No, you aren't going insane. Cryptocurrency (block Chain ledger+distributed consensus) so far has no use case that is not covered by better technology. The one thing it facilitates (an online, permissionless, trustless, decentralised,ledger) has no real use case in human society, because in order to run the infrastructure to go online you already need to solve a lot of not-on-chain problems, and we have solved them with the technology of trust facilitation: the rule of law, legitimate authority, checks and balances etc. are all social technologies which are not perfect but have been honed over centuries and when combined with the internet to augment human discussion and decision making are incredibly efficient and low cost. It is pure insanity to try and replace this with cryptocurrency.
What makes sense is for governments and other societal trust anchors to run federated ledgers with cheap APIs, that everyone involved take local backups of and can verify, but go through specialised adapted write APIs (i.e. consensus through regulations, governance, checks and balances etc). Because that is useful and can automate notaries for example.
Everything else so far is either a decentralised Ponzi scheme (no clear owner/central figure, everyone can profit by luring in more suckers, but unlike the trust based economy no actual value is produced and the system would collapse if the trust based economy shut down the inflow of new capital - while even Venezuela and north Korea still produce things under heavy sanctions and could maybe be fine if they got rid of their cleptocrats and went back to an agrarian society, albeit with a lower QOL than the rest of the world) and/or derives it's value from using the Ponzi driven price of the currencies to launder money or provide tools to speculate/keep the game going. It's all recursive and contingent on going to the moon, with no there there. The epitome of default dead.
The market can stay irrational longer than we can bet against it. It is fully possible (and I'm afraid of it happening) that crypto bros get enough lobbying power to regulatory capture and insert themselves as "decentralised middlemen" into governmental processes. If this happens, they might point to the "value added" by Cryptos in the same way TurboTax in the US currently claims its usefulness. Bug we should not believe these lies, cryptocurrency is pure rent seeking.
That's why you're not going insane, nor missing something. There is simply no there there, just a bubble big enough to capture the very state it claims to dislike while it uses energy and IT infrastructure only that state and its society enabled
What makes sense is for governments and other societal trust anchors to run federated ledgers with cheap APIs, that everyone involved take local backups of and can verify, but go through specialised adapted write APIs (i.e. consensus through regulations, governance, checks and balances etc). Because that is useful and can automate notaries for example.
Everything else so far is either a decentralised Ponzi scheme (no clear owner/central figure, everyone can profit by luring in more suckers, but unlike the trust based economy no actual value is produced and the system would collapse if the trust based economy shut down the inflow of new capital - while even Venezuela and north Korea still produce things under heavy sanctions and could maybe be fine if they got rid of their cleptocrats and went back to an agrarian society, albeit with a lower QOL than the rest of the world) and/or derives it's value from using the Ponzi driven price of the currencies to launder money or provide tools to speculate/keep the game going. It's all recursive and contingent on going to the moon, with no there there. The epitome of default dead.
The market can stay irrational longer than we can bet against it. It is fully possible (and I'm afraid of it happening) that crypto bros get enough lobbying power to regulatory capture and insert themselves as "decentralised middlemen" into governmental processes. If this happens, they might point to the "value added" by Cryptos in the same way TurboTax in the US currently claims its usefulness. Bug we should not believe these lies, cryptocurrency is pure rent seeking.
That's why you're not going insane, nor missing something. There is simply no there there, just a bubble big enough to capture the very state it claims to dislike while it uses energy and IT infrastructure only that state and its society enabled