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Is Crypto Finally Dead? (beehaw.org)

submitted 1 year ago by [email protected] to c/[email protected]

290 comments fedilink hide all child comments

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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[–] [email protected] 36 points 1 year ago (5 children)

I don’t know why NFTs ever took off

[–] [email protected] 16 points 1 year ago

@Silviecat44 @peanuts4life they really didn't, no normal person bought them. It was just venture capitalist pushing it. It was the complete opposite of grass roots, which is why it crashed 97% when VCs pulled out. Very normal!

[–] [email protected] 10 points 1 year ago

The Beeple sale got a lot of press. That was the extent of the novelty, but then the money-eyed scammers figured they had a new grift in the making. But it started with the media surprise and interest over how big the Beeple sale was.

[–] [email protected] 8 points 1 year ago

Idiots saw the explosion of speculation on crypto and a few people got lucky and got rich. They jumped on the next new buzzword in tech expecting it to have an equivalent speculative boom, which obviously never happened.

[–] [email protected] 5 points 1 year ago

Negative interest rates do funny things to capitalism.

[–] [email protected] 1 points 1 year ago* (last edited 1 year ago)

Folding Ideas did an incredibly good documentary about NFTs that goes into this: https://www.youtube.com/watch?v=YQ_xWvX1n9g