Crypto is rebranding itself as ‘web3′ and the mainstream tech community don’t like it one bit. But they’re missing the point.

For good or ill, crypto’s mission to redefine finance is where the constructive feedback and critical thought should be focused, not a strawman about building a decentralised Facebook.

If one strips away all the hype and complexity, there’s a very simple story one can tell about permissionless crypto. It goes like this:

First, there was a business requirement: Satoshi set out to implement a system of digital cash that is censorship resistant.

The entire architecture of Bitcoin emerges from that requirement. I make no value judgement as to whether the requirement is legitimate. But “censorship-resistant digital cash” is the business problem for which Bitcoin is the solution.

But that was just the starting point.

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