this post was submitted on 04 Oct 2024
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Crypto and blockchain is tech coming up with a solution that no one asked for. Blockchain is just a database that is (at best!) extremely energy inefficient. Trust comes from the same sources (brand, marketing, advertising, social cues), it being on a blockchain does not magically generate trust.
And crypto’s biggest strength as an uncontrollable and decentralised store of wealth ignore the fact you can only buy and sell it on marketplaces, which control and centralise it, so for nearly everyone involved it’s a pyramid scheme, those at the beginning persuading new people to join to prop up their assets profits
Do you mind if I explain a little more about decentralized ledger technology to help you understand the tech, and correct some of your mistaken understanding?