From IndieWeb

cryptocurrency is a use of a proof of work blockchain to create exchange value, has been discussed at some IndieWebCamp sessions, highly criticized for a variety of reasons, often the source of "web3" mischaracterizations of decentralization, and in the past been used for personal tip page payments specifically using Bitcoin addresses.

IndieWeb Examples

None currently.


General criticisms

Not decentralized

  • Not actually decentralized, e.g. during an AWS outage:
    • "Due to a global outage affecting AWS, we are currently experiencing an interruption with cryptocurrency deposits and withdrawals. There is no effect on trading or fiat deposits and withdrawals.

      We will post updates on this thread as we get them. Thanks for your patience!" @ndaxio December 7, 2021

Pyramid schemes

Hype-based marketing

  • 2022-02-02 NYTimes: Why Is Matt Damon Shilling for Crypto? / Just buy it, he seems to suggest; what are you, a wimp?

    Entertainers and athletes have ample money to risk in speculative bubbles; their millions of admirers don’t have that luxury and may be left holding the bag when a bubble bursts.

Unable to withdraw

NFT criticisms

Backlashes against organizations or products exploring or planning NFTs

"the most boring form of art ever created"

Whether NFTs are here to stay or not, they are the most boring form of art ever created, centering value in nothing more than ownership. Owning art is the least interesting aspect of art. A great artwork might be pioneering in its use of media, arresting in its formal composition, or rich with symbolism.

First, those best able to profit from the NFT bubble are those already in command of substantial followings, like the famous musicians Grimes, Eminem and Snoop Dogg, who all recently released lucrative NFT collections. If there is cash to be made from issuing tokens, it will mostly flow to the already wealthy few rather than the struggling many.

Second, minting an NFT is not free, requiring makers to buy into cryptocurrency exchanges at their own risk like a pyramid scheme. For all the designers who have successfully cashed in on the hype machine, many more will lose out, predominantly those least able to do so.

Above all, NFTs erode the most radical and adventurous aspect of the internet: sharing. Sharing is a nourishing act of solidarity, fundamentally more enjoyable and resource-efficient than the kind of private, solitary ownership that consumerism promotes.

See Also