Grady Booch, chief scientist for software engineering at IBM Research, on Web3 and cryptocurrencies: Web3 is a flaming pile of feces orbiting a giant dripping hairball. Cryptocurrencies—ones not backed by the full faith and credit of stable nation states—have only a few meaningful use cases, particularly if you are a corrupt dictator of a nation with a broken economic system, or a fraud and scammer who wants to grow their wealth at the expense of greater fools.