>>ziggab+(OP)
Web3 is like Professional Wrestling with its own concept of kayfabe (https://en.wikipedia.org/wiki/Kayfabe). If you're in the industry, you know that it's fake, but you have to keep appearances to engage and grow. Those that were convinced that Web3 isn't an act end up being "marks" -- they just feed the money to those in the know.
>>lxe+I4
I think the relevant distinction is that the fans of Professional Wrestling also know it's fake. Nobody is defrauded or misled by this[1].
By comparison, the Web3 (and broader cryptocurrency sphere) is largely predicated on two downstream sources of money: cynics attempting to profit on greater fools, and the greater fools themselves.