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Is Crypto Finally Dead? (beehaw.org)

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

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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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[–] [email protected] 12 points 1 year ago (3 children)

I know one crypto bro IRL. He acknowledges that it's all just a pyramid scheme, but he enjoys it because it's like gambling but with more strategy involved I guess.

[–] [email protected] 3 points 1 year ago (2 children)

Would you also consider GameStop’s NFT marketplace for games part of a pyramid scheme?

Or maybe what F1 is doing to evolve how they handling ticketing? Here’s a recent follow up on F1’s NFT ideas I came across recently.

It’s… just not all a pyramid scheme. To say it’s all a pyramid scheme is missing the forest for the trees. It’s n o t

[–] [email protected] 3 points 1 year ago

While I think you're right in that neither of those seem to be pyramid scheme, I disagree with the implication that they are any better (apologies if that was not the implication).

They seem to just be creating an avenue for monotization of something that, I assume (but I could be wrong here), was previously free by nature, hence the necessity for an NFT to monetize it.

I guess really that's just what NFTs do, or at least their main use case. But I guess I just fundamentaly disagree with that idea.

[–] [email protected] 2 points 1 year ago (1 children)

Gambling except the expected value is higher than 0

[–] [email protected] 3 points 1 year ago (1 children)

Is it really though? If I were to go and buy my first ever crypto coin today would you really say the expected value is greater than 0?

I have no doubt those who got in years ago or mine coins using other's resources have an expected value greater than 0 but that's not the entire market. I hope.

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

I guess it depends on your time-frame and your risk profile. BTC/ETH over the medium term has done much better than pretty much any other asset in the world. Altcoins didn't even factor into my brain when I made that comment.

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

And because he gets a decent cut of the profits. Coming out ahead (for a while) has a way of assuaging one's worries.