alt Hacker NewsI do agree that there's a huge amount of fraud and scams, and obviously that's only got worse since the President of the US started being part of that ecosystem.
But at the same time there is also finally real finance happening on-chain too. Backpack launched a SpaceX token at IPO that can be moved between on-chain and your brokerage. I think Coinbase announced their on-chain equity offering will have the same capability. Just yesterday Bailie Gifford launched a tokenised fund where the actual register of record is on-chain. I still think crypto has significant potential as financial rails, and that does seem to be being explored by real financial players now too.
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> Backpack launched a SpaceX token at IPO that can be moved between on-chain and your brokerage
What is the actual societal value of this? Do you seriously believe that such a token helps price discovery?
Is it possible that these companies simply fork the existing protocols and use the technology without buying into the existing "crypto world"?
Yes it won't be quite so decentralised, but say a number of major banks all spin up a node for say a JPM asset trading blockchain, it becomes semi-decentralised, so they have some advantage of a using a more secure shared ledger, but they also retain more control and thus probably more acceptance within banking, as big players can keep a walled-garden of sorts.