How to talk to your family about Web3, this holiday season.

We're coming up on the holidays!

Which means around this time last year, there's a good chance you were raving about the wonders of Web3 & crypto to your extended family.

...but everything ain't as rosey in the crypto markets, as it once was.

Which means you might have an uncle or two that wants to grill you at the upcoming family gathering.

For us, it's uncle Terry (he just loves to chat, and has a loooot of opinions).

So we figured we'd list the five main questions we suspect ol' Tez is just itching to ask, and how we'll answer them.

Gleam what you want from it (wherever you agree) and use it to make your holiday break with the family, just that little bit easier :)

Uncle Terry's five inevitable questions

1. "Well, well, well...if it isn't little crypto boy?"

Answer: Hey Terry, what's new in the world of pet food?
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[NOTE: Terry works at a fulfillment center that distributes pet food, and is known for his (self-proclaimed) 'mad skills' behind the wheel of a forklift].

2. "My mate Dave (you remember Dave, yeah?) - he called it. He told me this whole crypto thing was going to zero."

Answer: Dave's not far off the mark. I'd hazard a guess and say that 99.5% of all the current 19k+ crypto projects are going to zero (or close to it).

The crypto world is still very much in its 'wild west' phase - similar to the early internet.

The majority of internet companies that started in the mid to late 90's are no longer around.

...but the ones that found product/market fit (the ones that made it), they had a massive impact on the world.

Amazon, Google, PayPal, Yahoo...ok, not Yahoo - but the first three! They shaped industries and even created new ones along the way.

My bet is that the winning blockchain projects will eventually have similar effects on the web (and our day to day lives).

What new industries they form is still yet to be seen - but that’s the exciting part!

3. "Alright, calm down there champ...no need to get all riled up. So when will we see this fancy new version of the Web?"

Answer: Honestly, you probably won't notice most of it happening.

It will first be adopted by the die-hards, who will put up with its crappy user experience, and push for it all to be polished & refined.

Then, by the time 'everyone' is using it, it’ll hopefully feel similar to any other app...but with the perks of blockchain infrastructure.

For example, crypto banking (DeFi) might look like classic banking, but it won’t feel like it.

Payments will be instant, transaction fees will be like…100th of a cent? Loans will be automated, and the interest you earn on your holdings will be 10-20x what banks are currently offering.

(It's a dry topic - with a big change).

…but who cares about banking, you’re a gamer right?

[NOTE: Terry is very much also a gamer, he LOVES Call Of Duty]

Imagine being able to keep all of your earned items & skins from COD, across different titles and consoles - where you’ll even being able to sell your rare items on the open market.

That will be done through NFTs.

A bunch of cool features like this will start popping up over the next 5-10 years, and they'll all be quietly powered by blockchain technology.

4. “Ok, fair play, you got me there - that sounds alright…but what about Bitcoin (the golden child of the space)? It feels like it’s backed by nothing but belief.”

Answer: Sort of. It’s more utility (a robust payments system and a deflationary currency) paired with belief.

Kinda like the stock market.

How can Tesla’s stock be worth 50x what the company actually makes in revenue per year?

Sure their products and services offer utility, but how can the stock be worth SO much more?

Because people believe the utility offered by Tesla’s products is going to grow over time.

Same goes for Bitcoin.

5. “Did you try Sue’s potato salad?”

Answer: Yeah, it’s killer.

[NOTE: Sue is Terry's wife, so that answer is obligatory]