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I'll say it upfront: I like . I think that they're exciting and that there'll be use cases for them — and I have invested a little bit in a few crypto projects (eg, $BTC).

However.

The amount of nonsense in the world in general, and around 's in particular, is astonishing. Proponents and advocates should be the first to call BS, for our own benefit.

I listened to [this recent of the with (of Digg fame)](podcast.banklesshq.com/95-how-), and in that spirit, I'll mention here five idiotic or at least naïve ideas expressed in the show:

First (and this is not specific to this episode, but a constant in the craze): isn't anyone else annoyed and suspicious of that sudden interest that everyone seems to have now in , artists, and galleries?

I keep on hearing and reading from all these nerds and geeks, who have been obsessed with technology their whole life, and never before, to my knowledge, shared a book or an article about the art world, bought a painting, attended a live art performance, befriended an artist, bought a physical record (they went from Napster to BitTorrent to Spotify), or set foot in a gallery IRL… all these people are suddenly SO excited about novel graphic artists, live happenings, and exhibitions of generative art, SO eager to buy, support, collect and showcase , and SO convinced that everyone out there shares their very whimsical new passion…

Isn't that wishful thinking, opportunistic, and fake?

(Paraphrasing) At some point in the episode, the two hosts and the guest almost interrupt each other to heatedly express their shared conviction (and to _celebrate_) that the purpose of many of these projects (chains, collectibles, DAOs, whatever) _does not matter_. The goal, the use case, may be a mystery. And that, for them, is a good thing.

Yeah.

The hosts ask why $DOGE is still a thing. Answer (from memory, and paraphrasing): the power of community, backing a project, a shared purpose, building something together, blah blah blah.

Too kind, too rosy (too cynic and self-serving?)

All three people (both hosts included) confessed that they are not actually “bankless”. “Unfortunately we have to keep a Wells Fargo.” Of course you do.

Bringing this up is a bit cruel (I know that the name of the podcast is aspirational, not the statement of a state that is currently achievable). But it's funny that in a podcast named “Bankless”, no-one is bankless.

Think that paying to have the say that you are the “owner“ of a JPEG everyone can see on the internet was often silly enough? Think again. shares the good news that legendary collectibles can now be sliced into tokens so that we poor late arrivers can pay to have a blockchain say that we are the “owners“ of a _little piece_ of what _another_ blockchain says is the legitimate instance of a JPEG everyone can see on the internet.

Progress!

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