this post was submitted on 02 Feb 2024
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Sure, but what real-world problem does a trustless solve? I thought this was all very interesting years ago but now that we've had blockchain for years it seems it's only good for illegal or morally questionable transactions.
Bingo. Capitalism has thus far rejected the blockchain, which is generally evidence that it doesn't solve an important problem either efficiently, safely or cheaply.
To be fair, there are plenty of other reasons capitalism might have rejected blockchain: market failure, interference by government, etc.
I'm not saying that to defend cryptocurrency, by the way, but rather to point out that capitalism isn't perfect at allocating resources in every situation.
capitalism is generally terrible at allocating ressources. It will always win to externalize costs, and if the people footing the bill cannot participate in the market, like for instance future generations, the result is always a self destructive system.