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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.
Crypto’s main use case has been, and always will be, tax evasion and capital flight from autocratic countries.
The concept of crypto/blockchain isn’t dead. The bubble is popping, much like the dot com or tulip bubble. There are still tulips and internet companies, but the irrational exuberance around the investment aspect of these is being wrung out of the system - and so it the paper wealth of the hodlers.
Don’t tell El Salvador this
Rising Star
This is what capitulation looks like ;)
Chief
Crypto was always dead. It was just able to fool enough people for a decade.
Think dot com bubble burst. We’re literally seeing this before our eyes. Bitcoin imo will be AOL but a google will (and probably already is) creating the future of crypto. The key is finding a way to actually apply it with ease across our world. It will take time
Lol ngmi
Rising Star
It’s a speculative asset. I’m waiting it out a little but going to toss a few coins in as a lottery ticket.
See you in 10 years #HODL