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by pests
995 days ago
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Where are the innovations? Every bullet point has other solutions or a very major asterisk that is always conveniently left off. I've been a big proponent of crypto over the years and think its pretty cool technology. I just can't think of any problem it solves that isn't better solved by some other solution. |
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The usual rebuttal to crypto is that something else is cheaper, faster, more safe, more convenient. And within the crypto space itself, the worst actors have sold themselves on being cheaper, faster, more safe, more convenient. And then, much like the early railroads, they exploit anyone who buys in, and do nothing to deliver on the principled part of the tech.
Well, you do this for a while, and it does seem like it's scams everywhere. But the bull cycle creates a round of scattershot investments in the core tech. Some of them become survivors and succeed at some kind of pro-social function, if only in proof-of-concept. We can even extend this cycle back to the pre-Bitcoin electronic cash ventures. Bitcoin proof-of-concepted the idea that it was actually possible. Of course now it's a chain inhabited by laser-eyed prospective future masters of the universe. But the people working on the tech have largely moved on from it.
Crypto's real allure as a tech is not that it has to be good at the things that are already good(as much as that tends to be the inclination), it has to be not bad at the things that are presently hopeless and normalized as unsolvable nature-of-man type problems. And it has to be roughly as boring as a train running on time.