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Regarding my account, I'll happily admit I am not a fan of speaking publicly about basically anything. If blockchain tech was confined to a bunch of gamblers loosing money amongst themselves and making wild speculative bets it wouldn't matter to me so much - The real issue is that it has gained too much support from people with MASSIVE financial incentives to push these scams onto the general population, and it ends up having two effects that I am strongly against: First, from the financial and social perspective, cryptocurrencies and NFT's are straight up Greater Fool scams - theres really no way to argue it; The coins are only valuable if you are able to convince a greater fool to buy them. I understand that there are hundreds of categories where this is true, from beany-babies to diamonds, but fraud in one category does not justify rampant fraud in another. The major issue here is that, at their core, digital assets are (practically) infinitely available, and these systems exist to add false scarcity to an asset that legitimately has none. The second part, which is why I'm so vocal about the issue, is that from a technological perspective blockchain is total garbage. There really is no nice way to say it, if a software engineer is a proponent of blockchain as the driver for "Web 3.0" they are either totally ignorant of how the technology works, or are blatantly lying so they can push a scumbag Ponzi scheme they are personally invested in. The technology has been around for as long as the iPhone, and I have yet to hear a single legitimate use case (besides wild speculative gambling and driving more crypto-related schemes) that can't be implemented cheaper, faster, safer, more private, and more secure using existing technologies. You'll hear the phrase "It's still in it's early stages" a lot, with proponents giving vague promises that one day it will work well - that is simply not how actual technological progress is made. Mix these issues with the fact that there are only two ways to drive the technology - one that creates so much waste it uses more energy than Argentina (that is a legitimate fact, not an exaggeration), and the other is that we literally give the ultra-rich a system that rewards more money with more power and greater returns - and it should be pretty clear that blockchain and it's related assets are super, super dangerous. |
Have you ever considered that a blockchain essentially reverses this concept?
Have you given any thought as to why this is valuable?