> NFTs don’t prove ownership — ordinary legal contracts are just as good, and in fact better since they are heavily regulated and can be taken to courts for a central resolution when problems arise
Blockchains allow strangers to transact high-value amounts across borders, quickly, securely. The fact I can move $1 billion USDC, $1 billion in BTC, or a $1 billion-valued NFT in seconds is why it leapfrogs the slow, manual, corruptible legal system. Can blockchains be a replacement for everything the courts provide? No. Can they allow moving digital goods quickly and safely across the world? Yes, because that is what they are designed to do.
> Blockchains (which NFTs rely on) are in the best case no more secure than ‘normal’ relational database storage systems, and in most cases are less secure
This is so fantastically incorrect the author has no business speaking authoritatively on this subject. Bitcoin is incorruptible. If you disagree, go and try! A relational database only needs a central party to fail. Does everything need a blockchain? No. Tweets go in the relational database, financial assets go on the blockchain.
> Cryptocurrencies have no innate value and are only useful as a pyramid scheme, something big crypto influencers are knowingly using to profit from those who don’t realise it
This book will refute the point https://www.amazon.com/Bitcoin-Standard-Decentralized-Altern... TLDR Bitcoin is the hardest money ever created, politicians / society cannot manipulate it, therefore store wealth in bitcoin.
> Both cryptocurrencies and NFTs cause high environmental damage, and there are no viable systems to deal with this problem due to security considerations
Layer 2 solutions like Arbitrum and Optimism are live now that scale Ethereum without centralization. Proof of Stake chains like Cosmos, Avalanche, Polkadot, etc. are live now. ETH2 moving to PoS will happen soon.
There is a logical explanation as to why bitcoin could be very valuable in our current world. It is because it cannot be inflated beyond the 21 million cap. If you have an open mind, give it a read!
Plan B: https://medium.com/@100trillionUSD/modeling-bitcoins-value-w...
Bitcoin Standard: https://www.amazon.com/Bitcoin-Standard-Decentralized-Altern...
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