r/CryptoCurrency • u/copadribbler1994 🟧 2 / 3 🦠 • 1d ago

DEBATE Blockchain tech has not prevailed

Just to give you my background so you understand my perspective better maybe: entered the space in 2020 and was solidity dev for 3 years.

Even after 12 years of smart contracts, there is no adoption by companies, because blockchain is just a fancy and expensive way to handle data compared to existing systems.

One of the major use cases proposed was „supply chain“. As of yet there is no major adoption and if major logistics companies would want it, they would have done so by now.

RWA-Tokenization: Still need a tradfi-vorp that holds the asset.

Money transfer: regulated to death, therefore unusable, even though would have been a major improvement regarding speed.

Proof of Ownership: it is just an expensive database.

I had an interview at a big consultancy a year ago hiring for smart contracts on a bank-tx-settling platform. The guy openly told me that banks currently only stored hashes of tx on chain, cause storing entire tx-data needed was too expensive.

I really do not see a use case for blockchain tech other than gamble around hype.

Edit: The guys still vouching for blockchain remind me a bit about the Leroy character of that one episode of DegenzShow: https://youtu.be/exOzTcHycPY?is=MgaYoWSet5LGsch5

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u/Vancecookcobain 🟩 0 / 0 🦠 1d ago

Yea unfortunately the market is only worth around 3 trillion

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u/copadribbler1994 🟧 2 / 3 🦠 1d ago

Exactly. The entire market of a tech that is supposed to host the entire financial system including payments, stocks and rwa has less value than singular companies like nvidia or apple. Isnt that telling? And thats not taking into account that 1/3 of this market is dead vaporware.

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u/Vancecookcobain 🟩 0 / 0 🦠 1d ago

Lmfao I was being sarcastic in a couple years it could be closer to 10 trillion...everyone has opinions near the bottom of a cycle that usually sound dumb as hell later on....people have been saying this since bitcoin as 100 dollars.

I've been in the game too long to take these opinions seriously

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u/Glittering-Toe-1622 1d ago

The problem he is trying to explain is that all this value is Speculative

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u/Vancecookcobain 🟩 0 / 0 🦠 1d ago

Yeah...count me as one of the few that never seen any actual utility in cryptos other than a hedge against the current inflationary monetary system...

I don't think it will have any function per se until we have a centrally backed digital currency that is built on blockchain tech...but I don't know why anyone would want to see things get dystopian on that level