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At this point, web3 is becoming strongly associated with high-profile scams, many of them likely criminal. It's also associated with people who won't stop talking about how the blockchain will make your teeth whiter, or something equally unlikely. Blockchains are just decentralized Merkle trees. Merkle trees are a cool trick (look at git!). But the cost of decentralizing them, Bitcoin-style, has been massive carbon e…
Blockchain technology was innovative and is interesting, but still early stage. I doubt that many of the early adopters of Bitcoin expected it to blow up in the way that it did, rather than just being a cyberpunk experiment that would potentially lead to some world-changing technology in the future. I would consider myself an early Bitcoin adopter, and all I ever really used it for was to buy pizza for like 10 BTC back when it was all a bit of an interesting joke. It certainly seemed like something that could change the world, but not in its current form.
When viewed in this light, issues like carbon emissions are more understandable. When you're prototyping some new idea, you probably aren't thinking about carbon emissions at that point. That's something that can be hopefully figured out later, like Ethereum are trying to do.
What turned Bitcoin/cryptocurrency from an experiment into the toxic hellscape it has become are cryptobros, scammers and gamblers looking to make a quick buck, helped along by investors and finance companies who are drawn to buzzwords and don't understand anything about technology.
Clearly we're entering a long crypto winter now, which I think is a good thing. However, I doubt the story is over quite yet.