It’s easy to question the foundations after reading stories of what Internet pioneers like Vint Cerf had to say to a conference of blockchain enthusiasts. It sounds pretty cool until you consider how suspiciously familiar it is to the collateralized debt obligations that sparked the 2008 financial crises. It boggles my mind how an entire meme predicated on facilitating money laundering, ransomware, tax evasion, and massive energy consumption could ever be expected to grow.Īnd then this whole tokenization concept around repackaging boring computations and contrived art into sexy new computationally secure Non-Fungible Tokens.
As soon as I hit unsubscribe, two other new sources seem to rear their ugly heads, like a Greek Hydra growing two new heads for everyone that gets cut off. But I have an axe to grind, having watched a predecessor to this current mania destroy a perfectly lovely San Francisco community nearly two decades ago.Īlmost every day, my news feed gets bombarded by new predictions that Bitcoin will hit $100,000 this year.
KEEP YOUR HEART 3 STACKS MEME FREE
Casinos can be a lot of fun as long as you remember to leave your credit cards at home and before drinking the free beer. The fundamental issue is that the casino mentality driving the cryptocurrency mania completely overshadows any real value of blockchain tech innovations. Not a fair metric, you may argue, since market caps and annual revenues reported by suspicious third-tier market analysis firms are entirely different things.īut it’s probably more accurate than most of the other assessments out there. I divided the blockchain tools’ annual market size in 2021 by the cryptocurrency market cap and subtracted this from 100. You may be wondering how I arrived at that strangely precise number.
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