In the fast-paced and volatile world of cryptocurrencies, where fortunes are made and lost overnight, Molly White has emerged as a relentless advocate for transparency and caution. Through her blog, Web3 Is Going Just Great, this software engineer-turned-crypto pundit sheds light on the often-overlooked dark underbelly of the industry. With a mission to chronicle thefts, debunk marketing hype, and highlight the risks involved, White’s work serves as a cautionary tale for crypto enthusiasts and newcomers alike.
Unveiling the True Picture
When White launched her blog in December 2021, her aim was to provide a more comprehensive narrative on cryptocurrencies according to Wired. She felt that mainstream media focused excessively on success stories and failed to address the alarming rise of scams and hacks within the industry.
What began as a personal side project quickly gained traction, capturing the attention of readers who craved a more balanced perspective in the Web3 space.
A Shift in Values
White’s initial fascination with cryptocurrencies stemmed from their potential to protect privacy, counter censorship, and empower vulnerable individuals. However, as the industry evolved, profit maximization overshadowed these noble intentions.
The prevalence of hype and exclusionary rhetoric caused White to question the direction in which the web and society were headed, with the negative impact outweighing the positive contributions of the technology.
As White voiced her concerns about the risks associated with cryptocurrencies, she encountered backlash and criticism. Threats, insults, and personal attacks flooded her inbox, a distressing experience she had previously encountered as a Wikipedia editor.
Nonetheless, White remained resolute in her pursuit of truth, acknowledging that such behavior aimed to discourage critical analysis and silence dissenting voices.
A Year of Reckoning
In 2022, the crypto industry experienced a series of significant setbacks, reinforcing White’s concerns. The collapse of prominent players, including the Terra Luna stablecoin and the FTX exchange, highlighted the vulnerabilities and lack of accountability within the sector.
While White found some vindication in these events, she also recognized the billions of dollars lost by ordinary people, which served as painful reminders of the risks she had been emphasizing.
The Call for Regulation
In the aftermath of the FTX collapse, calls for stricter regulation in the crypto industry grew louder. The goal was twofold: to protect individuals from falling victim to fraudulent schemes and to establish clear boundaries for legitimate crypto businesses.
White, having provided testimony to the US Treasury’s Financial Stability Oversight Council, hoped that these incidents would spur policymakers into action. Despite acknowledging the powerful crypto lobby, White believed her work could still contribute to the conversation and promote greater scrutiny and accountability.
The Power of Progress
While White occasionally found herself yearning to focus on positive endeavors instead of delving into the murky world of crypto, she understood the importance of preventing regression. Recognizing that forward momentum often necessitates shedding light on the industry’s darker aspects, White remained committed to her mission, determined to prevent the wheels from turning backward.
Molly White’s unwavering crusade of exposing crypto scams and highlighting the risks associated with the industry has earned her a reputation as a formidable voice in the field. Through her blog, Web3 Is Going Just Great, she continues to educate and inform readers, urging caution and accountability within the crypto world. As cryptocurrencies continue to evolve, White’s work serves as a vital reminder that a fuller understanding of the risks is crucial for individuals, policymakers, and the future of the industry.
Giancarlo is an economist and researcher by profession. Prior to his addition to Blockzeit’s dynamic team, he was handling several crypto projects for both the government and private sectors as a Project Manager of a consultancy firm.