🤠 Web3 Weekly Round-up #6

Hey there, I’m Luca - lifelong startup nerd, crypto fanatic since 2016, and now keeping up with trends across Web3 is my second full-time job.

Here’s everything you need to know about the last week in Web3 - in 5 tweets 🐦

🛑 #1 - Social engineering scams

Scams in crypto are nothing new, but they only seem to get worse as Web3 grows its user base, capabilities, and complexity. Not only are there more unsuspecting targets for scams, but scammers have more tools at their disposal for hacking, tricking, and misleading users.

In Thomas's case, he seems like a tech-savvy and knowledgable Web3 engineer, but he almost fell for a scam that involved two weeks of social engineering. The scammers actively contributed to his DAO and impersonated the leadership of another DAO to build Thomas's trust. They eventually led Thomas to approve a signature on his wallet for a protocol that looked legit, but it would have given the scammers full access to his assets. I highly recommend reading the entire thread so you can understand the lengths that the scammers went to in building Thomas's trust.

Social engineering scams pose one of the biggest risks to the security of your crypto assets. A few rules of thumb I've followed since losing thousands in a scam I fell for a few months back:

1. If something seems too good to be true, it probably is. Scammers will build your trust, give you what looks like an amazing opportunity, and time-box it in an effort to short-circuit your common sense and decision-making abilities.

2. Briefly research any new assets/protocols/DAOs that you don't recognize. Make sure to search on Google, Reddit, and Twitter to see what people have said. Most scams are built to target a variety of Web3 users, so odds are that others have fallen for a scam before you.

3. If you don't find much information in your searches, ask about the asset or link in question on Twitter or Reddit. Odds are someone will help clear the air for you.

📺 #2 - Super Bowl Web3 ads

This year's Super Bowl featured 4 crypto-related ads, which I'm pretty sure is 4 more than any past year! The most successful ad by far (and likely least expensive to produce) was Coinbase's, which showed a small QR code bouncing around the screen. The ad was so successful that it temporarily crashed Coinbase's website. Other notable ads featured Lebron James time-traveling to his younger self (Crypto.com) and inventions throughout history that were initially misunderstood (FTX).

The frequency of these ads during the game begs the question: why are crypto companies pushing so hard for new users, especially when crypto is supposed to be "by the people, for the people?" In large part, it's because many people, even Web3-natives, still buy their crypto through platforms like Coinbase. However, with all the money and new users entering the market, the bubble-like conditions that this tweet alludes to aren't unfounded.

💼 #3 - Getting jobs in Web3

No matter who you are or what you do, it's never a bad time to peruse some jobs in Web3. There's a big misconception that all Web3 jobs are technical, but some of the most in-demand roles right now are in community-building, marketing, design, and product. Of course, engineers will always be in demand, but with a strong technical foundation at many crypto companies now, they're desperate for other roles too.

Beyond the basic utility of looking for and applying to new jobs, I've found that people in Web3 are some of the kindest and most helpful people out there. WAGMI (we're all gonna make it) really does ring true for so many people in the space, and even if you don't find your next job in Web3, you're bound to meet some great people along the way.

Some places where you can look at formal Web3 job postings are Li Jin's talent page, Gaby Goldberg's jobs page, and the Bankless jobs page. Remember that many DAOs also hire for part-time and contract roles, which are a great way to dip your toes into Web3!

🔔 #4 - Both ends of the bell curve

Web3 feels kind of like the epitome of this bell curve meme - you have some very smart and potentially not-so-smart people with a closely shared interest, while the general populous generally disagrees with both groups. Some of the smartest people out there are hard at work building and profiting off of Web3, and in the same space you have self proclaimed "apes" and "degens" making questionable financial decisions. It does, at the very least, make for an entertaining environment.

I've lost track of how many people I know who got into Web3 because "the smartest person they know got them into it." While this trend has certainly helped onboard more people, it also leads to "ape-ing in," which is when someone blindly takes an action without doing their own research. Constant learning is the name of the game for everyone in Web3, even the most grizzled veterans. Whether you're a Web3 degen, a crypto connoisseur, or a total newbie to the space, always DYOR (do your own research) before committing to anything in Web3!

😂 #5 - Crypto out-performing markets

Crypto outperforms the markets in more ways than one 😉

But real talk, crypto has its fair share of ups and downs, and that scares a lot of people. A drawdown in the stock market as severe as the drops that crypto has had would signal a massive catastrophe (e.g., COVID), so that's where people's expectations are set. The only real way to change that is with time to a) build a continuously stronger track record for crypto, and b) give people outside of Web3 more confidence in the space.

On a final note, I don't think I've ever seen a non-Elon Musk or -Jack Dorsey crypto Tweet get this much traction!

🔥 That's all for this week! Which tweet taught you something new? Which corners of web3 would you like to learn more about?

💬 Let me know by replying to the email or tweeting at me - any and all feedback is welcome :)

🎉 Pass along the ~good vibes~ by forwarding or sharing this to your friends if you learned something interesting!