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It's hard to argue with your philosophy because the goal posts never stop moving.
I'm not the one that picked that list of projects. You're the one who described them as having "promise", not me.
If there's some projects out there that have lived up to their promises and aren't just gambling enablement, please, list them!
I'll take a quick crack at a few:
Helium, which actually purported to use crypto to build a real-world impacting product? Fraud.
NFTs generally? Speculation, gambling, mostly fraud, rug manufacture (not in the textile sense).
Exchanges, derivatives, "yield" farming, etc. Mix of gambling, fraud, and simple wealth transfers.
Various DAO-style projects. My favourite is projects like Spice, buying real-world assets to leverage them in some way. All failures, some comically so.
Cheap money transfers? Nope. Gas fees, etc.
Store of value? Nope. Massively volatile.
Currency usable for real-world purchases/transactions? Nope. Too slow (also gas fees, etc).
And now I'm at the limit of what comes up off the top of my head.
The fact that billions of dollars have swept into a massively speculative market during a period of historically low yields isn't a surprise. The prospect of wealth transfers from the gullible to the rich will always draw in investors. But that isn't evidence of actual value or success, unless your measure of success is "how many people got rich on the backs of a lot of losers".
I'm not the one that picked that list of projects. You're the one who described them as having "promise", not me.
If there's some projects out there that have lived up to their promises and aren't just gambling enablement, please, list them!
I'll take a quick crack at a few:
Helium, which actually purported to use crypto to build a real-world impacting product? Fraud.
NFTs generally? Speculation, gambling, mostly fraud, rug manufacture (not in the textile sense).
Exchanges, derivatives, "yield" farming, etc. Mix of gambling, fraud, and simple wealth transfers.
Various DAO-style projects. My favourite is projects like Spice, buying real-world assets to leverage them in some way. All failures, some comically so.
Cheap money transfers? Nope. Gas fees, etc.
Store of value? Nope. Massively volatile.
Currency usable for real-world purchases/transactions? Nope. Too slow (also gas fees, etc).
And now I'm at the limit of what comes up off the top of my head.
The fact that billions of dollars have swept into a massively speculative market during a period of historically low yields isn't a surprise. The prospect of wealth transfers from the gullible to the rich will always draw in investors. But that isn't evidence of actual value or success, unless your measure of success is "how many people got rich on the backs of a lot of losers".
So what am I missing?