Section 1: Rahab (Raising the Issue)
“Did you hear? There’s a new accelerator for the RWA (Real World Assets) market backed by BlackRock. The article says it’s the next frontier for finance—tokenized government bonds, real estate, and even commodities on the blockchain. But I have doubts. Is this truly decentralization? Is it continuing the ideals of DAO? Or is it just the opening act of reshaping Web3 into something ‘easier to control’ by big capital?”
Rahab rests her hand on the table and sighs.
When Web3 was born, people dreamed of a future free from centralized power. But now, that dream is being quietly rewritten. Capital from giant institutions certainly accelerates projects, but it also brings the power to take away decision-making rights.
“A DAO is supposed to let all participants have equal say. But once a player like BlackRock holds the funds and the tech infrastructure, it’s no longer a DAO—it’s a shareholder meeting with a control structure. Before the soul of Web3 disappears, we need to speak out.”
Section 2: Moka (Impact on Ordinary People)
“For us, having finance on the blockchain sounds convenient, right? Instant settlement, democratized access… it sounds good. But as Howard Marks said, ‘Market efficiency is an illusion, and big capital always writes the rules to its own advantage’ [7†source]. If BlackRock is at the center, we might just become ‘authorized users’ instead of true participants.”
Moka’s voice carries unease.
Ordinary people are drawn to “convenience” and “speed,” but behind the scenes, the control structure is being cemented. Convenient infrastructure can, at the owner’s whim, become a tool for restriction or censorship.
“Web3 was supposed to create a world accessible across borders and regulations. But if big capital rewrites the rulebook, we’ll be back to a world where we need a customer ID and approval to participate. That’s just Web2 all over again.”
Section 3: Rachel (In-depth with Quotes)
“Benjamin Graham said, ‘The line between investment and speculation is drawn by whether your reason for buying is based on value or betting on price changes’ . Many RWAs appear to be ‘stable assets’ on the surface, but behind the scenes they can turn into massive speculation arenas exploiting price volatility. Buffett also warned, ‘Companies that sacrifice long-term value creation to chase short-term profit will decline’. This looks like it’s heading exactly down that path, and that scares me.”
Rachel sketches a chart in her notebook as she speaks.
Tokenized bonds or real estate, with their liquidity, can easily transform into “trading games.” Even if there’s an asset backing, if the motivation is short-term profit, it’s speculation, not investment.
“What scares me is when these are labeled ‘safe.’ Once people believe something is safe, they stop questioning it. And a market that isn’t questioned will always be exploited by someone.”
Section 4: John (Solution & Conclusion)
“In the end, the solution is to have a network that runs by our own rules. That’s why we operate PGirlsChain and issue our own token, PGirls—to avoid depending on the ‘fake decentralization’ built by U.S. mega-capital.”
John speaks in a calm tone.
PGirlsChain may be small in scale, but it has a genuine DAO decision-making process where creators and users sit at the same table to discuss. The PGirls token carries value not just from asset backing, but from the trust of the community.
“True Web3 was supposed to be about DAO governance and forming seamless networks across borders and corporations. BlackRock-style RWA is capital enclosure. We must expand DAOs that protect proof of ownership, support creators, and enable community-led value creation. This is the only way to preserve the soul of Web3.”
コメント