Technology

the pyramid scheme of crypto is dead. Partially because there are no suckers left to buy in and partially because interest rates have gone up, meaning that money is no longer free and investments need to promise a return, which crypto can’t provide as it lacks meaningful utility.

The long and short of it is that crypto was never a good idea, a currency where no one is “in charge” Is a currency where no one is responsible, so if something goes wrong no one is to be expected to fix it.

I’m not about to say that the federal reserve is the perfect system, but it is much better than anything the crypto world has come up with. Bitcoin is deflationary and inefficient, ethereum is undemocratic and has it’s attention split, and everything else lacks a broad base.

The centralization or currency was never the problem and these alternatives are worse in just about every way.

it should be

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.

No, it'll never go away, fortunately or unfortunately depending on your perspective.

I'm glad I never got into cryptocurrency. For all intents & purposes, it might as well be Monopoly money.

@peanuts4life@beehaw.org It's called a bear market. Every 3-4 years, it's the same thing. Patience...​:blobcatthinksmart:​

In the US each time crypto is traded it needs to be reported.

I got free crypto from Coinbase. Then sent it to a wallet, then sold it. So each transaction needed to be reported. It’s too troublesome to be worth it.

Also, if I buy crypto, they have a week hold before I can move it. My idea was to buy crypto in country A and sell it in country B to quickly transfer money between the two countries I live in. Also it would help me beat the bank fees.

But the 7 day hold kinda defeats the purpose of quickly transferring money.

Cryptography? No it's not, any more than math is dead.

Cryptocurrency? I don't know.

It is humming along nicely for those that use it. There could be another speculative pump filled with scams, that would be no surprise.

I don't think it is dead, but the hype certainly seems to be over. It is important to realize that as long as the crypto value trend is strongly linked to value of other commodities, it is still being treated as an investment, rather than a currency. Increasing the places where crypto can be actually used to pay will allow for unlinking crypto from being an investment to a currency. I guess there most people are currently not interested in that as much, which I think is unfortunate.

No. Bitcoin is the future of money. It really is the best form of money humanity has invented so far. People just need to stop trading shit coins.

as long as there are suckers out there, crypto will live.

Maybe crypto scammers moved on to selling LLM “prompts?”

The A.I. "Grift Shift" is Underway

Not dead, just sleeping. It's a tougher, higher interest-rate market which cuts out a lot of the gambling behavior. I remain invested but my principle has shifted away from the financial and trad-economic terms to this:

Blockchains are valuable where they secure valuable information. Therefore, if a blockchain adds more valuable information, it becomes more valuable.

And that's it. You don't have to introduce markets and trading to make the point, but it positions those elements in a supporting role, and gets at one of the most pressing issues of today: where should our sources of truth online start? Blockchains can't solve the problems of false sensation, reasoning or belief, but they fill in certain technical gaps where we currently rely on handing over custody to someone's database and hoping nothing happens or they're too big to fail. It's just a matter of aligning the applications towards the role of public good, and the air is clear for that right now.

This is good for Bitcoin.

Crypto is dead, long live bitcoin.

It's definitely not dead. Market cycles come and go. It's just a matter of time until the next round.

It will never die. I believe it will wax and wane over the years. Being incredibly anonymous and deregulated means it will always be a great place for the evil doers to manipulate the market and make money off of it. Because of that there will always be some people using it.

I think one of the biggest failings of cryptocurrency in general is that people view it as a replacement for cash or debit cards when in reality with how slow and expensive the transactions are it is more of a replacement for clearing houses. When you get money sent to your bank you can use it right away because the bank trusts you and provides that service but the money isn't truly there yet. You may have heard the phrase of "the check cleared" or something similar. It takes a long time for those processes to complete and crypto is faster than it.

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.

There are always some new people who believe they can get rich quick by investing in stocks, crypto, NFTs or something else. Why don’t we just write numbers on ping pong balls, throw them in huge transparent plastic sphere, shuffle the balls a few times, pull out a few and give some money to anyone who guessed the right numbers. Oh, wait we’ve already invented the stupidity tax centuries ago.

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.