Web3 Cult
The Web3 Cult: How We All Knew It Was Doomed From the Start
It began with lofty ideals: decentralization, liberation from corporate monopolies, and democratization of the internet. Web3 was marketed as the future—a technological renaissance promising to empower the masses, disrupt centralized control, and return ownership of the web to its users. A bold vision built on cryptographic ledgers, smart contracts, and decentralized protocols. But somewhere along the way, things went horribly wrong.
Web3 didn’t just fail to live up to its ideals; it became a grift factory—a grotesque parody of its founding principles. Instead of creating a decentralized web, it turned into a playground for opportunists, scammers, and tech-savvy nihilists seeking to squeeze value out of society before the inevitable collapse.
Let’s not kid ourselves: we all saw this coming. Web3 was doomed from the start, and deep down, we knew it.
The Ideals That Never Stood a Chance
Web3’s rallying cry was decentralization: the idea that power should not rest in the hands of a few corporations, governments, or gatekeepers. But achieving decentralization required two things that were never going to align:
- A mass movement of people willing to prioritize collective benefit over individual profit.
- Technology that could scale while staying true to its principles.
Instead, what we got was the rise of token economies where every protocol, project, and meme became a speculative asset. Decentralization wasn’t about empowering the people anymore—it became shorthand for turning HTTP into another ICO/NFT grift.
Suddenly, the goal wasn’t to rebuild the web. It was to pump bags, dump tokens, and laugh at the "normies" who couldn’t keep up. A movement that was supposed to fight crony capitalism was co-opted by the same systems it sought to overthrow.
Web3’s Evolution Into a Cult
The shift was subtle at first, but before long, Web3 stopped resembling a movement and started looking like a cult:
- The Dogma of Decentralization Despite the lofty rhetoric, most Web3 projects were built on shaky foundations. “Decentralized” DAOs were often run by a handful of insiders with multisig wallets. Blockchain “transparency” masked opaque decision-making. The cult’s response? Rationalize these flaws with techno-utopian doublespeak and memes.
- The Worship of Techno-Gods Figures like Elon Musk and certain crypto founders were elevated to near-divine status. Their tweets could move markets, their endorsements were gospel, and their flaws were ignored or excused. Any criticism of these figures was heresy punishable by Twitter mobs.
- The Promise of Salvation Through Speculation In cults, salvation is often promised to true believers. In Web3, it came in the form of "life-changing money." Holders were told to “have fun staying poor” if they didn’t ape into the latest coin or NFT collection. Belief in the infinite growth of token prices became the cornerstone of the cult.
- The Isolation of Its Followers Web3 culture consumed its participants. Devs spent their days juggling Telegram chats, X (formerly Twitter) spaces, and Discord servers, their identities fully tied to crypto. Social circles became echo chambers of other believers. The result? A widening disconnect from the outside world, or as they called them, “NPCs.”
When Grifters Took Over
It wasn’t just the cult mentality that doomed Web3—it was the grifters who saw it as a goldmine.
Projects weren’t built to solve problems; they were built to capitalize on hype. Founders launched tokens with vague roadmaps, pocketed pre-sale profits, and disappeared. The NFT craze devolved into JPEG gambling, where “art” was a thin veneer over rug pulls. Even supposed "revolutionary" technologies like DeFi became little more than glorified Ponzi schemes with extra steps.
Meanwhile, major players in the space marketed themselves as rebels while bowing to oligarchs and billionaires. Decentralization? Please. When most tokens are held by VCs, insiders, and a few whales, calling it decentralized is laughable.
How Web3 Became Everything It Was Against
Web3 started as a rebellion against centralized control and exploitation. But it didn’t just fail—it morphed into the very thing it sought to destroy:
- Crony Capitalism 2.0 The blockchain might have replaced the bank ledger, but the power dynamics remained the same. The early adopters, insiders, and whales became the new oligarchs, controlling the fate of entire ecosystems.
- Surveillance Capitalism in Disguise Decentralization was supposed to protect privacy and individual sovereignty. Instead, blockchains created immutable surveillance systems where every transaction was public. Web3 didn’t end Big Brother—it just gave him better tools.
- Technofascist Overlords In its bid for legitimacy, Web3 aligned itself with powerful corporations and governments, betraying its anti-establishment roots. The same people who once quoted “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” were now cheering for Bitcoin ETFs and government interventions. (Like believing that MAGA government will inject capital into Bitcoin)
The Fallout
As the hype dies down, many who once believed in Web3 are leaving disillusioned. The endless conferences, pump-and-dump schemes, and hollow rhetoric have taken their toll. For every person who made money, countless others were left holding the bag.
And yet, the cult marches on, convinced the next bull run will be their salvation. But let’s be honest: it’s not coming. Even if it does, the grifters will cash out long before the believers do.
Conclusion: A Cautionary Tale
Web3’s failure is a lesson in how idealism can be corrupted by greed and ego. The technology had potential, but the culture killed it. Instead of creating a decentralized web for the people, Web3 became a speculative casino run by grifters, cheered on by cultists.
The promise of Web3 wasn’t just about tech—it was about creating a better world. And that’s what makes its downfall so tragic: not that it failed, but that it became everything it was supposed to fight against.
Perhaps the future still holds room for the ideals Web3 once championed. But for now, the dream of decentralization has been sold, repackaged, and flipped for profit. Satoshi may be spinning in his grave—or laughing at us all.
