Developers pointed out the “monopolization of content and data” in centralized social media platforms as a reason to create a decentralized alternative.
Actually, you’re entirely wrong. I saw the value of bitcoin and the blockchain as a payment system in 2013. I just don’t see any other valid use for blockchains.
I saw the value of bitcoin and the blockchain as a payment system in 2013
And yet it has failed to provide any real value in that front in over a decade of existence. Bitcoin itself and similar L1 blockchains are too horrifically inefficient and (aside from debatably Monero?) they haven’t truly been any more private than traditional payment methods. L2 blockchains don’t even help solve the problem of transaction speed/efficiency enough for widespread adoption, and other techniques such as sharding have problems of their own that harm viability as a valuable payment system. And none of this even touches on the instability in value of the currencies themselves - even “stablecoins” aren’t safe, as we’ve seen from the collapse of several in recent years. The blockchain does not provide any broad value that is not already provided in better ways by other solutions that already exists - hence, “a solution in search of a problem”.
Going from $20 to $30000 clearly shows it has value
It has increased in price due to artificial scarcity and speculation, not on its merits as a payment system or technology. Even most dedicated crypto traders these days don’t even try to pretend that the price is tied to it’s underlying value as a system, they are well aware that the price is largely tied to being traded as a speculative asset. Price does not inherently correlate to underlying value, especially since I was never talking about monetary value to begin with and you bringing this up distracts from my point that it provides no additional broad systemic value as a platform.
Actually, you’re entirely wrong. I saw the value of bitcoin and the blockchain as a payment system in 2013. I just don’t see any other valid use for blockchains.
And yet it has failed to provide any real value in that front in over a decade of existence. Bitcoin itself and similar L1 blockchains are too horrifically inefficient and (aside from debatably Monero?) they haven’t truly been any more private than traditional payment methods. L2 blockchains don’t even help solve the problem of transaction speed/efficiency enough for widespread adoption, and other techniques such as sharding have problems of their own that harm viability as a valuable payment system. And none of this even touches on the instability in value of the currencies themselves - even “stablecoins” aren’t safe, as we’ve seen from the collapse of several in recent years. The blockchain does not provide any broad value that is not already provided in better ways by other solutions that already exists - hence, “a solution in search of a problem”.
Do you believe that you’re smarter than the free markets? Going from $20 to $30000 clearly shows it has value, you just fail to see it.
It has increased in price due to artificial scarcity and speculation, not on its merits as a payment system or technology. Even most dedicated crypto traders these days don’t even try to pretend that the price is tied to it’s underlying value as a system, they are well aware that the price is largely tied to being traded as a speculative asset. Price does not inherently correlate to underlying value, especially since I was never talking about monetary value to begin with and you bringing this up distracts from my point that it provides no additional broad systemic value as a platform.
Fair enough, so you think the free markets are inefficient and that you’re smarter than them.