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Realization: Blockchain tech isn't actually decentralized. It's so staggeringly wastefully inefficient that it can't run on less than millions of machines, but the result is still a monobloc of data outside of individual users' control.

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@mhoye

Back when Bitcoin was new I did the math and realized it was two kinds of pyramid schemes in one:

1. It depended on more and more people actually *using it* as currency - classic network effect

2. It depended on more and more 'mining' operations as time went by

So I decided to Nope the whole thing. (I could have got in early.)

The thing is, the last few years I've seen a flurry of comments like yours and I'm like, "Didn't you do the math?"

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