Imagine you are talking to a regular human being. That human being has no experience with the blockchain, cryptocurrency, or anything like that. You open your mouth and say to them, “a multi-billion dollar cryptocurrency company has apologized to users after its sale of “metaverse land” sparked a frenzy that temporarily brought down the Ethereum cryptocurrency
As much as I’d like Ethereum or some successor of its to be a useful technology, I have to agree with pretty much everything you said here (with the exception of the last two paragraphs, which require more thought). In particular, I’ve always been bewildered by the market for NFTs. I mean the supply of them is potential infinite, so their price ought to be zero. What am I missing? Is it just that the number of them hasn’t yet become infinite? Perhaps the administrative cost in ETH is the only thing preventing the number from expanding indefinitely.
There's a "currency", obviously a real "currency" with an ISO currency code (ETH). That currency will any day now replace filthy fiat lucre for all of us to transact.
And said "currency" crashes the moment too many people want to transact in it?
The first bit of this makes me imagine a New Weird short story: the miners are running, but instead of blockchain verification the code is summoning a Great Old One.
The Blocked Chain
As much as I’d like Ethereum or some successor of its to be a useful technology, I have to agree with pretty much everything you said here (with the exception of the last two paragraphs, which require more thought). In particular, I’ve always been bewildered by the market for NFTs. I mean the supply of them is potential infinite, so their price ought to be zero. What am I missing? Is it just that the number of them hasn’t yet become infinite? Perhaps the administrative cost in ETH is the only thing preventing the number from expanding indefinitely.
Just so I get this straight.
There's a "currency", obviously a real "currency" with an ISO currency code (ETH). That currency will any day now replace filthy fiat lucre for all of us to transact.
And said "currency" crashes the moment too many people want to transact in it?
Yeah! Got it! Awesome!
The first bit of this makes me imagine a New Weird short story: the miners are running, but instead of blockchain verification the code is summoning a Great Old One.
It’s a perfect (horrifying) mix of dystopia & absurdity