Bitcoin is still around 30k a pop, so I wouldn't say it's dead yet. But I foresee a big crash in the months or years to come: the hype has passed, and the real uses of crypto are very few. It's also not a good investment since the expected returns are 0. Once people finally realize that, I see the price falling to 1k or even less.
this post was submitted on 19 Jun 2023
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You know that this was being said multiple times in the last 10 years?
I was there when it hit $50 and said that the bubble has to pop soon, so at what time are we accepting crypto coins as just an alternative if you want to gamble?
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not really. the stupid stuff, like nfts are dying, but the rest is still the same.
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.
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.
Hopefully. The only thing it was ever useful for was buying illegal drugs via Silk Road.
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I hope the hype is dead. What are people buying drugs on the deep net with these days?
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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.
as long as there are easily accessible networks with money on them there will be scammers to try and exploit them, this is no different than what we have seen with fiat, the biggest difference being that usually you have to use cash only to put out a shingle and be shady. Crypto allowed anyone to "look" legit and have easy access to settlement.
if anything people are learning WHY you want to at minimum control the ramps and ensure there are channels through which there can be trade using strong identity systems. next phase of crypto will look a bit more grown up as it will very likely be coming to the party as an enabler of multiple VRF style auth systems, helping break dependance on social login systems.
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.
Bitcoin's in the low $29kus region lately (up from $26kus), so it looks like it's going to keep going. Also, big real money investors are now pretty long on cryptocurrency, so there is a vested interest in keeping it around.
Plus, you know, folks buying stuff on the black and grey markets with it. Wish I didn't have to mention drugs, but it's the easiest way to keep getting insulin for folks these days in addition to the usual recreational compounds.
Good