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I wasted years of my life in crypto

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681 points Anon84 | 1 comments | 07 Dec 25 12:57 UTC | HN request time: 0.213s | source
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spicyusername ◴[07 Dec 25 13:28 UTC] No.46181533[source]▶
I've never understood the initial arguments about Bitcoin, no matter how many times they've been explained to me.

The block chain is, and always was, an extremely inconvenient database. How anyone, especially many intelligent people, thought it was realistic to graft a currency on top of such a unwieldy piece of technology is beyond me. Maybe it goes to show how few people understand economics and anthropology and how dunning-krueger can happen to anyone.

Now the uninformed gambling on futuristic sounding hokum? THAT is easy to understand.

That being said, I'm sorry the author had to go through this experience, the road of life is often filled with unexpected twists and turns.

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1. kkfx ◴[07 Dec 25 15:04 UTC] No.46182181[source]▶
The blockchain is an excellent distributed storage system for anything that should be immutable, such as contract hashes like notarial deeds, vehicle sales, and digital identities, which are not controlled by any central authority (if the blockchain is truly distributed) and are verifiable and tamper-proof. NFTs are the toy experiment that demonstrates this path.

It is therefore also usable as a currency, with fungible tokens, where the transactions per second (TPS) are sufficiently high, not for Bitcoin, therefore, but for example, Solana is already adequate; its performance and economic model are sufficient to pay for your local café.

That, without widespread acceptance, they have limited use, initially for crime, then for speculation, is another matter, but it is not a technical issue. The technical issues are quite different: https://blog.dshr.org/2025/09/the-gaslit-asset-class.html