Cryptocurrency is Not the Paradigm Shift You’re Thinking About

Did you hear?

Donald Trump will speak at the Bitcoin 2024 conference. The Republican Party put crypto on its electoral platform.

Not too shabby.

Another US presidential candidate, Robert F Kennedy, Jr, said he’d use blockchain to improve the government and offered Bitcoin as a currency option.

That’s nice to know, but doesn’t that defeat the purpose?

Why would you use blockchain technology to manage a centralized entity? You only need blockchains to manage entities that don’t share a common database or business process.

Why does it matter whether the US government or any political party “approves” of Bitcoin? Bitcoin is a non-governmental source of money. Anybody can use it.

Methinks the concept isn’t sinking in. When people talk about crypto as a new paradigm, do they really know what that means?

Missing the point

A few months ago, a commentator said blockchain technology needs massive data centers, so you should invest in data centers and everything…