>disguising how Bitcoin has failed at almost everything Nakamoto set out to achieve Satoshi mined over 1.1M BTC [1], and designed the emission schedule to give

>disguising how Bitcoin has failed at almost everything Nakamoto set out to achieve Satoshi mined over 1.1M BTC [1], and designed the emission schedule to give majority of holdings to very early adopters (ie. mostly himself). The coin also has no value source at all (not backed by anything, no income generation), the only way to realize a profit on bitcoin is at the expense of someone else's loss. The name for this economic design is: a ponzi (new variation) and the one reason for a design like that - to become rich at the expense of others. >Since we’re failing to witness any of this happen, however, the crypto dream is crumbling Crypto has become less of a ponzi through the years because bitcoin is becoming less and less relevant with each year - transferring, lending and borrowing dollars is the first major use case that isn't fundamentally a ponzi variation. In fact for people in countries with capital controls saving in dollar in defi is probably the single best way to accumulate wealth. Defi itself as an infrastructure is neutral - it can serve ponzis as well as fundamentally productive use cases (eg. tokenized houses -> defi mortgages), but due to lack of tokenized real assets except for (mostly) dollars, most of activity is related to some new ponzi variation. I think the switch to mostly productive ecosystem is going to happen during this decade - which necessarily requires bitcoin to lose importance to the point that seeing its price on coingecko/cmc requires scrolling. Potential notwithstanding, the accumulated debt from wealth destruction since 2009 is enormous. Mining alone destroyed wealth equivalent to gdp of a small country, on top of that there's enormous loss of human potential (people playing in crypto instead of doing something actually productive - many very smart) and dangerously big wealth transfer to outright scammers that leverage that to scam even more. I estimate the total cumulative negative impact from crypto (esp. bitcoin) to be in the hundreds of billions of dollars. Even in the optimistic timeline in which defi makes everything significantly more efficient it's going to take a really long time to get back to net zero, and to make it a good investment (compared to other possible investment) - decades. All of this is sunk cost, so imo banning crypto now would be a mistake, but even as someone who made a fortune from crypto I recently realized that world in 2021 would be a better place if it never existed. [1] https://bitslog.com/2019/04/16/the-return-of-the-deniers-and-the-revenge-of-patoshi/ https://bitslog.com/2019/04/16/the-return-of-the-deniers-and...