• killeronthecorner@lemmy.world
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    9 months ago

    Bingo. Capitalism has thus far rejected the blockchain, which is generally evidence that it doesn’t solve an important problem either efficiently, safely or cheaply.

    • grue@lemmy.world
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      9 months ago

      To be fair, there are plenty of other reasons capitalism might have rejected blockchain: market failure, interference by government, etc.

      I’m not saying that to defend cryptocurrency, by the way, but rather to point out that capitalism isn’t perfect at allocating resources in every situation.

      • capitalism is generally terrible at allocating ressources. It will always win to externalize costs, and if the people footing the bill cannot participate in the market, like for instance future generations, the result is always a self destructive system.

      • Katana314@lemmy.world
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        9 months ago

        Isn’t one of its goals to be free from government influence? That’s not a valid excuse.

        • rando895@lemmygrad.ml
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          9 months ago

          I don’t know why this is surprising. Capitalism is an economic system where the goal is profit. So, why would capital do anything other than seek profit? Nearly all technological advances have occurred through government or institutional investments, then capital flocks to it when someone finds a way to profit from it.

          Thinking block chain is a solution to anything is naive. It does nothing to change the underlying system, or the incentives that drive our economy. Like any system, the interconnections between the things that make up the system, and the goal of the system must change otherwise everything will just settle back to the status quo.

          For example: media streaming is becoming cable tv again. Nothing fundamentally changed about the system of delivering media, or the goal of the system which is to drive profit. Thus, we are moving quickly back to the same model of paying for media (renting it really) and watching ads to increase the revenue of the provider

      • TropicalDingdong@lemmy.world
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        9 months ago

        Bitcoin had its official ETF approved and started the other week and Ethereum is soon to follow. so I would say capitalism is very much not rejecting blockchain technology. Didn’t blackrock and other giants put a ton in?

        Right?

        Also, look at its price. It dipped, and came right back.

        If anything, the financial consensus around this is exactly the opposite of what was being presented.