I would not be that optimistic. They have perfected the manipulation of the masses via instant gratification. Do you think they will let go their power on the minds that easily?
What I am saying is that crypto will have the monopoly on mass manipulation and instant gratification. If you have the option of getting paid every two weeks $30k a year and getting paid every minute $50k a year, which job you gonna pick? If a crypto network is helping you succeed in life x10 times more than the government, who are you going to trust?
Fiat, government, and corporations are going to become a worse and worse proposition over time. I think we can agree on that. Crypto is going to become a better and better deal over time. I think we can agree on that. If these two things are true then the attention economy comes into play. People will give attention and trust to the system that offers them the most benefit. That's just basic capitalism, and the legacy entities will not be able to compete or scale within such an environment.
Makes sense. But unknown is how the establishment/big companies will react. Currently they are dumbfucked and not reacting at all as it seems (still in the ignoring phase) or only pathetically (Meta´s "Libra"). But if more and more people choose crypto, they will change to panic mode. And then we will find out what they are capable of, in worst case they bribe the regulators to ban any true Web 3.0 (e.g. declaring any business not having KYC as illegal). Not saying, that it is likely, but possible.
I think everything you said is extremely likely.
But we also have to realize that there is no such thing as "the government".
There is a full spectrum of government and rulership: at least 200 of them.
We've also seen that it's just not possible to ban.
Everything in crypto is borderless, and the borders are digital and unguarded.
Getting a "banned" token into a KYC token won't be very hard, especially when people are motivated.
In fact those types of backdoor moves will just be built directly into the infrastructure.
We also have to wonder just how effective that flex is going to be.
Governments trying to exert a high amount of control when they are at their weakest?
Seems unlikely that's going to work.
They will flail around like children having a temper tantrum.
They will cause damage like people within a riot.
But none of that actually changes the situation in their favor.
It's just another page in the story of strife.
If we look at the countries trying to hard ban it like Nigeria...
We can see the ban basically has zero effect.
Nigeria is one of crypto's best friends.
The more I learn about Nigeria the more I'm like holy shit what a hard life.
These people are extremely motivated, and they all speak English.
The ban is meaningless to them.
Take higher education for example.
We can already see that it's being undercut by the infant versions of the new AI that's being launched. What happens when AI, 3D-printing, crypto, and other technologies being to merge at the center of the biggest technological advancement of mankind? What happens when crypto networks will pay users to learn? All legacy colleges will collapse instantly. They've all been increasing tuition and the price of everything for decades. It's a bloated and corrupt system, and its days are numbered. Now apply this to other industries and even government. It might take 20 years, but governments are going to implode from this coalescence. The smallest and most corrupt ones first.