It seems like the current crypto market may be a giant fraud.
This fits my mildly informed blockchain scepticism. I see few legitimate use cases. I’m not alone
I’ve never seen so many people searching so hard for a problem to go with their solution.
Blockchain is a cool technology, but mostly malign. As an article I read a couple of years ago (and can’t find) notes, it’s broken by design: a solution to a post-apocalyptic world where there are no trusted institutions. But the whole of civilization is building trusted institutions.
Found it! Kai Stinchcombe argues blockchain is “Somalia on purpose”. I’d say “dystopian by design”.
On top of that, the most popular algorithms are an environmental disaster, and this has been known for years. CO2 emissions from bitcoin mining offset greenhouse-gas reductions from the Paris treaty. They are at least 100,000x less efficient than normal visa transactions.