Crypto critic Molly White: Blockchain is widely used for abuse | 20/10/22

• White takes a critical stance on Web3
• Blockchain threats
• White: People need to be protected from crypto

Through her website, which already cynically reflects the critic’s opinion in the title, Molly White tries to warn of the dangers associated with the idea of ​​Web3. Web3 predicts that the World Wide Web will be restructured and will be based only on blockchain.

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The dangers of the Internet 3

Current news is linked in a timeline on White’s website, which has documented the failure of Web3 and the resulting abuse since early 2021. With several posts a day, the crypto critic points out the dangers. In addition, the “Grift Counter”, which is displayed and continuously updated, counts how much money has already been lost through scams and scams related to Web3.

According to White, she became aware of the topic when she was trying to write a Wikipedia article, she told the Washington Post. She came to the conclusion that Web3 contains a lot of scams and thefts that would take people’s money out of their pockets. White points out that the question of how the technologies are used for abuse is often left unanswered and, in her opinion, there is far too little discussion about the enormous potential for abuse. She came to the conclusion that from an ethical point of view she could no longer ignore the events and decided to make some clarifications and thus move the discussion forward.

White: Abuse on the blockchain

In early 2022, Molly White gave a guest lecture at Stanford University entitled “Abuse on the Blockchain”. There she pointed out that one of the biggest advantages of a blockchain, namely that all transactions are stored on it and that they are safe from counterfeiting, also carries risks at the same time. She refers to scenarios where cryptocurrencies are also used in everyday life, as each individual wallet is clearly identifiable. “People who keep their cryptocurrency wallet addresses private often do so for good reason,” White said in a blog post. Because privacy decreases as soon as the crypto wallet address is known, because every transaction is publicly visible. “Imagine if you split the meal bill with your Tinder date via Venmo and [das Date] could now see every other transaction you’ve ever made—and not just on Venmo, but also those you’ve made with your credit card, wire transfer, or other apps.” “Those split bills with all the previous Tinder dates? The monthly referral to your therapist? The debt you pay off (or not), the charities you donate to (or not), the amount you put into a retirement account (or not)? The location of that corner shop right next to your apartment where you so often go for a cup of ice cream at All of this would not only be visible to that once-in-a-lifetime Tinder date, but also to your exes, your estranged family members, your potential employers,” warns White.

People should be protected from crypto traps

In addition, the expert identified another problem with Web3, which she explained in an interview with the “Washington Post”. Namely that crypto projects often tempt people to invest who actually cannot afford it. They see a way out of poverty or an escape from low income and therefore would invest all their savings. This is also a reason for their focus on the topic and the regular warning posts.

Editor finanzen.ch

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