When there are daily ponzi schemes full of fraudsters who take people's money and run in an industry segment, it's worthy of distrust - (latest was today's story that the celsius leaders cached out $40 mil worth from celsius before they stopped other people's withdrawals, allegedly - https://news.ycombinator.com/item?id=33109070). At least once a week there is a "someone drained $100 million plus out of xyz crypto trading system". There's a significant issue where there is a combination of too much funding, too much fraud, too much hype.

Centralization can be a problem, but if someone steals my credit card number and buys things, the financial system can also help me address that.

> When there are daily ponzi schemes full of fraudsters who take people's money and run in an industry segment, it's worthy of distrust

At some point you have to untangle the ponzi and scams from the technology. We did this with the web and email already, and even Tor and the “spooky privacy web.”

Most of these scams are variations on “send us your tokens and we will do X.” This isn’t the case with Jack’s proposed protocol, so where is the scam?

https://twitter.com/brockm/status/1535328599200477184?s=20&t...

But what is he doing?

We already have many decentralised protocols for a wide range of use cases. It's unclear exactly what WebFive brings to the table that is both novel and practical.

0 discussion of decentralized digital identity or anything related to the article. Not even meaningful criticism.

To be fair, that's a reflection of the complete lack of technical details Dorsey has rolled out. When someone says "I'm going to save the web with Vaporware!" the correct solution isn't egging them on.

Are you reading the same thing I am, including their GitHub?

https://developer.tbd.website/

It’s not completely fleshed out by any means but it also isn’t a complete lack of details.