> Perhaps Bitcoin as proof-of-work productization was not inevitable (for a while), but once we got there, a lot of things were very much inevitable. Explosion of alternatives like with Litecoin, explosion of expressive features, reaching Turing-completeness with Ethereum, "tokens" once we got to Turing-completeness, and then "unique tokens" aka NFTs (but also colored coins in Bitcoin parlance before that). The cultural influence was less inevitable, massive scam and hype was also not inevitable... but to be fair, likely.
The only way I can get to the "crypto is inevitable" take relies on the scams and fraud as the fundamental drivers. These things don't have any utility otherwise and no reason to exist outside of those.
Scams and fraud are such potent drivers that perhaps it was inevitable, but one could imagine a more competent regulatory regime that nipped this stuff in the bud.
nb: avoiding financial regulations and money laundering are forms of fraud
> The only way I can get to the "crypto is inevitable" take relies on the scams and fraud as the fundamental drivers.
The idea of a cheap, universal, anonymous digital currency itself is old (e.g. eCash and Neuromancer in the '80s, Snow Crash and Cryptonomicon in the '90s).
It was inevitable that someone would try implementing it once the internet was widespread - especially as long as most banks are rent-seeking actors exploiting those relying on currency exchanges, as long as many national currencies are directly tied to failing political and economic systems, and as long as the un-banking and financially persecution of undesirables was a threat.
Doing it so extremely decentralized and with a the whole proof-of-work shtick tacked on top was not inevitable and arguably not a good way to do it, nor the cancer that has grown on top of it all...
I think you could say it's inevitable because of the size of both the good AND bad opportunities. Agree with you and the original point of the article that there COULD be a better way. We are reaping tons of bad outcomes across social media, crypto, AI, due to poor leadership(from every side really).
Imagine new coordination technology X. We can remove any specific tech reference to remove prior biases. Say it is a neutral technology that could enable new types of positive coordination as well as negative.
3 camps exist.
A: The grifters. They see the opportunity to exploit and individually gain.
B: The haters. They see the grifters and denigrate the technology entirely. Leaving no nuance or possibility for understanding the positive potential.
C: The believers. They see the grift and the positive opportunity. They try and steer the technology towards the positive and away from the negative.
The basic formula for where the technology ends up is -2(A)-(B) +C. It's a bit of a broad strokes brush but you can probably guess where to bin our current political parties into these negative categories. We need leadership which can identify and understand the positive outcomes and push us towards those directions. I see very little strength anywhere from the tech leaders to politicians to the social media mob to get us there. For that, we all suffer.
> These things don't have any utility otherwise and no reason to exist outside of those.
Lol. Permissionless payments certainly have utility. Making it harder for governments to freeeze/seize your assets has utility. Buying stuff the government disallows, often illegitimately, has value. Currency that can't be inflated has value.
Any outside of pure utility, they have tons of ideological reason to exist outside scams and fraud. Your inability to imagine or dismissal of those is telling as to your close-mindedness.
But without regulation they clearly devolve into scam and fraud vehicles. Crypto just isn't worth the time or effort for regular folks. I'm not sure what's going to happen first -- abandonment or bank run, but crypto like all unregulated banking systems, are destined to fail. I guess it could end up being regulated but at this point, with such pervasive scam/fraud use, that will probably just accelerate the bank run.
Shouldn't you have already moved on to AI hype? The fact that you're still worshipping crypto is telling as to your close-mindedness.
What have I said that indicates worship? I am simply pointing out that what you claimed was objectively false, and in response you moved the goalposts.
> Currency that can't be inflated... [seriously? the fact that you didn't even recognize that as a statement of faith, well...]
> Outside of pure utility, they have tons of ideological reason to exist
I mean, maybe you're in a repressive regime and really need a way to fight the system. But I'm guessing you just have faith in crypto ideology. Either way, have a great day!
And recognizing a movement has ideological reasons while making no claim as to the strength or rationality of those reasons has nothing to do with faith
The only way I can get to the "crypto is inevitable" take relies on the scams and fraud as the fundamental drivers. These things don't have any utility otherwise and no reason to exist outside of those.
Scams and fraud are such potent drivers that perhaps it was inevitable, but one could imagine a more competent regulatory regime that nipped this stuff in the bud.
nb: avoiding financial regulations and money laundering are forms of fraud