posted ago by yesyes123 ago by yesyes123 +6 / -0

--- The True Landscape of Web3, Defi, & Crypto, Explained in 3 minutes ---

=> JP Morgan Chase owns Consensys.

=> Consensys owns Metamask and Hardhat.

=> Consensys is the #1 auditing firm for smart contracts and web3 related services. => Hardhat is the #1 framework for developing smart contracts. => Metamask is the #1 wallet.

=> All of their vertically integrated parts of the defi ecosystem are AT LEAST 10x more popular than the runner ups.

=> They just 'sunset' truffle which was the #2 framework to build on, and partnered with hardhat.

=> In Metamask (0x wallet), they do things like pre-load their default networks with Infura RPCs, which TRACK USERS IP and other DATA.

=> (BTW, Infura and alchemy are centralized node providers which everyone uses to connect and interact with the blockchain).

=> Metamask doesn't verify their smart contracts on-chain. Users can’t verify the smart contract code they are actually engaging with when they execute an in-app swap. (This one is HUGE).

=> Founder of ConsenSys: "He was a primary figure in the creation and launch of Ethereum alongside fellow Vitalik Buterin in 2014, and eventually moved to build an ecosystem around the nascent technology, in part by launching ConsenSys. He took the title of chief operating officer of the entity that would bring Buterin’s vision to fruition,” stated Newsweek.

=> They made the solidity syntax and frameworks for developing purposely difficult, confusing, and constantly changing, such that traditional education of the field becomes nearly impossible.

=> They are hindering the flourishment of true decentralized finance by obfuscating tools/frameworks/syntax, making it as complicated, messy and shitty as possible.

=> Basically creating a walled garden of insider intelligence and knowledge required to efficiently develop inside their ecosystem, which is the only defacto ecosystem to use.

=> They artificially made the barrier to entry very high in attempts to grab the largest market share percentage possible for developing, auditing, surveying, and controlling 'defi'.

=> tl;dr all the tools for building on web3 are controlled by JP Morgan. The ecosystem contains all kinds of centralization and features that are the antithesis to real DeFi, and they probably made the frameworks, languages, and tools shitty and complicated on purpose.

Inspired by: https://twitter.com/lamontkblack/status/1706491442531594399