Scams in Web3: Crypto & Community Power (Episode 30)

Takatalks

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Summary

In this conversation, Wan Wei, Soh discusses various topics related to cryptocurrency and the crypto market. She shares insights on Singapore's political system and its compatibility with crypto regulations. The role of the government in regulating the crypto industry is also explored. Wan Wei highlights the financial opportunities available in the current bull market and provides recommendations for individuals looking to get started in crypto. The conversation concludes with lessons learned from previous bull markets and the importance of due diligence in avoiding fraudulent projects. This conversation explores various themes in the Web3 industry, including the importance of due diligence in a bull market, the use of VCs and use cases as evaluation frameworks, the role of speculators and gamblers in driving token prices, and the risks of meme coins. The conversation also delves into the motivations and mindset of founders, the potential exit strategy of CZ from Binance, and the vision of an inclusive world and the power of community in Web3. The conversation concludes with a focus on building literacy and equipping people for the future.

Takeaways

• In a bull market, it is crucial for retail investors to conduct due diligence and not be swayed by fear-based marketing tactics.
• VCs and use cases can provide some assurance of a project's legitimacy and potential value.
• Speculators and gamblers play a significant role in driving token prices, particularly in the flipping market.
• Building during a bear market can lead to more sincere conversations and long-term motivation in the industry.
• Investors should be cautious of the risks and consequences of investing in meme coins.
• Founders who are deluded or lack competence can be detrimental to the community and project.
• Open source and community building are essential in the Web3 industry, fostering inclusivity and knowledge sharing.
• The power of community lies in its intrinsic motivation and willingness to help one another.
• Web3 presents opportunities to build a more inclusive and equitable world, particularly when paired with emerging technologies like AI.
• Building literacy and equipping individuals with knowledge is crucial for navigating the future of Web3

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