Crypto’s Failed Promise | Hacker News Reader

Crypto’s Failed Promise

every.to

3 pointsdshipper5 comments

> Every single project, from digital art to social organization, is ultimately asked to do one job: enrich its participants.

Every. Single. Project? is an absolutist claim and a very generalizing stretch. It’s more like blockchain tokens and NFTs minted on layer 1s such as Ethereum that are clearly enabling the scams, DAOs and all the chaos you see shoved in 24/7 by the news, amplifying the message of many crypto-skeptics.

Meanwhile, I don’t see such things happening with Nano [0], so it actually can be done. Additionally, what most of the extreme skeptics always miss is when regulations come in, the compliant cryptocurrencies and stablecoins will actually survive and stay clear from the carnage of DeFi scams, DAO hacks and chaotic smart contract hacks that chains like Ethereum are enabling where that blockchain will be the hardest hit by those regulations.

Perhaps if these projects just stuck to only payments rather than trying to slap ‘blockchain’, ‘worlds computer’, DAOs etc on everything, then maybe there would be a better chance of achieving their goals and there would be no need for the 10,000s of other useless projects sitting on a a single layer 1 blockchain.

The main reality is after regulations come in, only a few of these coin projects will survive and the rest especially the majority of ‘token’ projects will be abandoned.

[0] https://nano.org

You do not need regulation. Interest rate at 5% will suffice.

> Every single project, from digital art to social organization, is ultimately asked to do one job: enrich its participants.

When the thesis of your essay is based on such a blanket statement, a single counterpoint is all that is needed as a rebuttal.[1]

[1] https://endaoment.org/

How is that contrary to the statement? The nonprofits are "enriching" themselves with crypto donations.

You are right, the 501(c)(3) aims to enrich itself in order to direct that value to its social causes. The "participants" in this case, though, are not shareholders or for-profit companies, but other 501(c)(3) organizations that are set up with Endaoment to receive funding.

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