Behind high salaries and freedom, you need to open your eyes wide to discern the risks of projects.
Written by: Niu Xiaojing
Perhaps many people have dreamed of having such a job:
Casually coding at the foot of the snow-capped mountains in Tibet, leisurely starting an online meeting by the Erhai Lake in Dali, and embarking on a spontaneous trip while working✈️…
The Web3 industry just happens to make this dream a reality.
In Web3, the distributed work model allows people to work without gathering in a fixed location, freeing them from the constraints of the 996 work culture and the pain of squeezing into subways, while often offering salaries that are more attractive than traditional industries.
Because of this, with the booming rise of the Web3 industry, more and more people are diving in. However, while Web3 jobs come with enticing labels of high salaries, remote work, and freedom, they also hide legal risks and a lack of social security beneath the surface of freedom, making this "adventure of freedom" fraught with contradictions and challenges.
The Difficult Balance Between Freedom and Safety
Job hunting in the Web3 field is different from other industries. Behind high salaries and freedom, you need to open your eyes wide to discern the risks of projects.
Due to the distributed nature of the work model, many project entities and bosses are located overseas. If a project encounters problems, the boss may be able to escape unscathed, but workers might find themselves in a situation where "trouble comes from nowhere while sitting at home."
If a project touches on criminal issues, not only might the hard-earned income be deemed illegal gains and confiscated, but one might also face legal sanctions. After all, the original intention of working is to earn money; if one loses their freedom because of it, no amount of salary can be enjoyed.
The Web3 industry is a mixed bag, with many projects operating in the gray area between legality and illegality. Therefore, strictly distinguishing the boundaries between legal and illegal becomes the key for job seekers to earn money safely.
As the saying goes, "If you earn money, you must have a life to spend it."
In job hunting within Web3, the ability to discern projects is far more important than how much income one can earn.
Humans have an inherent instinct to seek benefits and avoid harm. In the business world, some unscrupulous projects often exploit human weaknesses to design traps, causing job seekers to unwittingly become "bait" for others.
When faced with a good project, especially one that is compliant, we can leverage the scarcity of our professional skills and experience to obtain reasonable compensation in the market (usually we can sense this ourselves).
However, if a job's income seems as if "money is falling from the sky," one should be highly vigilant. This seemingly easy "bargain" may hide significant risks.
It is important to know that any gain comes with a cost; income is often an objective assessment of personal ability by the market. If one has neither an information advantage nor a capability advantage but receives an unexpectedly high salary, it is necessary to carefully consider whether one can accept this compensation calmly.
Clarifying Red Lines: Which Projects to Avoid
When job hunting in the Web3 industry, it is essential to clarify which projects are absolutely off-limits. Job seekers need to consider multiple key factors comprehensively; here are some points to pay attention to:
Familiarize with Regulations: Different countries and regions have vastly different regulatory attitudes towards cryptocurrencies and Web3. Some countries strictly limit or even prohibit cryptocurrency-related activities, such as China, which has completely banned virtual currency-related business activities; while others are relatively open and actively promote industry development, like Singapore, which supports blockchain and cryptocurrency innovation under regulation. Job seekers must thoroughly understand the laws and regulations of the target region to ensure that the business they participate in is legal and compliant.
Project Evaluation: There are many cryptocurrency-related projects, but their quality varies widely. It is crucial to carefully evaluate the vision, goals, technical solutions, and actual application value outlined in the project's white paper. For example, Bitcoin's white paper proposed a decentralized electronic cash system, which is innovative and has practical application potential. Additionally, examine whether the project's roadmap is reasonable and feasible, clarifying the goals and timelines for each stage.
Team Reputation Investigation: The background and experience of core team members are vital to the project's success. For instance, whether the founder has a high reputation and expertise in the cryptocurrency field. Check if they have relevant industry success experience, technical background, and good reputation. Use social media, industry forums, and other channels to understand the team's reputation and past experiences.
Be Cautious with Cryptocurrency-Related Businesses: Jobs similar to exchanges often involve cryptocurrency payments, token economic models, etc. Even if the project is registered overseas, as long as it targets users within China, it may be deemed illegal financial activity, posing high risks that should be avoided.
Maintain Neutrality in Technical Development: If you are a technical person, developing smart contracts is not illegal in itself, but you must avoid participating in code design that may be used for illegal scenarios such as money laundering or gambling, like mixers or gambling platforms. It is essential to maintain the neutrality and legality of technical development.
Beware of Marketing Risks: According to data mentioned in the article "Mankiw Interview | Must-Read for Employment: Senior Headhunter Reveals the Golden Rules for Job Hunting in Web3," the consulting demand for business development positions in 2024 is the highest. Job seekers applying for such positions should be cautious when promoting projects; if the project involves fraud, Ponzi schemes, or other illegal activities, promoters may be deemed accomplices. A typical case is the Hong Kong JPEX exchange incident, where several KOLs were arrested for promoting illegal platforms.
Anti-Money Laundering and Counter-Terrorism Financing: Cryptocurrency-related businesses are easily exploited by criminals for money laundering, terrorism financing, and other illegal activities. Companies need to establish strict customer identity verification, transaction record retention, and suspicious transaction reporting systems. Job seekers should understand the relevant legal requirements in these areas and the measures the company takes in anti-money laundering and counter-terrorism financing, and strictly comply with them in their work.
Summary by Lawyer Mankiw
Like you, Lawyer Niu is also confident about the future of Web3. However, on the road to pursuing dreams, it is essential to always pay attention to compliance risks, as only by proceeding steadily and acting in accordance with regulations can one achieve long-term success.
As written in "Zen and the Art of Motorcycle Maintenance":
And what is good, Phaedrus,
And what is not good——
Need we ask anyone to tell us these things?
What is good, Phaedrus,
What is not good——
Do we need anyone to tell us the answers?
The Web3 industry is like the "Gold Rush" of the digital age, nurturing the potential to break the monopoly of the internet while also being filled with legal and moral traps.
In this field, there is no absolute right answer for job hunting; all decisions require you to explore and judge for yourself.
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