To the editor:
A column was recently posted in the Sun that was quite optimistic on the future of Blockchain technology.
I think it's necessary to curb expectations of something that hasn't proven itself useful to common folk in any meaningful way. Blockchain tech is slow, has fees at every step of every transaction, and requires massive amounts of time, money and energy to reap the benefits.
What this means is the biggest winners of the crypto boom are who they've always been: Wall Street-finance types with money to spend and people to scam, or wealthy people with time on their hands.
It has proven itself the opposite of the great equalizer some advocates have made it out to be. We have been told to dismiss this, but that's a tough order when crypto scams are far from the exception. Waving away every scam coin (or scam NFT) in the history of Blockchain is to erase most of its history.
But the stranger (and more concerning) part is the proposed solution: government regulation. Cryptocurrency is decentralized. It isn't tied to any government or financial institution, and claims to be completely anonymous. Crypto was supposed to revolutionize our financial world because of these things, not in spite of them. We are being told the best solution for crypto's most glaring problems is the exact thing it was created to avoid. A solution in opposition to cryptocurrency's most defining characteristics is a contradictory doubling-back, regulation only solves the problems that crypto itself created. There are good reasons most institutions have not adopted Blockchain tech in any meaningful way.
Governments, universities, hospitals and fortune 500 companies have no interest in putting their most valuable information on an easily-accessible platform. If Blockchain is the future of the internet, people should be told as a warning, not an assurance.