Web3, crypto, and where to go for your info

No there isn’t a web3 manual. If there were, it would need to be continually updated. But fortunately, some experts are sharing their wisdom with the masses.

Our web3 community has become fixated on how we can hope to educate the mainstream. But if we’re going to teach others how it’s done, we’re going to have to evolve our thinking and our online practices – fast.

As a community we’ve long relied on Tweets to keep us up to speed. They say that “less is more”, but those who do obviously aren’t talking about web3. The best we can hope for from a tweet is that it sparks an interest, raises an issue, and gets you scrolling the web in search of answers. So, to help you in your pursuit of knowledge, I’ve put together a small ‘brains trust’ of resources for you to explore.

Australian DeFi Association Meetups: It goes without saying that Meetups are among the best places to learn. One of the best things about Aus DeFi Meetups is that they pose as many questions as answers. Being a community venturing into uncharted territory, what we don’t know is as important as what we do. These forums highlight what we need to work out to make web3 and cryptocurrency the successes they can be.

Discord: There are Discord servers on just about every topic these days. For me the value of a Discord is that it really is a group of people coming together to share their own experiences. What’s worked for them? What hasn’t? Why make your own mistakes when there are plenty of people out there willing to save you the trouble.

Blogs and podcasts: Web3 and crypto are so broad that I don’t look at regionalised stuff much at all. I prefer to read articles by people in the know and follow individuals I admire on Twitter. I also listen to a vast selection of podcasts. The Bankless guide to cryptofinance is crackingly good. And Packy McCormick’s ‘Weekly Doses of Optimism’ are always worth a read.

Trader videos and influencers: There are so many trader videos out there. Influencers are doing the rounds as well – like NFTs for Noobs. The more you scour the more you’ll find. And let’s be honest, you can never know too much about anything. You don’t have to follow everyone you find, but every little nugget will add to the orebody of your understanding.

Local communities: There are many sources that deal with specialised or even localised information. John Basilios of Hall and Wilcox has a fireside chat from time to time. It’s about the law and compliance. It’s got a local context. It’ll help you stay across those tricky regulations.

Testnets: There may be thousands of case studies out there, as well as warnings and advice. But don’t forget there are also testnets, or public networks that let you run blockchain projects and experiment without risking any coinage.

Beyond the headlines

Whatever you do, try to stay up to date with the latest web3 and crypto news. Don’t just scan headlines, read the editorials. Crypto crime has been in the news again of late – but it’s not all gloom and doom. At a recent Aus DeFi Meetup, moderator Mark Monfort weighed in with some reassuring facts.

Mark referenced a recent Chainanalysis report that showed the proportion of illicit activity in global crypto transactions tumbling to record lows – down to 0.62% in 2020, and 0.15% in 2021. He added “that’ll probably get revised up, but it’s still going to be less than a per cent”. By comparison, Mark says, the UN estimates that money laundering represents between 2% and 5% of global GDP.

On the subject of misapprehensions, Mark’s business partner, NotCentralised co-founder Arturo Rodriguez, lamented the number of people who still place crypto alongside ponzinomics. “There are people out there who think that just because you have a high APY, you have a ponzi scheme,” said Arturo. “They don’t really go to the length of thinking where that APY comes from.”

Anything financial has always carried risks. Remember the GFC? As any TradFi expert would advise, it’s best not to invest more than you can afford to lose. TradFi, CeFi, DeFi – whatever the ‘Fi’, the same common sense applies.

There’s no doubt that crypto has a bad name as far as the mainstream media is concerned, especially lately. Education is going to help solve a lot of challenges and misapprehensions, but it’s going to take some time. It really is a case of sharing what we know to help ourselves and others succeed.