I've been in mostly violent agreement with @smdiehl and others who call out cryptocurrency and its descendants for what they are—an end run around financial regulation at best, a massive fraud at worst. We all agree it makes no sense as a technology. But one thing worries me:https://twitter.com/smdiehl/status/1445795667826208770 …
I'm not talking just about NFTs but all the various cryptocurrency-adjacent projects. There is genuine novelty and innovation there. I agree with you that a revival of the old web sounds unlikely; I'd just like to see this energy channeled somewhere other than fraud and crime
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I wonder if it can be seen as an acceptable trade-off. Fraudsters and speculators providing fuel to stimulate and sustain genuine innovation and creativity. Kind of like cold war-era military-industrial complex seeding many discoveries, including arguably the internet itself.
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It's funny, we seem to have completely different experiences. While NFTs are make-believe driven by greed, I think they could have redeeming qualities if they had side-effects like supporting artists, incentivizing good or novel art, social structure experimentation, etc.
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