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.
Well, are MLMs dead? Audible book spamming? The nigerian prince scam? Hell, mail scams are still running to this day.
As long as there’s a hook, I doubt cryptomoney scams are going to be leaving any time soon. It is rare we’ll see scams of the same magnitude as before, but they’ll always be around in those sorts of communities. Just a matter of principle, whenever money’s involved.
You could probably go back to buying pokemon cards, though. The fact that crypto’s greatest investors have a vested interest in not having their cash vanish into thin air, it’s best used for it’s purpose-- as currency-- unless another FTX fumbles the bag.
Those whales likely still have reserves to dump, too. Hell, they can probably create reserves. For a long time it will still be worth it for them to keep marketing crypto to dumb victims.
It’s not dead, but the SEC sure has been really helping the consumers basically tanking the market about everytime they help…
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.
Your bank being named “Magic the gathering online exchange” really should have been a red flag…
Right! I practice what i preach. I put fiat in an exchange, wait a few days for it to clear, biy crypto, and take the crypto off the exchange into a wallet i fully control
The transaction costs are killer though.
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This just makes me think the fediverse is simple (and costs you way less money) compared to crypto. I do not want an OSI model for a Fricken currency.
I am still left with I have USD and anyone I want to pay or give money to wants USD, GBP, or EUR. Adding exchange fees isn’t exactly compelling.
I dont use bitcoin as i want privacy. I use monero where fees are $0.01
I’ve never met anyone taking monero, but I do think it’s the only one that may sort of live up to some of the promises. But again, a currency no one accepts isn’t useful to me.
I see monero pretty widely adopted! But not near Bitcoin and even BCH might have a little more traction.
I’ve kinda seen monero as a truly peer-to-peer currency because most central exchanges don’t ever want to touch it :)
I use monero and if i need to pay in another crypto i just use an instant swap to convert monero to their crypto of choice
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.
Maybe people understood, that instead of freedom as advertised, crypto brings out even more oppressive forms of capitalism.
I’m not a crypto-bro, but how are they oppressed? It’s just a infinitely more volatile Gold replacement and you don’t have to sell on the big places
“Infinitely more oppressive forms of capitalism,” not “Bitcoin users are oppressed.”
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.
You know that this was being said multiple times in the last 10 years?
People have realized it, and they don’t seem to care.
Every time there is a market correction, the prices fall such that more folks can buy in. Folks might not be able to buy in right now at $29kus, but if and when the price falls back to $25kus at some point the price point might be more conducive.
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?
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.)
Well, gold has the added benefit that it has served this purpose for thousands of years.
Would you really count on an extremely complex electronic currency requiring a distributed array of machines to get you through a major crisis?
You mistake me, I’m not saying Bitcoin is better than gold. I was just pointing out that returns are not the only reason.
It still has value in getting currency out of hostile countries such as China and Argentina. For regular consumers? The ship has sailed.
as long as there are suckers out there, crypto will live.
Crypto won’t ever die, too many people have too much money invested in it for it to die.
But it’s going nowhere. If I can’t buy groceries with a bitcoin, then it’s worthless. It got popular because people used it to trade drugs. I don’t even think you can do that on tor anymore.
Without practical uses it’s nothing but a Ponzi scheme, which is why every thread about crypto has a few true believers urging others to “invest”.
You could not be more incorrect about that last point
Yeah. It might put me on a watchlist or something but, I’ve went on the Dark Web. I’ve never purchased anything or went too deep into it, but the only things I found are:
some privacy services,
some crypto “cleaning” (whatever the phrase is) services,
some Tor mirrors of regular websites,
a Luke-Smith-esque (only taken even further to the extreme) privacy related blog,
a porn website (all of it legal, and it was all just indexed from clearnet porn sites, not even pirated, funnily enough)
And there seemed to be a lot of drug websites. When I say a lot, I mean a LOT. Like, all of the websites listed above (can we even call them websites if they’re not on the worldwide web?) times 2 would be a lower number than the websites related to drugs that were listed on the various versions of the Hidden Wiki. And all of that by just using a page that acts as an indexer of the more popular pages. I didn’t even use a dark web search engine. So, yeah. Who knows what else might be hiding there? Some guys on YouTube go on the dark web, like this guy, John Hammond, and find some fun stuff there, like ransomware gangs. That is to say there is more serious stuff on there, but I haven’t looked for it.
You probably saw some (mostly fraudulent) ads. Dread is where most of Tor’s public content can be found; but, yeah, crypto (specifically Bitcoin and Monero) are the standards there.
And this place isn’t going away any time soon. Also, is it Dread or Dredd because I always thought it’s the latter?
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.
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.
Ok, I’m starting a new cryptocurrency, then, it’s a Google Sheets page.
If it’s secure, reliable, and fully traceable then it has the potential to be valuable if people adopt it. Google sheets allows you to write scripts in many popular languages, so you could implement a Blockchain on it, it would be dumb, but you could do it.
@Thebazilly @VeeSilverball a “SheetCoin”, as it were
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.
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.
it should be
- P2P is the new hotness
- LAMP is the new hotness
- Ruby on Rails is the new hotness
- Big data is the new hotness
- Machine Learning is the new hotness
- Crypto is the new hotness
- AI is the net hotness
None of these died, none of them were the new hotness for very long. Oh by the by, our company is looking for anyone with fifteen years experience in ChatGPT (/s). But in all serious, there’s always a very vocal group that’s chasing the hype. No idea how big they truly are, but they sure do bang the gong the entire time.
there is a group of influencers in tech that seem to jump from topic to topic, re-selling peoples projects and poorly written training/success classes. its sometimes shocking how quickly some of them change. Ive been doing AI on and off for 6 years now and I know a number of these people could not spell “neural network” a couple years ago.
I have worked with these people. They are very good at skimming the surface of every new thing and convincing others they are experts. Meanwhile, the really smart people are often busy with the projects they’re already deeply immersed in, so they can’t turn on a dime like this, nor do they want to.
Spoiler alert: AI is ML is Big Data.
Also, ML is just statistics and calculus.
It’s true, and it’s not much like real intelligence, all the hype notwithstanding. On the other hand, statistics and calculus are pretty powerful tools and so are the ML systems that use them.
I find this one hilarious as I tend to add techs to my portfolio as they begin to break mainstream. Bascially I build what my customers want.
last year they wanted blockchain games, now they are asking for AI. Some want AI Blockchain games, some want Blockchain AI games. Others, like influencers, just want you to build whatever they think will get conversions.
you can’t get a real discussion of crypto here because downvotes are impossible and the simps are legion
You really shouldn’t care about internet points, give your opinion and move on
