Web3 promises rewards — maybe even a kind of justice — for “users”, but Ethereum doesn’t know anything about users, only wallets. One user can control many wallets; one bot can con­trol many wallets; Ethereum can’t tell the difference, doesn’t par­tic­u­larly care. Therefore, Web3’s gov­er­nance tools are appro­pri­ate for decision-making processes that approx­i­mate those of an LLC, but not for anything truly democratic, which is to say, any­thing that respects the uniform, unearned — unearned!—value of per­son­hood.