- Self-custody is being dismantled by regulators, and the people who do cater to self-custody are selling P2P which is far too inconvenient for the average person.
- Interest rates are higher, but gas fees are even worse if you want to push an L1 transaction (L2 transactions undermine your security/decentralization/transparency benefits).
- Modern DeFi is hardly transparent, and the parts that are visible have only proven useful to speculative investors and law enforcement agencies.
- Sure it might go beyond investment, but what examples can we point to? The dumpster fire of NFTs? The Wild-West world of crypto loans? I've been watching for nearly 8 years now, and nothing has come up.
- The whole "distributed" nature of these systems is definitely nerd porn, but the general public doesn't care. On top of that, there's really no benefit to decentralizing a currency that will be treated and handled like a regulated asset when all is said and done, so the only "benefit" is that we're now using hundreds of times more computation/energy/time to process and verify individual transactions. It was cool in 2012. Today it's just a burden.
I'm someone who likes crypto. I think it's cool, and while there might not be a finance revolution in the next decade, I think there's a great deal of problems that could be solved with decentralized fiat. Every argument here is terrible, though. This article is all hype and no substance, like it was written by a Bitcoin maxi from 2012 who just woke up from cryosleep stasis to defend their favorite currency.
Oh, and towards the bottom it's sponsored by a blockchain API company. Go figure.
