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Is Crypto Finally Dead? (beehaw.org)

submitted 1 year ago by [email protected] to c/[email protected]

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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.

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[–] JackbyDev 6 points 1 year ago (1 children)

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.

[–] [email protected] 2 points 1 year ago

For certain values of 'anonymous', anyway. There are still folks who don't think that traffic analysis applies to cryptocurrency.

I still don't understand why the Bitcoin community (in particular) has been so resistant to increasing the block sizes and the transaction rates. As it stands right now, the Bitcoin network can't push even a small fraction of what the SWIFT network handles every second. The arguments on the old #bitcoin IRC channel made no sense (and got a lot of us k-lined before we even saw any replies!)