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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expected returns are 0
That's the same thing with gold though. There are other reasons to invest in something than just returns. Some folks want something to maintain its value. Bitcoin being deflationary is supposed to be a good hedge against inflation. (But it's far to volatile to really serve that purpose in my opinion.)
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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.
as long as there are suckers out there, crypto will live.
Hopefully. The only thing it was ever useful for was buying illegal drugs via Silk Road.
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not really. the stupid stuff, like nfts are dying, but the rest is still the same.
It's not dead, but the SEC sure has been really helping the consumers basically tanking the market about everytime they help....
Good
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.
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.
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.