Dear Readers,
When I first entered the crypto space several years ago, I found myself inundated with a variety of fantasies around how cryptocurrencies would change the world. I was fascinated by all the use cases that were being thrown about by influencers who seemed to be in the know. In short, I was taken in by the promises of crypto, so much so that my very first newsletter issue described cryptocurrency as a “21st Century Tool for Finance”.
Don’t get me wrong. There IS one cryptocurrency that will change both finance and the world: Bitcoin. But as time has passed, I’ve come to realize that many of the “revolutions” offered by the crypto space lose their luster due to a combination of hacks and bad management, with a healthy dose of unrealistic promises mixed in.
Take the Solana blockchain for example, which proponents have styled as the “go-to” blockchain due to its high transaction capacity and smart contract capabilities. Over just the past year alone, the blockchain has been halted numerous times to deal with critical failures. On top of that, millions of dollars’ worth of assets were lost last week when private keys were stolen thanks to faulty crypto wallets. Solana’s appeal has certainly worn off a bit for any user who suffered as a result of the blockchain stoppages or wallet hack.
