Don't know how anyone can read that and still think its not a ponzi scheme
They mask it with the ''to the moon'' and tight knit communities (twitters, discords etc) we'll all get rich together spirit, when really they need others to come in after them to dump on and hold the bag. For some reason they dont want to admit it
Good article, he makes a lot of really good points.
BTC and Proof of Work consensus protocols, I agree are a huge waste of resources but there are other protocols such as Proof of Stake, that are safer and use a tiny fraction of the resources. pulsechain.com solves this
I completely agree that BTC has utterly failed in its original vision of p2p cash and like me and
@Efcjake have pointed out the implementation in El Salvador is a horrible centralized mess, which was not hard to predict at all.
The space is rife with scams and 'projects' that have no need for the blockchain and completely agree on his criticism of NFTs in their current form. I do believe NFTs have some useful properties but pictures apes certainly isn't one of them. People will lose a lot of money who bought these overpriced jpegs
I kind of agree with the greater fool theory, but do find it similar to the stock market. It doesn't matter if apple has an amazing year and sells a trillion phones, if more people sell than buy then the price of the stock goes down. The price of anything, at a fundamental, only cares about the orderbook and if there is more money on the bid side than the ask side. If I buy an apple share today, I want to sell that to someone in the future for more money that I paid.
There is one point that I think he misses though (in an article full of very good points) and that is the only really useful property of crypto I can see, besides speculation, is censorship resistance. He is right, centralized entities such as visa/Mastercard can process payments on a scale BTC could only dream of but, they also have the power to stop you spending your money, if you can't spend your money you lose some personal rights.
Like I said, I agree with nearly everything he said but for me censorship resistance is a very important thing for personal freedom and crypto is worth it just for that (in my opinion)
