In the push for simplified logins (read: Username & Password) for easier user onboarding in web3 / cryptocurrency products I wonder if people really understand what they're in for?

Crypto wallet sign ins are more complex than usernames and passwords. Especially considering a lot of people autofill their credentials (sometimes with a password manager).

Setting up crypto wallets is a more involved process than most web2 sign up processes (though not as many more as is made out).

However that technical hurdle has had it's advantages. web3 is currently mostly devoid of spam accounts and bot driven fraud. It's expensive to transact in crypto and it's technically very difficult to automate for spam purposes.

However username and password is where the bots, and the fraudsters who control them, live.

Yes crypto has seen it's fair share of bots, but it's hard to equate a bot that making legit transactions on a blockchain to game a rewards incentive (e.g., Blur airdrop-farmers) with a bot making millions of fake accounts or launching large scale credential stuffing attacks.

Web3 has been blissfully immune to the everyday tsunami of automated fraud everyone deals with in web2.

The cost of fraud is huge and the cost of stopping fraud is lower but still very significant to your bottom line.

By making onboarding closer to a web2 experience web3 is going to also be onboarding all the things people hate about the current web2 world.

I hope everyone is ready for this.