By using a blockchain ledger, you move source of truth to a private group of people who are the best at leveraging money to buy ASICs/GPUs and run the technical infrastructure.

Ironically, where you had 1 person = 1 vote (democracy), now this system favors the ultra-rich.

And it is presented as decentralized / free, but in reality, control is in the handful of very rich people.

No surprise that Trump, Musk and others are promoting it.