US Senate Testimony: Crypto Is the Mother of All Scams

“Blockchain Is The Most Over-Hyped Technology Ever, No Better than a Spreadsheet&#x2F;Database”<p>I think he fundamentally understands and misunderstand something that most people, (though probably not here) don’t get.<p>A blockchain is an immutable distributed ledger (database). It is a terrible decision for anything that can be centralized (something where you can trust some party).<p>It is incredible tool and a case where you can’t trust anybody.<p>There are very few applications where The trade off of trust does not outweigh the efficiency of centralization, but should you have such a case…

a decentralized ponzi scheme. that&#x27;s what I said : )<p>but I am curious to see how it functions in times of crisis. does it go to shit, explode, or nothing.

Crypto has 1 advantage... signed transactions are undeniable and cannot be argued with. This feels almost like a new UI paradigm.<p>At the same time, this can be a terrible disadvantage... mistakes are brutally punished with no recourse. Lose your key or get hacked and you lose everything. There is no warning.<p>To me, interacting with large amounts of crypto feels like running full speed through an electrified razor-wire maze.

USD is the mother of all scams.

I imagine you could have said equally terrible things about the internet ten years after it&#x27;s protocols were developed. Bubble! Scams! Blah blah blah...<p>If you don&#x27;t have even one good thing to say about something that has obvious benefits, you may be unreasonably biased.