13 May 2022
In the year of our lord 2022, you won't be mistaken for seeing the buzzwords "blockchain", "Web3" and "NFT" and thinking Was ist diese Scheiße?
The world of crypto is all around us sadly with Elon Musk (Mr. Tesla) constantly talking about his escapades with Dogecoin and for 49 days accepted Bitcoin in exchange for Tesla cars, he's also in the process of buying Twitter (he has not bought it yet it is still under regulatory approval, shut your mouth!) which allows you to set your blockchain monkeys as your avatar.
Cryptocurrency is a problem in search of a solution, even 13 years after the invention of Bitcoin. It's accepted as legal tender in two countires, El Salvador and the CAR but nobody knows what it actually is. It's controversial for its use in illegal transactions for things like narcotics, fake IDs and hitman services (list is non-exhaustive), scams and the intense guzzling of electricity (to the point where somebody restarted a COAL-FIRED POWER PLANT to mine Bitcoin!), a lot of which is non-renewable. Sweden is even considering banning Bitcoin for its extreme use of their renewables putting stress on the entire grid.
Yesterday, I read a blog post on F-Droid (that free Android app repository btw)'s official website called "Decentralizing Distribution" where they talk about how they received a grant for decentralising their app store's distribution. They specifically said "We are not looking at NFTs, blockchain, DAOs, smart contracts or related aspects of Web3" while linking to a news article from the Register talking reiterating many of my points.
I think in this world, we should heavily regulate cryptocurrencies to discourage miners from using the network and allow for the reduction of use of said technologies. This isn't because we aren't allowed the freedom of ideas but it has been 13 years since the foundation of Bitcoin and there is still not use for it.