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Indeed. Blockchain tech, at least in its PoW incarnation, seems like a negation of Moore's law. The same operations get slower and less efficient over time.

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Every incarnation I've heard of is comparably slow. People claim to have ways to improve efficiency but I haven't heard of anything within three orders of magnitude of performance of the Windows 95 machine rusting in my garage.

The canonical way to get around the inevitable inefficiency of decentralization at scale is to quietly re-add centralization (ReFi?) and bury it under technical neologisms and benchmarks.

"Look how fast and innovative $cryptocurrency is! I totally didn't just reinvent a centralized payment settlement system."

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