Before I go on, I'm in no way pronouncing doom for crypto. But there's so many problems. People have got to see them and make changes.
First, read this:
From the report:
"Although bitcoin was designed to rely on a decentralized, trustless network of anonymous agents, its early success rested instead on cooperation among a small group of altruistic founders".
According to the report a handful of early founders (6 wallets) cooperated to not exploit the 51% attack. So if this is true that means that Bitcoin, which is the very foundation of crypto, was suspect from the start.
It is a complete myth that crypto is a solution for privacy. I've known it for months. Crypto is not, in any way, a privacy solution. Every transaction you do in crypto is logged for the world to see on the blockchain. This doesn't mean that the blockchain is worthless, I believe it's an important invention. But the fact that the crypto world espoused privacy and it took this long for a few people to get wind of their lies, points to the problem I get to next.
The sales and promotion of crypto and NFTs takes place on Twitter - a platform designed for advertisers and manipulation.
The bad guys - scammers and influencers - have had a field day so far in crypto and it's all because everyone is in the same place – Twitter. Everyone in the same place, feeding on and promoting the same bs, is a manipulators dream come true. Think shooting fish in a barrel. The bad guys recognized it, went to work.
I spent years telling people about social media, how it's all wrong.
Wen I got into crypto on 2.22.20 I joined Twitter. Because that's where it was all going on. I knew it was wrong, but it was the only way to learn. No more. I deactivated my Twitter account.
I don't believe crypto can be successful if Twitter is grand central station, like it is now. Instead, there must be a truly decentralized network. Think Pied Piper:
I thought we'd see strong leaders in crypto by now. This was my bet. If they're out there I don't know about them.
Yes, there are some initiatives being born such as Spritely. But it's considered a niche project. From what I can see it's not perceived to be solving a burning problem.
Social media is a social disease. Every day that Twitter is ground zero for crypto is another foot in the grave.
Even more alarming is the fact that just about no one is talking about what I believe is the most important tech case of my time. I wrote a post about it here:
I was there when 230 was written. I submitted comments. I believe the Supreme Court will invalidate Section 230, rendering irreparable damage to the Internets plumbing. The only silver lining could be that this would finally force the build of the Internet we all wanted circa '88. Or not. Because peoples minds have been turned to mush by social media. They've been easily manipulated so far, why couldn't they be easily manipulated again?
Call me crazy. But here's the thing about crazy people. We see things that people don't. We see the herd heading off the cliff miles before the edge.
tty next time,