Can someone explain nanotech enthusiasm to me? Like, I get that nanotech is one of the sci-fi technologies that's actually physics-compliant, and furthermore it should be possible because biology.

But I get the impression that among transhumanist types slightly older than me, there's a widespread expectation that it will lead to absolutely magical things on the scale of decades, and I don't get where that comes from, even after picking up Engines of Creation.

I'm thinking of, e.g. Eliezer talking about how he wanted to design nanotechnology before he got into AI, or how he casually mentions nanotechnology as being one of the big ways a super-intelligent AI could take over the world. I always feel totally mystified when I come across something like that, like it's a major gulf between me and slightly older nerds.