The Handwavy Technobabble Nothingburger

November 24, 2021 ☼ crypto

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At this point pretty much every economist worth their weight in salt has given the public fair warning about the financial absurdity of crypto assets using the well-known basic economic arguments against the faux currencies. However economic crypto scepticism has to go hand in hand with a deeper understanding of why the technology doesn’t work as its advocates claim, in addition to the legal and regulatory arguments against its existence.

There’s a simple inescapable truth at the heart of technical crypto scepticism that almost all software engineers intuit at some level:

Any application that could be done on a blockchain could be better done on a centralized database. Except crime.

Blockchain is an moderately interesting technology that consumes way too much in resources for its utility.