Yes, I know that it still exist, and yes, decentralized currency which utilizes distributed, cryptographic validation is not actually a strictly bad idea, but…
Is the speculative investment scam, which crypto substantially represented, finally dead? Can we go back to buying gold bars and Pokemon cards?
I feel like it is, but I’m having a hard time putting my finger on why it lost its sheen. Maybe crypto scammers moved on to selling LLM “prompts?” Maybe the rug just got pulled enough times that everyone lost trust.
I don’t think it’s dead, just dormant right now. It kicked up a looot of buzz and got a lot of attention, especially from bad actors and govs. I can see it getting big, again, I just don’t know when.
I hope the hype is dead. What are people buying drugs on the deep net with these days?
Monero
That makes good sense. See, illegal remote purchases was a very real practical application all along, so there’s definitely a floor price on crypto. It’s not dying completely.
This is good for Bitcoin.
I think really it just hit some kind of critical mass where people lost interest. Like streaming services: at first there was one (Netflix) and everyone wanted it, then there were a few and there was one for everyone, then there were too many and people just got sick.
My partner just got a DM on Instagram about… cryptomoney! Funny thing is, if you search the company, the entire first page is about scandals and negative things. And it is on some MLM list too.
So, the grifters are still out grifting.
There are also a lot of crypto scam sites popping up, where a scammer will set up a fake crypto exchange site that looks real on first glance, hoping you make an account, give them all your identity information, and “deposit” a bunch of money/crypto into it, which they run off with.
While the prospect of using it in everyday transactions seems pretty much dead, for some reason the crypto market cap in and of itself is very much alive. Plus it’s interesting that crypto was born out of the 2008 financial crisis and people wanting more control over their assets, so if anything I would think it would be more socially relevant now than ever.
Crypto scams burnt up all their market, i.e. pretty much everyone who want going to get into the crypto bubble, did. You can tell because crypto went mainstream, buying stadiums and advertising through Matt Damon.
So when the bubble burst that time, there’s no one left to start a new bubble with.
I still know permabulls that at least say they are buying with every paycheque. I doubt there are enough dollars doing that to keep the price afloat, if I were a whale I’d probably be selling, personally.
Ah yes. Another entry to the list: https://99bitcoins.com/bitcoin-obituaries/
I am just really happy that storage-based crypto died. It made getting hard drives, and used-servers with drive-bays pretty expensive…
Although, https://cryptoslate.com/cryptos/storage/ I guess many more rose to take its place. :-/
I think the real problem with crypto, everyone and their mother has decided to make another stupid cryptos… and most of them, are completely stupid. The only person profiting, is the person who created it and minted themselves a bunch of coins to hold onto until the value went up.
Don’t get me wrong, I think crypto has its place. But, buying pizza at pizza hut isn’t it.
you do mind explaining where crypto might have its place?
If you can’t buy pizza at pizza hut with it, it’s pretty useless as a currency. Which doesn’t surprise me, as it doesn’t solve any problems with electronic transactions better than traditional existing tools except if you’re undertaking illegal purchases.
I use crypto for its real intention, as money. I buy my groceries with crypto and pay most of my bills in crypto on a monthly basis. Crypto itself is not a problem. Its the FTX’s and Mt Gox’s of the world trying to graft old banking norms onto crypto that is the majority of the problem. “not your keys, not your coins.” Exchanges are like gas station bathrooms, you go in, do your business, and get the heck out. You dont just hang around.
Your bank being named “Magic the gathering online exchange” really should have been a red flag…
Right! I practice what i preach. I put fiat in an exchange, wait a few days for it to clear, biy crypto, and take the crypto off the exchange into a wallet i fully control
The transaction costs are killer though.
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This just makes me think the fediverse is simple (and costs you way less money) compared to crypto. I do not want an OSI model for a Fricken currency.
I am still left with I have USD and anyone I want to pay or give money to wants USD, GBP, or EUR. Adding exchange fees isn’t exactly compelling.
I dont use bitcoin as i want privacy. I use monero where fees are $0.01
I’ve never met anyone taking monero, but I do think it’s the only one that may sort of live up to some of the promises. But again, a currency no one accepts isn’t useful to me.
I use monero and if i need to pay in another crypto i just use an instant swap to convert monero to their crypto of choice
I see monero pretty widely adopted! But not near Bitcoin and even BCH might have a little more traction.
I’ve kinda seen monero as a truly peer-to-peer currency because most central exchanges don’t ever want to touch it :)
It’s definitely not dead. Market cycles come and go. It’s just a matter of time until the next round.
On our breakfast TV during the news segment they touch on international markets, e.g. “the DOW is xyz”. They also have a slide on crypto and as well as listing Bitcoin and Etherium (or whatever it’s called), I still can’t believe they seriously show Dogecoin.
It’s not dead, but the SEC sure has been really helping the consumers basically tanking the market about everytime they help…
No, one thing is the use cases of some to bypass laws.
The other thing is, there will always be people to fall for all kinds of scams, cults, hypes, pyramid schemes so many are still alive as well, there is people out there buying sugar pills and energy healing and Reddit gold.
Most existing cryptocurrencies have no inherent value, they might make sense as a currency, but having a cell in a distributed spreadsheet assigned shouldn’t be considered a growth investment and it’s absurd how many treated it that way. The only way that sort of thing works is with an endless supply of greater fools, and evidently they ran out.
