this post was submitted on 02 Feb 2024
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Bingo. Capitalism has thus far rejected the blockchain, which is generally evidence that it doesn't solve an important problem either efficiently, safely or cheaply.
Capitalism rejects solutions to climate change as well
To be fair, there are plenty of other reasons capitalism might have rejected blockchain: market failure, interference by government, etc.
I'm not saying that to defend cryptocurrency, by the way, but rather to point out that capitalism isn't perfect at allocating resources in every situation.
capitalism is generally terrible at allocating ressources. It will always win to externalize costs, and if the people footing the bill cannot participate in the market, like for instance future generations, the result is always a self destructive system.
Isn’t one of its goals to be free from government influence? That’s not a valid excuse.
Blockchain is just a technology. It doesn't have "goals."
If a government explicitly blocks it and tries to find and punish trading off or in cryptocurrencies that will cause interference.
that is talking about blockchain as a technology for cryptocurrencies.
They put money in Bitcoin, but not the tech behind it. To them it's just stocks to be manipulated in order to get a profit.
Right?
Also, look at its price. It dipped, and came right back.
If anything, the financial consensus around this is exactly the opposite of what was being presented.