this post was submitted on 12 Jun 2023
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I like the overall trend towards ownership and non-centralized tools implicit in web3. If everything happening on the internet is owned by wall street, then it's not going to act like the real internet.
If there's a crypto aspect that has uses beyond grift, I'm open to it. There are certain ways it could be used to disintermediate owners and creators. I'm not sure if that's happening yet. Ownership rights with digital content do leave a lot to be desired.
I hope we soon see the end of the "gold rush" era in crypto and start seeing actual cool stuff being done with it. Especially since legacy banking will simply co-opt it sooner or later.
BLOCKCHAIN is stupid and that's the end of it. Legacy banking will never ever switch to a stupid, inefficient and ineffective system over whatever they have now that does millions of transactions per minute with a small energy footprint.
The question is really, are the inefficiencies in blockchains or related solutions worth the trade off of Wall Street/Fed not running the economy. And they aren't all proof-of-work Bitcoin either, Ethereum for instance is pretty finely tuned and on proof-of-stake now.
The problem is that crypto is unregulated, the regulations are there for a reason, to stop things like ponzischemes and all the other things that already has happened that fucked people over. Maybe if they got regulated in some way, so that those things couldn't happen easily, as it is now, I would say no.
Cryptocurrency is specifically designed to be infeasible to regulate.