There's a lot talk about what blockchains could be but most of the time this is just people lying to themselves or others about getting rich. It's the FOMO from Bitcoin. It's somehow picking the next Bitcoin from the 30,000 shitcoins.

Algorithmic stablecoins have shown their obvious weaknesses in recent times and is another application that doesn't deliver.

But here's the nail in the coffin for me when it comes to blockchains: the government could shut down any blockchain, including Bitcoin, tomorrow if it chose to.

The US could make mining Bitcoin illegal and make it illegal for any financial institution who wants access to the US financial system to transact with cryptocurrencies. Will that shut down the network? Not technically, no. But it will make any such network basically useless.

The US government exercises this power all the time. It's why most cannabis dispensaries and growers are forced to deal with cash because they're excluded from the banking system.

China shut down crypto mining and it basically disappeared the next day (mostly moving to Kazakhstan it seems). With rising energy costs in the developed world (including the disruption to natural gas supply in Europe thanks to Russia's invasion of Ukraine), at some point hte fact tha Bitcoin uses more power than Sweden is going to be an political issue.

The US dollar is maintained by the long dick of the US government. A currency is a projection of government power. And no crypto network is a match for the projection of power of nation states.