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web3 exists because circa 2016 or so, a bunch of venture capitalists figured out how to get a quick payday out of startups by getting them to issue a cryptocurrency ("Initial Coin Offering"), gifting a bunch of that currency to the VC at a discounted rate, and then pumping-and-dumping the rest. The VC avoids liability because the field is unregulated and even if it were the startup is guilty of whatever financial crimes might be present, not the VC. This happened to the tune of many many billions of dollars, flooding the world with cryptocurrencies that then everyone holding them had a vested interest in finding value for so that they din't end up empty handed. What we've watched transpire since is the unwinding of this criminal pyramid of financial bullshit.
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@abucci@anthony.buc.ci Yes you’ve just reminded me just what a stupid idea it is to “store” your “data” in a “blockchain” network 🤦♂️ I can’t wait for all thebreachess, privacy and public outcry when people lose their data, or is stolen or all of the above 🤣