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252

Is Crypto Finally Dead? (beehaw.org)

submitted 1 year ago by peanuts4life@beehaw.org to c/technology@beehaw.org

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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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[–] Mogster@beehaw.org 12 points 1 year ago

I think the bubble has certainly burst. COVID resulted in loads of new consumer investers, and the visibility of crypto had never been higher. Exchanges were being advertised by major celebrities on Superbowl ads!

Then the market crashed, and all those investers realised what a mistake they'd made. I don't think it's a mistake many will make twice.

It was such a bizarre time, with major governments talking about minting their own NFTs or even their own digital currencies. That all seems to have quietly gone away now, thankfully.