this post was submitted on 07 Sep 2023
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So, if I understand correctly, the content passes use a blockchain system for authentication, but aren't intended to be used as a currency or investment vehicle and can't be resold or traded. It just uses a blockchain for authentication. The reason why it blew up is because the payment processor was originally meant for nfts and crypto.
Soooo... Basically it sounds like a bunch of people getting upset for no reason because they think blockchain = crypto. Cool. Amazing. Absolutely wonderful. Tbh I don't really care about whatever the Mr. Beast thing is, but the fact that people are confusing the two frustrates me because I could see blockchains having legitimate uses, it's just that scam artists and get-rich-quick schemes have fucked it up.
Maybe it would have turned into an nft scheme, but as it stands right now, it sounds like they were trying to use a blockchain in a legitimate manner.
What is the legitimate use you see? People in this post keep saying there are legitimate uses and gives no examples of what that is.
There are no legitimate uses, full stop.
As others have pointed out, it's just a fully public database. Its use case is among trustless parties, and that's why it fails. At some point, somebody is going to want to take action off the data and that's going to involve a trusted party enforcing it. Sooo ... just have the trusted party host the data (and make it public if you really care). And if all the parties are truly that trustless, 1) why are they dealing with either and 2) get a third party trustee to broker your deals