As cryptocurrencies rise and fall, there’s one number that just keeps going up. Whenever somebody loses money to a crypto scam or hack, the Grift Counter on Molly White’s blog, Web3 Is Going Just Great, spins higher and higher. Recently it ticked over $12 billion.
White started the blog in December 2021 out of frustration with the mainstream coverage of crypto, which she says paid too much attention to rags-to-riches tales and not enough to its dark underbelly. Her goal was to paint a fuller picture, to chronicle the thefts and failures, debunk the marketing spiel, and underline the risks in the process.
A software engineer by trade, White coded Web3 Is Going Just Great over the span of a few weeks. It was only a side project, designed to “entertain me and me alone,” says White; she never imagined it would gain any traction. But within a few months, the blog had become a viral hit, earning White a reputation as an authoritative crypto pundit.
Cryptocurrencies, NFTs, and all the related bullshit are nothing but pyramid schemes – MLMs for tech bros. I’m glad most of us and the wider world has finally come to the same conclusion.