Thread by @rufuspollock

Just launched: new initiative by @forlifeitself & friends to help make sense of what's going on in #Crypto and #Web3

web3.lifeitself.us

This has benefitted from contributions direct and indirect including @smdiehl @doctorow @RhysLindmark @RichDecibels @evgenymorozov @jgreenhall @lunarpunk_0x and many more 🙏

Worth explaining some of the motivation and approach behind this initiative. /1

You can read full version at lifeitself.us/2022/03/16/mak… & web3.lifeitself.us/about

/2 #Web3 & #Crypto has become a massive phenomenon with very big claims made about its actual and potential impact.

Claims that go far beyond traditional tech boosterism
ie. better, faster, to radical transformation of our economic and social systems.

/3 At the same time, #web3 & #crypto are highly controversial and polarizing with strong pro and anti camps. There is an exceptional level of disagreement about the claims for it, even on basic points and definitions.

/4 Evaluation and sensemaking for #web3 & #crypto are hard. These topics exists at the confluence of several major areas of thought: computer science, economics, political economy, law.

/5 As a result, few people have enough time and/or expertise to really delve into #web3 & #crypto sufficiently. Especially those who would normally play a major role in our collective sensemaking such as journalists.

/6 In short, #web3 & #crypto and areas they touch on can seem difficult to understand and analyse. Even more importantly, it can be hard to do that understanding and analysis *together* - to do "collective sensemaking".

7/ The stakes are high and sensemaking matters for #web3 & #crypto: claims for impact are very large – both positive and negative. Making sense of this topic therefore important: if we can’t make sense of it how can we choose what to do?

8/ However, we are struggling to make sense, esp together - even on basic issues. #web3 & #crypto touch on multiple, complex and "synthetic" areas such as politics and economics. Collective sensemaking is clearly struggling evidenced by the level of disagreement & controversy.

9/ We risk polarization => stasis and further degradation of our sensemaking capacities. This is is bad wherever you stand in the debate on #web3 & #crypto. In general, polarization chills discourse, impeding our ability to make sense together.

10/ Plus a lot of energy and attention are going into #crypto & #web3. And not just in #tech but also amongst change-makers in #regen #collaboration etc. This is energy that could be used elsewhere — it has an opportunity cost.

11/ And given some of the elevated claims for #crypto & #web3, there is a risk that disappointments here would not only tarnish #web3 but reduce the energy for other types of innovation or change-making.

12/ #web3 & #crypto are potentially "runaway phenomena". Crypto assets are fastest growing class ever seen in human history. Velocity of growth =>potential to significantly impact society for good or ill AND do so before we have time to react cf. #AI, #ClimateChange, #nuclear

13/ In short we have a problem: the stakes are high, making sense matters for #crypto & #web3 and we're struggling

14/ We need better shared #sensemaking for the #web3 & #crypto space. How do we get there?

We need to begin with clear questions — and, a process for answering them. Here are our starting questions. web3.lifeitself.us/about#our-appr…

15/ We need to make good choices regarding #web3 and #crypto individually and collectively. Be that to support, improve or curb it. More broadly, in terms of allocating our resources to it in the form of attention, energy, money.

16/ Some key qus for #crypto & #web3

- What are narratives & claims +ve & -ve
- How should we evaluate these claims
- Should we support and/or improve web3 tech or restrict it?
- What options are there to fulfil aspirations voiced for #web3 via #blockchain tech or otherwise?