What Bitcoin Did

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Web3 Does Not Exist with American HODL & Junseth

Peter McCormack

Interview | Description | Timestamps | Show Notes

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Web3 Does Not Exist with American HODL & Junseth - WBD461 Peter McCormack

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Location: Los Angeles
Date: Wednesday 2nd February
Company: N/A
Role: N/A

Web3 is a co-opted term that was originally used to describe an internet that gives users greater control over their privacy and data. It is now commonly referred to as the metaverse.

The metaverse, originally described in Neal Stephenson's Snow Crash, was a dystopian future that envisions a virtual reality-based successor to the internet. The metaverse has been picked up on by VCs and Silicon Valley and is now promising to revolutionise the way we interact with the internet taking advantage of NFTs and 'crypto'.

However, bitcoiners remain sceptical. Over the last 13 years, thousands of projects have come and gone, promising huge innovation with little to back it up, from altcoins that promise to be 'the new bitcoin' to narratives like 'blockchain, not bitcoin' and the ICO boom, and bust.

In this interview, American HODL and Junseth take aim at Web3, NFTs and the metaverse and discuss why they believe that it will not only fail but that it doesn't even exist in the first place.

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00:03:52: Introductions
00:10:25: Does the metaverse even exist?
00:18:40: NFTs, modern art and Rare Pepes
00:28:33: Blockchains
00:30:51: Raspberry Pi, nodes and self-sovereignty
00:36:45: Nation state rot
00:42:07: Lack of understanding of crypto and NFTs
00:50:23: Getting rich with altcoins vs Bitcoin
00:56:58: Regulation of Bitcoin, and nation state adoption
01:03:50: The Canadian truckers
01:13:07: Real-word consequences don't happen in the metaverse
01:22:35: The desire for fame through social media, and escaping the real world
01:26:25: The problem with Web VCs and false narratives
01:51:11: Moxie article, OpenBazaar, and the decentralisation spectrum
02:02:28: Eric Yakes gives his thoughts on the metaverse
02:12:22: Buzzwords and the metaverse pitch
02:17:34: Final comments

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