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Whatchamacallit? Web 3 & The End of TRUTH

Whatchamacallit? Web 3 & The End of TRUTH
By Keith Teare • Issue #279 • View online
Donald Trump is launching a social media platform just as Facebook is closing one down. Facebook’s proposed name change is an indication that Web 2 has reached the end of the road. Social Media is dead, long live Web 3. What Web 3 is, is still being written. But it is not Facebook or TRUTH.

Donald Trump is launching a social media platform called TRUTH just as Facebook is considering giving up on its name in order to define a post-social-media future. Who is most prescient?
The market liked Trump’s announcement, with the DWAC (Nasdaq) SPAC going from under $10 a share to over $90 a share, valued at about $3 billion
Snap fell more than 27% on news that Apples new privacy features had resulting in a miss on earnings. Facebook and Twitter were also impacted.
As we discussed last week, the web is undergoing a transformation to its next phase, sometimes called web 3. Web 3 will support many of the characteristics of Web 2. Messaging, Payments, Sharing, Storing, Querying, Talking, Working, Playing, will all evolve in new ways. But the old user interfaces and underlying protocols, not to mention the ownership and rewards structures will all change.
The future of social media can no longer be a headline conference topic. The real topic is what replaces it? This is the beginning of the end of social media and web 2.0.
This week Bitcoin grew in value to become the 13th most valuable currency in the world, replacing the Swiss franc. The super-smart Sam Altman launched WorldCoin to enable a global universal income infrastructure. Andreessen Horowitz grew to 170 investing professionals as the next version of venture capital emerges.
The overall message is all-change. But Trump’s TRUTH is no change. It may garner a cohort of bitter republicans intent on holding back progress. It does not and cannot represent the future of tech, nor of politics.
While all of this is playing out the Democratic party, while failing to progress its voting rights bill or its spending plans, is moving forward with proposals to shackle “Big Tech” and regulate or perhaps strangulate the Web 2 winners. As always it is fighting battles from the last war at the same time a new canvas is being drawn. Wherever those regulatory efforts end up, it is sure that they will have no impact on what comes next. It is already too late for that.
Whatchamacallit? Web 3 & The End of Truth
Whatchamacallit? Web 3 & The End of Truth
Facebook is planning to rebrand the company with a new name
Facebook, Twitter and digital ad stocks drop sharply after Snap earnings
Why Facebook is rebranding - by Casey Newton
Facebook’s name change plan reflects its real priorities
TRUTH and Lies
Trump to launch social media platform to compete with Twitter and Facebook | Ars Technica
Shares of Trump-linked SPAC close up 350% following news of social media deal
Web 3: Blockchain marches on
Bitcoin Surpasses Swiss Franc To Become World’s 13th Largest Currency
Silicon Valley entrepreneur Sam Altman wants to scan your eyes in exchange for free cryptocurrency
Meet the New Owners of the Wu-Tang Clan’s One-of-a-Kind Album - The New York Times
Twitter acquires group chat app Sphere – TechCrunch
Twitter algorithms bias toward right-wing content - Protocol — The people, power and politics of tech
Strangulation Regulation
Google lowers Play Store fees for subscriptions and music streaming apps - The Verge
Consumer Agency to Probe Tech Giants Including Apple, Facebook
The Senate is ready to take on Big Tech competition now - Protocol — The people, power and politics of tech
House Democrats' Sec. 230 bill takes aim at algorithms - Protocol — The people, power and politics of tech
Venture Trends
Andreessen Horowitz Investment Staff Grew 170% in Four Years
The Story of a Cap Table: GitLab
The SaaS Metrics That Matter
Turning the ratchet - understanding anti-dilution rights in venture capital Blog Big Deal
Wild Horses: Apples M1 Pro and Max
Apple’s Faster Horses
Apple finally listened to the pros
Global Trends
Start of China’s Singles’ Day Season Sees Billions Spent on Livestream Sales - Bloomberg
The truth about Africa’s tech talent shortage - Rest of World
Italy’s ill-fated dalliance with techno-democracy | Financial Times
Indonesian start-up GoTo poised for $28.5bn valuation in latest fundraising | Financial Times
Startup of the Week
FTX Raises $420,690,000
Tweet of the Week
Romeen Sheth
I quadrupled down on angel investing this past year.

I’ve invested $2M in 30 companies.

In the process, I’ve learned what feels like 5 years worth of lessons.

Here are my 15 biggest takeaways for anybody interested in angel investing 👇👇👇
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Keith Teare, Palo Alto, California