this post was submitted on 19 Jun 2023
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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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[–] Hamartiogonic@sopuli.xyz 4 points 1 year ago

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.

[–] const_void@lemmy.ml 4 points 1 year ago (2 children)

Hopefully. The only thing it was ever useful for was buying illegal drugs via Silk Road.

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[–] Aetherion@feddit.de 3 points 1 year ago

considering the comments, it’s right now the best time to buy some eth

[–] 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.

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

you do mind explaining where crypto might have its place?

[–] CanadaPlus@lemmy.sdf.org 3 points 1 year ago (2 children)

I hope the hype is dead. What are people buying drugs on the deep net with these days?

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[–] bbbhltz@beehaw.org 3 points 1 year ago (1 children)

My partner just got a DM on Instagram about... cryptomoney! Funny thing is, if you search the company, the entire first page is about scandals and negative things. And it is on some MLM list too.

So, the grifters are still out grifting.

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