Crypto's rideshare dreams crash again
The decentralized rideshare startup Teleport has failed to gain traction, echoing previous attempts by projects like Ridecoin to disrupt Uber and Lyft using blockchain incentives. Challenges arise from the need for collective belief in the system amidst uncertainty about stability and accountability. This decline in interest reflects a larger trend in the blockchain community where utility and trust have diminished, shifting focus from innovation to speculation. Initially, Bitcoin provided clear utility with its scarce digital money, but the boom of ICOs and NFTs led to a culture where solving problems became less lucrative than identifying them. Memecoins have capitalized on this chaos, embracing their lack of real-world use cases while turning speculation into entertainment. The absence of sustainable accountability systems has left investors gambling blindly, blurring the lines between genuine projects and quick cash grabs. The piece argues that without establishing reputation mechanisms alongside smart contracts, the blockchain industry will continue to struggle with trust and utility.
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