The following is a guest post by Tim Delhaes, CEO & Co-founder of Grindery.
The sentiment in the crypto industry has undergone a significant shift.
For some, it has turned into full-blown nihilism—Web3 is now seen as a rigged casino, an exclusive game where the privileged few generate wealth at the expense of everyone else. The LIBRA scandal confirmed what many suspected but couldn’t prove: a coordinated strategy where hype, exclusivity, and controlled liquidity create a false sense of opportunity, only for insiders to profit and leave retail investors empty-handed. The recent Bybit hack further reinforced this disillusionment—security breaches, insider manipulation, and exploitative behavior seem to define the industry more than genuine innovation.
However, for others, this serves as a wake-up call. The illusion has been shattered, but the mission remains. Now that the mechanics of these schemes have been exposed, we have a choice: continue down the same path, rewarding short-term speculation, or critically examine the systems we are constructing and demand better.
The threat lies not just in regulation – but in the resurgence of centralized gatekeepers
While many are focused on potential regulatory changes—particularly the possibility of looser enforcement and clearer industry-specific regulations in the U.S.—and the hope for another bull run, the real danger is already present.
Consider Telegram. Once regarded as one of Web3’s most crucial platforms, it has quietly shifted its stance to align with U.S. regulators and Big Tech players, imposing monopolistic restrictions on blockchain development. This follows a familiar pattern: it’s like Apple’s App Store 2.0, but for crypto. Controlling access, determining which chains gain visibility, and reshaping the ecosystem on their own terms.
We’ve witnessed this before. Web2 was intended to be open—until a few corporations consolidated power, erected walled gardens, and transformed the internet into a rent-seeking empire. Yet, instead of resisting, much of Web3 remains fixated on the next fleeting hype cycle: memecoins, vaporware projects, and hamster-themed casino tokens.
Bitcoin was not born out of convenience—it emerged as an act of resistance. Web3 was not meant to replicate traditional finance; it was meant to replace it with something superior. However, decentralization is challenging, and without a steadfast commitment to its principles, we are witnessing the industry slipping back into the hands of centralized entities.
Regulation alone cannot save us, nor was it ever intended to
Some argue that regulatory measures could curb this trend, similar to the EU’s intervention in forcing Apple to open up its payment systems. However, relying on regulators to safeguard Web3 is a futile endeavor. Governments act in their own self-interest, and when the dominant narrative surrounding crypto is speculation rather than substance, it’s not surprising that policymakers view it as an industry to be contained rather than nurtured.
The real question is not whether regulators will intervene. It is whether Web3 can still demonstrate that it serves a purpose beyond gambling.
The path ahead: cease rewarding empty hype
The solutions are not abstract; they are structural. We already know the outcome if we allow monopolistic control to go unchecked. We understand that platforms with centralized gatekeepers will always prioritize profit over principles. We recognize that “security” and “user protection” are often just PR-friendly euphemisms for control.
Yet, instead of funding and developing genuine alternatives, we have been giving the spotlight and liquidity to the same schemes that make Web3 resemble a Ponzi playground rather than a genuine technological movement.
This is not merely an ideological matter; it is a matter of survival. Censorship resistance, interoperability, and decentralized control are not just moral stances—they are the only real competitive advantages of Web3. The moment we start emulating Web2’s monopolistic models, we lose everything that made crypto worth fighting for.
The path forward is clear: open systems, cross-chain accessibility, and unwavering resistance to centralized control. If Web3 continues to prioritize speculation over infrastructure, hype over substance, and quick profits over long-term innovation, we will have no one to blame but ourselves for its downfall.
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