In the ever-fluctuating world of cryptocurrencies, one number keeps climbing relentlessly: the Grift Counter on Molly White’s blog, “Web3 Is Going Just Great,” recently surpassed $12 billion. White launched her blog in December 2021 out of frustration with the mainstream media’s coverage of crypto, which she believed focused too heavily on rags-to-riches success stories while neglecting its darker aspects. Her mission was to provide a more comprehensive view, chronicling thefts and failures, debunking marketing hype, and highlighting the inherent risks.
A software engineer by profession, White coded “Web3 Is Going Just Great” as a personal side project, initially meant solely for her own amusement. She never anticipated its rapid rise in popularity. However, within just a few months, the blog became a viral sensation, establishing White as an authoritative voice in the crypto space.
White’s journey with crypto began in the early 2010s when she learned about its principles of privacy and anti-censorship. She was initially drawn to its potential for protecting dissidents and whistleblowers from financial surveillance and empowering individuals, especially women, in abusive financial relationships.
A decade later, when White revisited the world of cryptocurrencies, she noticed a significant shift. The emphasis had shifted from principles to profits, and crypto had become synonymous with personal gain. Online, hype around cryptocurrencies was rampant, often accompanied by the rocket ship emoji, and critics were told to “have fun staying poor.” While there were still instances of crypto being used for positive purposes, they were overshadowed by the number of people losing money. White saw this shift as a negative force, pushing the web and society in an undesirable direction.
When White started “Web3 Is Going Just Great,” crypto was experiencing a bull run, and people were reaping substantial profits. Her critical perspective was seen as raining on their parade, leading to threats, insults, and harassment in her inbox. Having experienced online abuse before as a long-time Wikipedia editor, White understood the discouraging effect such behavior can have on critics.
However, in 2022, White and other critics found validation as the crypto world encountered a series of calamities, eroding trust in the sector. The Terra Luna stablecoin failure in May triggered a cascade of collapses, impacting entities like Three Arrows Capital and Celsius. In November, the implosion of FTX, along with criminal charges against its founder, Sam Bankman-Fried, added to the industry’s woes. While White felt somewhat vindicated, she also acknowledged that regular people had suffered significant financial losses. These events served as stark examples of the risks she had been highlighting, and she hopes policymakers will take note.
The aftermath of the FTX collapse has led to increased attention on regulating the crypto industry. The primary objectives are to protect individuals from fraudulent projects and provide clear boundaries for legitimate crypto businesses.
White, who provided a statement to the US Treasury’s Financial Stability Oversight Council in July, believes that the events of 2022 have compelled politicians to recognize that crypto cannot be ignored. While she remains cautious about the prospects of effective regulation due to the crypto lobby’s strength, White is determined to continue her work in the hopes of making a difference. She occasionally resents the obligation to focus on crypto when she could be contributing positively elsewhere but reminds herself that sometimes preventing regression is the most crucial task.
