November 24, 2021 ☼ crypto
Source: www.stephendiehl.com - Link
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.