Rising Star
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Chief
As useful as electric cars before charging infrastructure was built.
Use case hasn’t gone anywhere but people were lying to themselves about intrinsic value. Just a massive ‘greater fool’ scheme as it exists today.
just curious, how did we come to conclusion that gold has intrinsic value? Its because as humans we all agreed that its valuable, isn't it?
The true value lies in the blockchain and NFTs proving legitimacy such as: ledgers that cannot be tampered with for accounting purposes, luxury brands minting accompanying NFTs in official wallets to prove authenticity of goods sold, digital items in video games being safely traded, even ownership of digital video games being traded, really anything that could benefit from non-repudiation outside of the limited scope of PKI ie adopted by the general public. These are all different, billion dollar industries being disrupted. The current arms race is creating a working proof of concept of the blockchain and the focus of investors and seed money has always been on the blockchain, including big4. Big4 never mentions crypto, it’s always been about blockchain.
Look at what both immutableX and loopring are working on. They’ve partnered with GameStop to make the blockchain accessible to the general public without the gas fees. The NFT art and cryptocurrencies are just an amusing and silly byproduct of the invaluable oil rigs that is blockchain.
The only people who invest in crypto are the greater fools and the fools who think they aren’t the greater fools.
I said estimation of greater fool is a matter of TAM which it literally is, by definition.
There are too many billionaires with skin in the game for it to fail.
It's just in a trench, buy it whilst it's low 🙃
BCG - go on..
Can someone use plain English and explain to me why cryptocurrencies need to succeed? The friends I’ve had who’ve left MBB or Tech to pursue crypto gigs all say something to the effect of “because staking coins and DAOs will replace government backed money” and “entities like the Fed are corrupt, must be abolished and replaced by cryptocurrencies as fiat currency in the future” … what?
Okay, so my takeaway from this is:
1) Govt’s will move to digitizing their currency one day (though it may not be crypto related), which I can support
2) Blockchain technology has valuable applications outside of crypto, which I also agree with and support
3) There’s still nobody able to well explain why cryptocurrencies should be the big bet for the future of finance and / or how it’ll replace the Fed and other monetary authorities 😬
Glad many of us are on the same page!
Time will prove it for you. Vast swath of crypto is dead, Bitcoin will survive, and thrive. I’m not a bitcoin maximalist, I just happen to have very little faith in our monetary and fiscal policy. Additionally, bitcoin, which like most investment instruments are a tool to find the greater fool, have at least a good 5-6 layers left before it finds the greatest fool.
Eh this happens every few years. People make fun of crypto bros and then it rebounds
BCG 2 - it’s an IOU from the government. Nothing more. They do have a history of paying and being more stable. The fact I can buy a pizza at Pizza Hut or go to KFC and purchase equipment from Microsoft using crypto shows the fact it’s being considered a currency and becoming more in use as well.
To your point there are a ton of garbage coins out there but most wouldn’t take them anyway and yes it’s volition right now like a third world country in a revolution but it’s still getting more and more popular. It’s just a deregulated commodity
Still the currency of choice for large black market transactions
SA, Do you mean physical dollar bills? Lmao clown
They said the same about the internet lol
Mass distrust of online retail definitely slowed down adoption early on. Giving your credit card info to some company named after some far away river was odd back in the day. Nowadays, there are established, trusted brands and people have greater online street smarts.
Chief
The use cases are marginal at best, and the evangelists fundamentally misunderstand how economics and fiat currencies (backed by lead and uranium) work.
Crypto is purely a prospective asset used for black market transactions where cash is infeasible. The regulatory risk is high and marginal value low.
Rising Star
The entire idea of crypto as a solution to some set of problems we face in the real world is incoherent.
Blockchains are really slow, really inefficient and expensive decentralized databases. A few cryptos have some interesting properties like smart contracts and zero knowledge proofs. Though, all of these ideas fail when you realize that users need some sort of centralized on-ramp to use cryptos in the first place. Not to mention the tradeoffs of using something like ethereum to run computations or even worse, to buy and sell “NFTs” (air quotes around the “non fungible” aspect) 🤢🤢
Crypto evangelists will say but it removes the need for the middleman! And when you look back on hundreds of years of economic history, you realize precisely why a middleman is necessary — the function one serves. I could ramble on, deconstructing each supposed use case one by one. But suffice to say I’ve been interested in the space for the last ~6 or so years and every year I become more and more disillusioned.
Rising Star
I’m not anti-crypto either. Have owned coins since late 2015, but any and all hope is gone for me.
Crypto bros, unite!
Wait, where’d they all go?
If they retired and didn’t move to another asset class, they will be back in the job market soon.
Broken record. 2014, crypto is dead. 2018, crypto is dead. 2022, crypto is dead.
Who's placing bets on 2026 next?
Time to buy M1
I think we need to frame it a little better:
Crypto as a currency, unless it makes sense, is slowing down...not dead. You cannot commodify every single use case.
Blockchain is NOT dead and shouldn't be.
Manager 2 - In decentralized crypto networks, individual nodes (miners/farmers) validate transactions based on the consensus algorithm. They are rewarded in that chain's native currency.
Just remember that 25 years ago people would laugh at the concept of the internet
Next time add a disclaimer that Bitcoin is a commodity not “crypto”
? It's literally a cryptocurrency
Just got this, sound 🥲
You’ve got to share a picture of that
It'll be a superstar effect - the largest/ most established coins (e.g. Bitcoin) will survive and potentially continue to get bigger. All these other trash coins will fall to the wayside.
We haven’t even begun using smart contract. HODL
Rising Star
Vapor ware!