The anti-cryptocurrency movement is no longer automatically confined to the bankers, economists, and politicians who embody the system that Bitcoin technology is challenging. Mistrust is growing and opposition is uniting and weakening even the communities of enthusiasts and “early adopters”.
Here is the story of a young French crypto veteran who also decided to put his technological weapons on the front lines of a market that many seem to be giving up on. Nicola Bustamante, a precocious businessman, was promoted up the rank less than 30 Forbes on his startup’s AI credo, which is kind of ” Google for the law He states that he discovered Bitcoin in 2012. A random documentary research of his recent work on the banking system.
Admitting that he was intrigued by the concept of a currency free from government manipulation, Nicholas quickly downloaded the entire Bitcoin blockchain, which weighed less than 10 GB at the time. But he especially remembers the few people he could exchange bitcoin with, the first time the price exceeded $1,000 at the end of 2013, nearly $200 the cryptocurrency was worth in August 2015…
” I noticed this space intermittently, which I took as a giant casino. You remember Namecoin, MaidSafe, Bit Connect and Bitshares? All of these currencies were offering billions of dollars and then disappeared, leaving nothing for investors.”And the Nicola Bustamante pin.
Bitcoin is seen as a source of hope
The entrepreneur who created value for thousands of his customers through artificial intelligence recalls the crypto bubble in 2017, when several projects tackling non-existent problems managed to make millions in new money. Disgusted, Nikola ignored the Bitcoin ecosystem until 2018. But this time by chance for a friendly affair that was experimenting with the Lightning Network, a protocol that allows instant and inexpensive payments in bitcoins, the Doctrine co-founder began spinning the Bitcoin node and testing Lightning for ” Determine the state of technology “.
An experience that will lead him to embark on a cryptocurrency business in August 2021 from his new city, San Francisco. Impossible for him to hide his excitement, Nicola had a feeling of joining.” Young revolutionary builders »Working on the decentralization of the web and the improvement of the world.
” Bitcoin is hope for humanity. Bitcoin has been the most important technological protocol since the advent of the Internet. This is the best chance we have to fix our monetary systems and thus bring an end to the volatile economy from which we are all suffering. There are thousands of reasons why it might not work. However, if there is any chance of it succeeding, it is one of the most critical projects to work on today. », Hailed by Nicola Bustamante in November 2021when the most popular cryptocurrency was going to set a record High $69,000 each.
Back to the sad reality
Since then, this entrepreneur’s enthusiasm has evidently waned, and his ideals of decentralization, protection of privacy, and democratization of property have been eclipsed by the lonesome. killer app A cipher worthy of the name, which is always the same.” Giant online casino, accessible for free, focused on worthless digital assets “.
Nicola Bustamante has always believed that purely speculative use cases are just temporary anomalies. However, the cryptocurrency entrepreneurs he met daily were only proud of their multi-million fundraisers or their cash. NFT Who managed to extort buyers from several thousand dollars for JPEG. Without ever, he says, discovering truly inspiring products, solutions, or business models.
It is enough to be convinced of this to notice a phenomenon Yield farmingan investment technology on DeFi (decentralized finance) platforms that allows to generate passive returns thanks to its deposits (mask(or its loans)lending) in crypto assets. ” Tokens are created from scratch to reward other token providers. I’ve met full-time crop growers, as well as people who have been working on creating these symbols in order to feed the circuit. What is this nonsense Nicola Bustamante asks again. Meanwhile, the Crypto market and segment Agriculture collapsedThis led to a decline in the number of companies and investment funds that declared bankruptcy.
The cryptocurrency crash started in May 2022 proposes to the most enthusiastic that occur Purge speculators, ‘builders’ are becoming more able to focus on technological innovation. But is there real progress outside of cryptocurrency trading? Are there real needs, unmet customers, and a market for crypto companies with virtuous solutions for society? ” Crypto brings together the best dreamers, the frontier-pushing of decentralized civilization, and the worst scammers.”For his part is believed by Nicola Bustamante, who has decided to pause his exploration of cryptocurrency to focus on other technologies that suit him better.
Meanwhile, the intellectual opposition is building itself on a larger scale to demolish the insane promises attributed to blockchain and other technologies.
Discordant voices are rising in the world of technology
Viewed from the outside by the uninitiated, the tech community can look like one big international summer camp where everyone gets together to sing along.” Cumbia, my code And the cryptocurrency players out there can appear as a clan of enterprising explorers who attract nothing but distrust of the supervisors (governments and historical industries). technology family The world is still an illusion and opponents of cryptocurrency developments want to make their arguments heard.
Nicola Bustamante’s case is not an isolated one: skepticism towards cryptocurrencies may unite developers, entrepreneurs, and other players in the tech space. ” Blockchain technology is a wreck. For its intended use, whether we think of it as a payment or banking technology, it’s more than useless — an incredibly inefficient solution, whose most impressive features are the things we don’t want. », Luke Plant concluded with Hajourcore dev of Django, a framework in Python to make it easier to build web applications, in his anti-Bitcoin advocacy.
According to these critics, there is an urgent need for an intellectual deconstruction of the entire narrative around cryptocurrency. ” A story built on technical, legal, and socio-economic absurdities that unfortunately require a lot of background knowledge to refute ”, worries the English programmer Stephen Dale in the book he co-authored Popping the crypto bubble.
Stephen Diehl asserts that the technical ideas behind creating digital scarcity seem completely absurd and that blockchain technology remains a dead end. Driven by all these bad ideas, crypto would have permeated our society, whether into a financial populist movement or into a quasi-religious sect built on distrust of public institutions.
Tired of technological solutions and the irrational abundance of markets, voices in technology are being raised to try and prove it cryptomania It will not work and protect against the spread of these harmful technologies before they become systemic and cause a new crisis.
“ Things are not going well in the field of blockchain/crypto/web3 technology as its proponents think Molly White, a professional computer engineer, refers to her site with a sarcastic name Web3 works great. In this personal project, Molly puts together a supposedly “biased” list of events in the cryptocurrency ecosystem to take on an ambivalent job in the face of loads of advertising influences and outlandish promises.
Anti-crypto resistance becomes institutionalized
Not being satisfied with the personal initiatives that abound and The predictions of some of the big names in tech Against cryptocurrencies, it is clear that the infidel crowds want to intensify their disguise efforts. In particular, to influence the opinion of the leaders, with the aim of cracking down on the bitcoin industry as hard as possible.
Thus, experts in networking, computing, and other technological fields double their workloads as soon as they get the chance, even Parliaments that open their doors to them. These crypto-skeptics want to preach to as many as they can until the debate is finally over. With their own conclusion: blockchain and cryptos will still be devoid of any relevant use case.
This month also held the first major conference dedicated to critics Encryption Policy Seminar. An event intended to promote a non-existent critical approach in confronting “ Coded utopia while targeting interpretations. Bureaucrats are very misleading through lobbies.
At the end of this big block of “Best Critical Minds,” the seminar organizers have already implemented a new regulatory action against the Bitcoin industry by establishing Center for Emerging Technology Policy.
” As technology professionals, we have a responsibility to work with democratic institutions to ensure that the public interest is always placed above the individual interests of some », The mission of the founders of this research center is. “ Crypto-asset issues will require input from technology experts, ethicists, lawyers, and policymakers working together to understand the future we are building together. »