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.

  • davehtaylor@beehaw.orgEnglish
    1·
    1 year ago

    • 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

    • 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

    • 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

    • 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

    • Its high profile association with grifters, scammers, malware, and dark web shenanigans has completely soured its image in the public mind

    • It’s entirely a speculative investment scam now. There’s no way to decouple it from that.

    • Sodis@feddit.deEnglish
      1·
      1 year ago

      Some of these points are not inherent properties of cryptos, like the environmental impact and the transaction overhead.

  • 🍄🌈🎮💻🚲🥓🎃💀🏴🛻🇺🇸@beehaw.orgEnglish
    1·
    1 year ago

    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!