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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 (3 children)

Well, the irony is hard to miss, right? Crypto was born out of this grand idea of decentralization, but then everyone just rushed over to these centralized exchanges. Kinda sounds like a death knell to me. Seems like the original spirit of crypto got lost in the rush for profits.

I do think the tech and the concept will keep evolving, and eventually, it'll morph into something new, get a new name or something. Here's hoping that when it does, people will get that it's better to trust the collective 'us' instead of just a select few. After all, these are often the same folks messing things up. But, what can you do, huh?

[–] [email protected] 7 points 1 year ago (1 children)

This almost sounds like what could happen to the Fediverse. It's decentralized just like crypto, but the majority of people won't know or care about how the Fediverse works, they will just want to communicate online.

[–] [email protected] 4 points 1 year ago

I mean, most Lemmings (lol) hang out in Beehaw anyway, so centralised fediverse is already here

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

Now say it again but replace crytpocurrecy with Website aggregation. Its honestly not that different from leaving the big centralized reddit for the Fediverse... only to mostly end up in a few relatively huge alternatives in the name of decentralizing. Its just... human nature.

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

The problem is that cash itself is already decentralised currency, work on building what you have, not reinventing the wheel, unless there's a good reason or advantage.