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by Pilottwave
1458 days ago
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I'm tired of the whole crypto discussion, because the articles that get traction are mostly echo chambering what the audience wants to hear; either pro - or against. Meanwhile crypto remains an enabler of a new application paradigm, a decentralized one. We are now in the dotcom crash of crypto. Lots of hype has created a bubble, but from the ashes the phoenix might rise. If you are a tech enthousiast, be happy that lots of research and development in an exiting new space was funded!
If you are an investor, be happy that your investor accumen is being put to the test, which projects will flourish? |
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It does not enable decentralised applications. The internet already did that decades ago.
Comparing this to the dotcom crash is disingenuous - people were over-excited in the dotcom bubble because the potential was real and clear, and eventually realised with time.
The potential here is deeply debatable and this is already the fourth or fifth such crash.
As for the technology, here is a summary of everything novel that’s been built in the space:
1) A mechanism to avoid double-spending by burning obscene amounts of energy to make it prohibitively expensive to forge.
2) A mechanism to avoid double-spending by taking the word of rich guys that all is well.
3) End of list.
Everything else already existed, and has been done significantly better in the past (e.g. De-Fi).