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Comment by loveparade | Hacker News Reader

Solutions have been on the way for more than five years, but literally nothing has changed and all we've gotten is pyramid schemes and gambling. Chains and protocols have exploded in complexity and technical debt to the point where nobody fully understands the attack vectors. By now I am convinced that anything beyond pyramid schemes is never going to happen.

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It's frustrating, I agree. People are obviously going to continue being people with pyramid schemes and the like. At the same time, there are enough who also agree that it's a mess, have closely studied the successes and mistakes of the past, and are building a solid foundation for doing this right. I mean, what we're really talking about here is creating a fundamentally new system for which the financial system operates upon ... it's going to take time ... longer than five years. And the progress that I've seen thus far is encouraging.

> there are enough who also agree that it's a mess, have closely studied the successes and mistakes of the past, and are building a solid foundation for doing this right.

People who "closely study mistakes and successes of the past" are in a very rare supply in the crypto space, and for a good reason: because people who actually closely study mistakes and successes of the past don't want to touch that space even with a 10-yard stick.

The reasons were spelled out in no uncertain terms 7 years ago in https://medium.com/@kaistinchcombe/ten-years-in-nobody-has-c... and followup here https://medium.com/@kaistinchcombe/decentralized-and-trustle... 17 years in, all those reasons remain the same.

> People who "closely study mistakes and successes of the past" are in a very rare supply in the crypto space

Unless you're talking about people who are studying the mistakes and successes of crypto scams, and are working to refine them (the scams), then you can find a few.

Do you also consider Bitcoin a pyramid scheme?

No, I don't. But Bitcoin also isn't particularly interesting because it's not (very) programmable and not useful for mainstream use anyway. I don't consider Ethereum itself a pyramid scheme, just useless. The protocols on top of these chains though, nearly all pyramid schemes. The best way to describe Ethereum is that it provides a platform for pyramid schemes.

The base of the pyramid, if you will. I wouldn’t lump all contracts in with this but it does describe a vast majority of them.

Hahaha, accurate.

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