There is nothing wrong with technical solutions to social problems per se. For example, sovereigns tend to spy on their citizenry, and the technical solutions of cryptography and steganography help mitigate that, albeit in a limited way.
The problem with Bitcoin at al is that they propose wrong solutions to ill defined social problems. Absolutely no real macroeconomic insight was put in the initial bitcoin halving block reward. Later adopters invested it with magic ability to forever stop "inflation", ill defined as taxation through monetary expansion. What resulted was a highly speculative asset that even 10 years later shows no signs of macrostability and is prone to losing 50% of its value in a single trading day. The social costs of using such a monetary unit day to day would be orders of magnitude higher than any reasonable inflation.
Another ill defined problem was financial privacy. In most cryptos, there is no way to socially cooperate to reliably
limit financial privacy of bad players. What you get is an excelent system for teleporting a wad of cash across borders - if you can stomach the volatility. And it just so happens there is a substantial "market" that requires this laundry service and would gladly pay 10% or so to transform illicit gains into "crypto investements".
The problem with Bitcoin at al is that they propose wrong solutions to ill defined social problems. Absolutely no real macroeconomic insight was put in the initial bitcoin halving block reward. Later adopters invested it with magic ability to forever stop "inflation", ill defined as taxation through monetary expansion. What resulted was a highly speculative asset that even 10 years later shows no signs of macrostability and is prone to losing 50% of its value in a single trading day. The social costs of using such a monetary unit day to day would be orders of magnitude higher than any reasonable inflation.
Another ill defined problem was financial privacy. In most cryptos, there is no way to socially cooperate to reliably limit financial privacy of bad players. What you get is an excelent system for teleporting a wad of cash across borders - if you can stomach the volatility. And it just so happens there is a substantial "market" that requires this laundry service and would gladly pay 10% or so to transform illicit gains into "crypto investements".