Cryptobros have a storied history of repackaging existing paradigms with new buzzwords, casinofying & ponzifying them, removing all safeguards, accountability and democratic structures; adding corruption instead, and shilling them to degenerates IPOs > ICOs Collectibles > NFTs Betting > Prediction markets Public companies > DAOs And countless others, not to mention everything that has failed miserably centuries ago being shilled as some genius innovation, like Terra Luna At least with memecoins there's no pretense, gotta give 'em that The real shame is behind each brazen moneygrab there's always some good tech that has been corrupted to such a grotesque extent that we've forgotten about their potential, let alone realising said potential. ~Governanceless digital protocols are one such case.
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There's a lot of scapegoating and blame games happening of late, but all of it misses the forest for the trees. The only real problem that everything derives of: the growth in application demand has been a negligible fraction of expectations for half a decade now, which has left >99% of infrastructure built unused. No amount of posturing over infra will fix this. The only thing that will is understanding the fundamental properties and limitations of public blockchains; building, improving, and marketing applications that are compatible. While there's certainly a tiny bit more of that now than in the trough of 2023/24 memecoin mania, it's a negligible fraction of where the industry should have been by now. Yes, I've said all of this ad nauseum since 2022, to much hate, and until the industry gets its head out of its rectal cavity and goes 99% in on sensible applications, 1% on infra, 0% on gambling, nothing else matters.
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A brief on public blockchains Unique property: Strict global consensus A strictly ordered ledger which every participant agrees to exactly. Unique feature enabled: Extralegal global accounting Useful for accounting in jurisdictions where access is prohibited or not regulated, and where cross-jurisdiction regulations do not exist. That enables a couple of useful products, but I'll save that for a different cast. Potential obsoleter: AGI, which potentially enables subjective consensus, which will replace strict consensus Caveat: Due to speculation being the dominant usecase for extralegal global accounting, there will be plenty of products deployed on public blockchains even if they are better suited to other P2P designs which are both more efficient and more decentralised.
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