Is Crypto Finally Dead?
Is Crypto Finally Dead?
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.
No, the market is down. stocks are down.
Ah yes. Another entry to the list: https://99bitcoins.com/bitcoin-obituaries/
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As an actual currency, it's functionally useless. Even if every retailer on the planet were to accept it, the overhead for making the transaction is just a non-starter
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Because of that, it's entirely just funny money. Even further, since it's entirely a virtual asset, if the power goes out, your wallet goes with it
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The environmental impacts are horrifying. This fact alone means that it should all be eradicated. Destroying the planet for Internet funny money isn't an acceptable proposition
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For a decentralized currency, people sure do love centralizing under large exchanges, and the massive losses, thefts, fraud, etc. have shown that no matter how "decentralized" it's supposed to be, it's still susceptible to the same bullshit as any other currency
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Its high profile association with grifters, scammers, malware, and dark web shenanigans has completely soured its image in the public mind
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It's entirely a speculative investment scam now. There's no way to decouple it from that.
Some of these points are not inherent properties of cryptos, like the environmental impact and the transaction overhead.
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Weak hands got shaken out, and the economy is teetering on recession. When inflation stops and interest rates fall, and quantitative easing starts back up it's gonna come roaring back. The SEC and CFTC aren't trying to kill crypto, they are just trying to decide who's jurisdiction it falls under. The crypto industry will benefit from regulation, it will get safer, and you'll feel like an idiot for asking this question instead of buying while it's cheap. Hit me up in 2025!
I am not sure if you are actually drinking the Kool-Aid or if this is some top tier shit posting. If it's the latter, kudos to you!
I find it odd people who want their social media decentralised but are disgusted when money is decentralised.
Maybe crypto scammers moved on to selling LLM “prompts?”
Interesting article! I wholeheartedly agree with every other topic but I partly disagree on the AI front. AI has a topic is much wider than crypto and nfts, and better defined than the meta verse. It has concrete uses from document extraction, to protein prediction, and data analysis. However, where I agree with the author is that, on platform like LinkedIn, you find so many quacks who are suddenly experts, telling how AI is the game changer that you didn’t know for something completely unrelated. There is a va lot of pseudo science and false (but seemingly logic) conclusions thrown around. And that’s where the gift is: not in the technology, but in the marketing by scammers.
E.g. they keep on pushing that, as an expert, AI will replace you unless you adapt and that only those who use ai will survive. However, early research shows the opposite and that using AI actually help low performers and has little impact for experts. Here is an interesting podcast on it