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#Web3 Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the Web3 Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **WHAT IS WEB3?** > > The term "Web3" (or, actually, Web 3.0) was coined by Gavin Wood in 2014. He described its four main concepts (static content publication, dynamic messages, trustless transactions and an integrated user-interface) in [this post](https://gavwood.com/web3lt.html). Gavin is one of the biggest names in the cryptocurrency industry, as he is the creator of Polkadot and he was one of the founders of Ethereum. In his opinion, Web3 is going to change how the Internet works by making it "truly decentralized and more democratic". > > **BYE AMAZON, BYE ALPHABET, BYE META?** > > In an ideal scenario, Web3 is supposed to challenge the tech giants and take away their dominance. But how can it happen if the world is already dominated by those corporations to an extreme degree. How can the little guys be empowered when the big guys hold [so much wealth](https://en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States). There is very little chance that Web3 can help us win the game that has been rigged from the start. > > When you look at some of the decentralized apps that use the idea of governance tokens (e.g. Uniswap, Compound and so on), they often had ICOs and are backed by early investors and Venture Capitals from the start. They are the ones who control them and they are the ones who will make most profit from them. Especially when they can stake their coins. The rich get richer and the dreams of the little guys screwing the big guy are brutally shattered. > > The idea behind Web3 seems utopian for another reason, too: people do not care. Why worry your head about privacy, dominance of corporations and wealth inequality when you can just consume products and enjoy life. Rapid advancements in technology in recent years have spoiled people. We want everything everywhere all at once which brings us to another point. > > **GOTTA GO FAST** > > One of the problems of cryptocurrencies is scalability or, to put it simply, speed of operation. You can have networks that are fast like Solana but then you risk it being shut down every now and then. Secure networks, like Bitcoin or Ethereum, are slow. > > Decentralized applications and websites face the same problem. Even Mastodon which does not use any token to run it, gets really slow if an instance (server) gets crowded. You can move to another instance but if Mastodon was to become as popular as Twitter, changing instances from time to time would be too inconvenient for most people. Therefore, if the technology behind decentralized apps does not improve, the vast majority of users will never trade their precious time for increased privacy or freedom. > > **ANY PRESS IS GOOD PRESS?** > > In one of his tweets, Elon Musk called Web3 "[a marketing buzz word](https://nitter.net/elonmusk/status/1472745072277995526?)". And there is much truth to that. Today, Web3 is indeed used by many shady projects exactly as a buzzword. Those projects have nothing to do with the basic concepts of Web 3 laid down by Gavin Wood. Those are usually the same projects that try to exploit other innovative ideas like cryptocurrency, NFT or metaverse for their own financial gain. As a consequence, for the general public NFTs are nothing more than ugly PNGs everyone can copy, cryptocurrencies are considered the easiest way to launder money and metaverse has Mark Zuckerberg's face. Now, when we consider that the term Web 3 is often associated with the above-mentioned concepts, it is no wonder that it usually has bad publicity in the mainstream media. And since most people's opinions are still formed by those media, it can seriously slow down the progress of Web3. Why? Because ignorants in large numbers can shape narratives. If Web3 in the eyes of many is associated with speculation, money laundering and destroying the environment – majority of investors and companies might stay away from it to avoid backlash from an angry mob. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/z9o1nt/general_concepts_web3_conarguments_december_2022/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive##wiki_web3) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1bhcw79/daily_crypto_discussion_march_18_2024_gmt0/).