this post was submitted on 18 Nov 2023
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We are 15 years into blockchain technology now, and still, there's not a single thing it does better than existing non-blockchain tech. The functionality of Ethererum's "smart contracts" makes a 10-year-old Wordpress site look like advanced alien technology.
It's time to admit this was a fun experiement, that yielded nothing of value to society. I know everybody hopes to get rich, but that's just not going to happen. It's mathematically impossible for even a notable percentage of holders. It's a shame so many people have to lose so much, to learn, and some of them will refuse to admit the reality of the situation and repeat their same mistakes over and over.
Here's a quote from Mitchell P. Krawiec-Thayer, PhD, since you don't appear to understand what's going on here:
The term “decentralized consensus” refers to a set of principles and techniques that allow participants on a distributed network to arrive at perfect agreement on a shared document or database. Systems built upon decentralized consensus methods are inherently tamper-proof, censorship-resistant, and permissionless.
I'm not aware of any tech that can do this quite as well as blockchain. Developers are certainly leveraging these features.
That "consensus" is not at all democratic. It's an illusion. In the crypto world "consensus" translates to, "Whoever has the most resources has the most influence." Which is ironic given that crypto seems to aspire to elevate itself above powerful special interests, but ironically, does nothing of the sort. In fact it merely trades one set of powerful special interests, with an even smaller, less accountable set of powerful special interests.
Right now on Ethereum there are 885,126 validators. It's going to be difficult and prohibitively expensive for any one group to influence consensus. How about some facts instead of rhetoric.