The internet promised to be an escape from centralised power - a user-controlled, peer-to-peer network that would democratise access and dismantle the gatekeepers. But thanks to the domination of Big Tech and Venture Capital, has that dream been systematically stolen and replaced by a new set of gatekeepers wearing different clothes?
Welcome to Ruined By The Internet? - the show where we examine how technology is shaping modern life - whether we want it to or not.
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We're joined by Joseph Kennedy - Head of Marketing & Growth at blockchain platform Alephium - who works at the centre of decentralisation and understands better than most the gap between what the technology promised and what it delivered.
In this episode we investigate how venture capital and Big Tech quietly captured the decentralisation movement, examine the rise and fall of crypto's public credibility, explore the regulatory battle between governments and decentralised networks, and ask whether true decentralisation is still possible - or whether the centre always wins in the end.
(00:00) The promise of decentralisation and how it was eroded
(02:50) The role of venture capital in shaping crypto
(06:11) The infrastructure dilemma: centralised tools in a decentralised world
(08:57) Public perception of crypto and Web3: how did it go so wrong?
(12:11) The influence of regulation on decentralised innovation
(15:08) Corporate involvement in Web3: help or hijack?
(17:52) NFTs beyond the hype: is there real utility?
(20:50) How value is perceived in the digital asset space
(23:07) The rise and fall of Steemit as a cautionary tale
(28:08) The ethical dilemma at the heart of centralisation vs decentralisation
(30:29) Can the decentralised space self-regulate?
(33:18) Government control and the decentralised response
(37:50) The real barriers to mass adoption
(40:12) A divided landscape: where decentralisation goes from here
(42:55) A vision for what true decentralisation could look like
Key takeaways:
• Centralised Chokepoints in Web3: While blockchain technology was engineered to eliminate intermediaries, the modern crypto ecosystem heavily relies on centralised entities like major exchanges and stablecoin issuers.
• The Mutation of Decentralisation: The foundational philosophy of cryptography has been largely overshadowed by an attention economy driven by speculation, wealth extraction, and gambling.
• Regulatory Arbitrage of Global Tech Platforms: Platforms that prioritise compliance often sacrifice core decentralised principles, leaving pure peer-to-peer protocols operating in a vulnerable grey market facing aggressive regulatory headwinds.
• Resurgence and Value of True Self-Custody: Managing your own cryptographic keys and routing transactions without third-party oversight offers genuine security that centralised alternatives cannot guarantee.
If this episode got you thinking, check out:
The Internet: A Corporate Hijacking of Digital Freedom?
https://pod.link/1825601333/episode/MmIzMDA0ZTQtMDA1Ny00OTE1LTkyY2QtNjhhM2NlMzJmODdh
Truly Disappearing: Powering Our Own Perpetual Surveillance?
https://pod.link/1825601333/episode/ZGMxOTZlZTMtMTM4Yi00MmI4LWI0YTgtNzU3YjE5N2Q3Y2Nl
Child Safety: Private Platforms Full of Private Predators?
https://pod.link/1825601333/episode/M2U3MWEyMGEtM2I3NC00ZjUxLTk0YzItYTY3NDhmZjUwNTBm
Guest links – Joseph Kennedy
Website: http://www.alephium.org
Twitter: http://www.twitter.com/bigpepghost
LinkedIn: https://www.linkedin.com/in/josephkennedyuk/
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