Noah Ruderman on Ethereum

Ethereum would have been better off supporting applications that were banned from web 2.0 rather than trying to be "web 3.0."

Bitcoin was a 10x improvement over the wire / ACH transfer.....Ethereum 1.0 was 10x worse compared to contemporary web architecture. It was an unherently unscalable system (monolithic blockchain) competing with an extremely scalable system (modern web). The situation is so bad that they need a complete rearchitecture. Wealth transfer on Ethereum (not intended to be the primary use-case) created a baseline transaction fee which drowned out all applications with low economic value (i.e. most dapps). The dapps that did survive were less numerous and successful than what was expected.

Ironically, code which interacts with Ethereum assets is often better suited to be deployed on cloud infrastructure rather than on the Ethereum blockchain itself.