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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] 21 points 1 year ago (2 children)

A lot of controversial comments. Here are some of my observations:

Not a single mention of decentralised finance/DeFi in the comments, which is a game-changer.
A lot of outdated information or misunderstanding of recent developments in the industry
A large focus on scams and crypto bros, who are the loudest but definitely not the majority

[–] [email protected] 6 points 1 year ago (1 children)

undefined> DeFi

All governments and API server owners have shown that this is a wish and not reality.

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

DeFi has added some real value for both project creators and users, not just for myself. I'm not talking about the 'money making, profit driven' side of value either, but utility, capital efficiency, flexibility, new financial primitives as well.

All sorts of crazy innovation that you shouldn't just hand-wave away as a scam or redundant.

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

Totally agree. You mentioned recent developments, what Loopring is doing with Layer 2/3 technology has been game changing within the ethereum space. GameStop’s NFT marketplace, especially the games shines because of it.

Semi-related, this post reminds me of a recent F1 story I came across on squabbles, where they are using w3 improve their ticketing systems to combat certain things that currently cause issues like scalping while also providing a medium for tailored ticket and fan experiences. It has actually been a long time coming, I found this article from ‘21 How Non-Fungible Tokens Are Coming To F1 which goes more in-depth with what their vision is and what they believe they can achieve.

I wouldn’t be surprised if these kinds of applications pop up in other sports down the road if it does well for F1.

Given all the negative press in addition to the unfortunate support from GOP fascists, from the outside looking in it must seem like it’s 90% delusional morons being taken advantage of by 10% scammer assholes.

There are delusional morons and scammer assholes, but it’s a loud minority and does not define the technology and the assoc industry.

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

I tried to like Loopring, but their L2s were hardcoded circuits rather than zkEVM which the Polygon and Matterlabs team (and Starkware to a lesser extent) are pushing ahead with this year. Allowing the community of third party developers to contribute value (sound familiar Reddit?) is going to make the whole L2 space to gangbusters.

As it stands now you can't do much with Loopring except what the first party devs have built, which is basically a standard excahnge.