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Plain English with Derek Thompson

Crypto Crash, Part II: A Debate About the Future of Web3

Plain English with Derek Thompson

The Ringer

News Commentary, News

4.72.1K Ratings

🗓️ 26 July 2022

⏱️ 54 minutes

🧾️ Download transcript

Summary

Today is the second half of our special two-parter on the state of crypto. Yesterday’s theme was the case against. Today we debate the case for. In the last few weeks, use-cases have become a popular trope in the big crypto debate. Crypto has tens of thousands of people working with dozens of billions of dollars on building new technology. And I think it’s fair to ask: What have they built that is better than the status quo? What, as Monty Python might ask, has blockchain ever done for us? Today’s guest is Packy McCormick. Packy is the popular author of the Not Boring newsletter. In this episode, we debate use-cases for crypto, talk about whether major products are just Ponzi schemes, and discuss whether all the money sloshing around Web3 has subtly distorted the market and hurt the space. Host: Derek Thompson Guest: Packy McCormick Producer: Devon Manze Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

What's up everybody? Are you tuning in to the Challenge USA on CBS?

0:04.2

Well tune in to me, Tyson Apostle, as I break down each and every episode with my co-host,

0:10.2

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0:15.2

Amelia, how stoked are you to do this? Tyson, I'm freaking excited. I cannot wait to

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sit my butt down every single week to watch the show, then come here and recap it with you on

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The Ringer Reality TV Podcast.

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1:16.7

Today is the second half of our special two-parter on the state of crypto.

1:21.0

In Monday's episode, with the financial journalist turned venture capitalist,

1:26.4

Molly Wood, we discussed the up and down saga of Web 3, and that's a good place to start if you

1:31.6

are flummoxed by all things crypto. And it settles on the idea that even if you think blockchain

1:35.8

technology is interesting, and even if you're desperate for someone to build a better internet,

1:40.6

there is a strong case to be made that crypto's promises got wildly out of line with its actual

1:47.8

use cases. In the last few weeks, use cases have become a popular trope in the crypto debate.

1:56.0

Crypto has tens of thousands of people working with dozens of billions of dollars on new technology.

2:01.6

And I think it's fair to ask, what have they built that is better than the status quo?

2:08.2

What, as Monty Python might ask, has blockchain ever done for us?

2:13.2

Today's guest is Paki McCormick. Paki is the author of the Not Boring Newsletter,

2:19.8

which is a great read. He's a popular Web 3 writer who's not afraid of sparring with skeptics

2:25.2

about this space, and he's been particularly active taking on the question of crypto's use cases.

...

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