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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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[–] xtremeownage@lemmyonline.com 3 points 1 year ago (2 children)

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.

[–] jmp242@sopuli.xyz 4 points 1 year ago (1 children)

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.

[–] xtremeownage@lemmyonline.com 1 points 1 year ago

Even for doing "Illegal" questionable things, unless you use a crypto specifically meant for being anon/secure- its still trackable.

With bitcoin, for example- everything is on a public ledger. ANYONE can track a specific wallet ID. If somebody, says, buys pizza or gas with it at a public location that has a camera- The feds can track that one back.

[–] piezzo@kbin.social 3 points 1 year ago

you do mind explaining where crypto might have its place?