Cosmic Timing

The essay argues that blockchain builders' focus on technical parity with legacy finance has left them with little work on the political structures and imagination that could give web3 reasons to exist. The author says crypto's greatest current threat is ideological rather than technical, pointing to centralization across cloud providers, MEV, governance, liquidity, and sequencers, which he says undermines promised economic benefits to users. He also argues that web3 apps copying web2 products are a "doomed enterprise," and that the industry's biggest crisis is now irrelevance, a "crisis of imagination."