Even cryptocurrency fans are starting to doubt cryptocurrencies

The anti-crypto movement is no longer spontaneously limited to the bankers, economists and politicians who embody the system challenged by bitcoin technology. Mistrust is growing and the opposition is uniting, weakening even the communities of enthusiasts and “early adopters”.

Here’s the story of a young French crypto veteran who has also decided to throw his tech guns on the front lines of a market where many seem to be capitulating. Nicolas Bustamante, precocious entrepreneur, was promoted to rank Under 30 of Forbes for his artificial intelligence startup Doctrine, a kind of ” Google of law », recalls discovering bitcoin in 2012. Random documentary research on his final work in the banking system.

Admitting that he was fascinated by the concept of a currency free from government manipulation, Nicolas quickly downloaded the entire Bitcoin block, which weighed less than 10 gigabytes at the time. But he especially remembers the few people he could trade BTC with, the first time the price crossed $1,000 in late 2013, roughly the $200 the cryptocurrency was worth in August 2015…

I observed intermittently this space, which I perceived as a gigantic casino. You remember Namecoin, MaidSafe, bitconnect and Bitshares? All these coins were showing billions of dollars and then disappeared, leaving investors with nothing.”, pin Nicolas Bustamante.

Goodbye assumed and commented. Even if “Bitcoin survived, and my friends continue to develop on Ethereum despite the 90% drop in price”. // Source: nicolasbustamante.com.

Bitcoin is perceived as a source of hope

The entrepreneur who created value for thousands of his clients through AI recalls a crypto bubble in 2017, when thousands of projects addressing non-existent problems managed to capture millions of new money. Disgusted, Nicolas had ignored the bitcoin ecosystem until 2018. But, this time by chance from a friendly relationship that was testing the Lightning Network, a protocol that allowed instant and cheap bitcoin payments, the Doctrine co-founder started spinning a node Bitcoin. and testing the Lightning in ” identify the state of the art “.

An experience that will lead him to launch a crypto business in August 2021 from his new adopted city, San Francisco. Impossible for him to hide his emotions, Nicolas had the feeling of union ” revolutionary new builders » working to decentralize the web and improve the world.

Bitcoin is a hope for humanity. Bitcoin has been the most important technology protocol since the advent of the Internet. This is our best chance to fix our monetary systems and therefore end the shaky economy from which we all suffer. There are tons of reasons why it might not work. However, if it has any chance of succeeding, it is one of the most crucial projects to work on today. », praised Nicolas Bustamante in November 2021when the most famous cryptocurrency would reach a record height $69,000 each.

Back to the sad reality

Since then, this entrepreneur’s enthusiasm has cooled significantly, his ideals of decentralization, privacy protection and the democratization of property eclipsed by the one. the killer app crypto worthy of the name, that is, an always the same ” giant online casino, without access, concentrating worthless digital assets “.

Nicolas Bustamante has long believed that purely speculative use cases are merely temporary anomalies. However, the crypto entrepreneurs he met every day were only proud of their multi-million dollar fundraising or NFT who managed to extort buyers from several thousand dollars for a jpeg. Without ever discovering, according to him, truly inspiring products, solutions or business models.

bitcoin is hope for humanity comment nicolas bustamante com
Two months before this comment, the French entrepreneur praised Bitcoin “cleaning the currency, cleaning the world. » // Source: nicolasbustamante.com.

It is enough to be convinced of this to observe the phenomenon of yield farmingan investment technique in DeFi (decentralized finance) platforms that allows generating passive returns thanks to its deposits (standing up) or its loans (lending) in crypto-assets. ” Tokens were created from scratch to reward providers of other tokens. I met full-time yield farmers, but also people who were working to invent these tokens to feed the county. WTF Nicolas Bustamante asks again. In the meantime, crypto market and segment i agriculture collapseddragging down dozens of companies and investment funds that have declared bankruptcy.

The crypto crash started in May 2022 suggests to the most enthusiastic that it happens a sweep of speculators, “builders” are better able to focus on technological innovation. But is there real progress outside of crypto trading? Are there real needs, unmet customers, a market for crypto companies with virtuous solutions for society? ” Crypto unites the best dreamers, pushing the boundaries of a decentralized civilization, and the worst cheaters.”believes for his part Nicolas Bustamante, who has decided to stop his crypto exploration to focus on other technologies that suit him better.

Meanwhile, the intellectual opposition is being structured more broadly to destroy the crazy promises attributed to blockchain and other technologies.

Dissonant voices grow in technology

Seen from the outside by the uninitiated, the tech community can look like one big international summer camp where everyone joins in singing ” Kumbaya, my code “. And crypto players can appear there as a clan of adventurous explorers who only attract the distrust of the overseers (governments, historical industries). However, technological family the world remains an illusion and opponents of cryptocurrency developments want to hear their arguments.

The case of Nicolas Bustamante is not an isolated case: skepticism towards crypto can even unite developers, entrepreneurs and other technology players. ” Blockchain technology is a disruption. For its intended use, whether we think of it as payment or banking technology, it’s more than useless – an incredibly inefficient inefficient solution whose most impressive features are the things we don’t want. », concluded Luke Plant terselycore dev of Django, a Python framework to facilitate the creation of web applications, in its defense against Bitcoin.

According to these critics, there is an urgent need for an intellectual deconstruction of the entire narrative surrounding cryptocurrency. ” A story that is based on technical, legal, social and economic absurdities that unfortunately require a lot of background knowledge to disprove them “, worries the English programmer Stephen Diehl in the book he co-authored The emergence of the crypto bubble.

Stephen Diehl assures that the technical ideas behind the creation of a digital rarity turn out to be completely absurd and that blockchain technology remains a dead end. Fueled by all these bad ideas, crypto would have metastasized in our society, both into a financial populist movement and into a quasi-religious cult built around mistrust of public institutions.

Tired of technological solutionism and the irrational abundance of markets, voices are rising in technology to try to demonstrate that cryptomania it will not work and prevent the spread of these harmful technologies before they become systemic and cause a new crisis.

Things are not going as well in the blockchain/crypto/web3 tech space as its proponents would have you believe Molly White, a professional computer engineer, points out on her site with the blissfully ironic name Web3 is doing very well. In this personal project, Molly compiles a supposedly “biased” inventory of events in the crypto ecosystem to get a conflicting job in the face of amounts of announcement effects and outlandish promises.

Anti-crypto resistance becomes institutionalized

Not satisfied with the personal initiatives that are numerous and the predictions of some big names in technology against crypto, the crowds of non-believers obviously want to step up their persuasive efforts. In particular to influence the opinion of the leaders, with the aim of striking as much as possible against the bitcoin industry.

Experts in networking, computing, and other technology fields multiply their workloads as soon as they get the chance, up to parliaments that open their doors. These cryptoskeptics want to evangelize the largest number so that the debate is finally closed. With their end: blockchains and cryptos will be left without any relevant use cases.

This month, the first major conference dedicated to criticism was also held, e Crypto Policy Symposium. An event that aims to promote a critical approach that is so lacking in the face of “ crypto utopia », while the explanations aim at « bureaucrats so misinformed from the lobes.

At the end of this high volume of “best critical minds”, the organizers of the symposium have already carried out a new structured action against the bitcoin industry by establishing Center for Emerging Technology Policy.

As technology specialists, we have a responsibility to work with democratic institutions to ensure that the public interest is always placed above the individual interests of the few. », The mission of the founders of this think tank is. “ Crypto asset issues will require input from technology experts, ethicists, advocates and policy makers working together to understand the future we are building together. »

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