The author is using first-principles economic reasoning to argue against "blockchain" (but actually bitcoin/bitcoin-like cryptocurrencies). The author also seems to dislike crypto-investors because of their intent/reasoning which is counter to popular economic theory.
The author should be more specific in their claims, and do more research on the space. Blockchain is a technology, not a cryptocurrency. Cryptocurrencies each have methods for resolving micro-transactions (e.g. side chains) and wallet storage (centralized solutions like banks, or UIs like MetaMask).
I agree that many crypto-investors are looking to make a quick buck. That alone does not make something a bad idea, this isn't a centrally managed scam that dumb investors get tricked into. Blockhain's influence on fiat currencies is something that plenty of smart people aren't sure about.
FWIW I am not that invested in the space. But the author is missing technical details to make a compelling argument.
The author should be more specific in their claims, and do more research on the space. Blockchain is a technology, not a cryptocurrency. Cryptocurrencies each have methods for resolving micro-transactions (e.g. side chains) and wallet storage (centralized solutions like banks, or UIs like MetaMask).
I agree that many crypto-investors are looking to make a quick buck. That alone does not make something a bad idea, this isn't a centrally managed scam that dumb investors get tricked into. Blockhain's influence on fiat currencies is something that plenty of smart people aren't sure about.
FWIW I am not that invested in the space. But the author is missing technical details to make a compelling argument.