Is Crypto Finally Dead?

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.

davehtaylor,
  • As an actual currency, it’s functionally useless. Even if every retailer on the planet were to accept it, the overhead for making the transaction is just a non-starter
  • Because of that, it’s entirely just funny money. Even further, since it’s entirely a virtual asset, if the power goes out, your wallet goes with it
  • The environmental impacts are horrifying. This fact alone means that it should all be eradicated. Destroying the planet for Internet funny money isn’t an acceptable proposition
  • For a decentralized currency, people sure do love centralizing under large exchanges, and the massive losses, thefts, fraud, etc. have shown that no matter how “decentralized” it’s supposed to be, it’s still susceptible to the same bullshit as any other currency
  • Its high profile association with grifters, scammers, malware, and dark web shenanigans has completely soured its image in the public mind
  • It’s entirely a speculative investment scam now. There’s no way to decouple it from that.
Sodis,

Some of these points are not inherent properties of cryptos, like the environmental impact and the transaction overhead.

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