[highwaylights]

False.

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).

[ilaksh]

That's a gross mis-characterization of proof of stake.

Also, take a look at Algorand's pure proof of stake.