this post was submitted on 19 Jun 2023
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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] 5 points 2 years ago (1 children)

It will never die. I believe it will wax and wane over the years. Being incredibly anonymous and deregulated means it will always be a great place for the evil doers to manipulate the market and make money off of it. Because of that there will always be some people using it.

I think one of the biggest failings of cryptocurrency in general is that people view it as a replacement for cash or debit cards when in reality with how slow and expensive the transactions are it is more of a replacement for clearing houses. When you get money sent to your bank you can use it right away because the bank trusts you and provides that service but the money isn't truly there yet. You may have heard the phrase of "the check cleared" or something similar. It takes a long time for those processes to complete and crypto is faster than it.

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[–] [email protected] 4 points 2 years ago (1 children)

Most people are shifting towards the AI trend instead. Read a post which somewhat describes it well, people integrate the new trends into their projects to get more investor money. Nothing looks better to investors other than 'We have AI Blockchain nano technology behind our service'.

Last year, 'we have blockchain' earned lots of money. Now it's 'we have AI'. In both cases, the technology probably isn't needed, it is there just to be there.

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[–] [email protected] 4 points 2 years ago (1 children)

Hopefully. The only thing it was ever useful for was buying illegal drugs via Silk Road.

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[–] [email protected] 3 points 2 years ago* (last edited 2 years ago)

not really. the stupid stuff, like nfts, are dying, but the rest is still the same.

[–] [email protected] 3 points 2 years ago* (last edited 2 years ago)

No, one thing is the use cases of some to bypass laws.

The other thing is, there will always be people to fall for all kinds of scams, cults, hypes, pyramid schemes so many are still alive as well, there is people out there buying sugar pills and energy healing and Reddit gold.

[–] [email protected] 3 points 2 years ago (2 children)

I am just really happy that storage-based crypto died. It made getting hard drives, and used-servers with drive-bays pretty expensive....

Although, https://cryptoslate.com/cryptos/storage/ I guess many more rose to take its place. :-/

I think the real problem with crypto, everyone and their mother has decided to make another stupid cryptos.... and most of them, are completely stupid. The only person profiting, is the person who created it and minted themselves a bunch of coins to hold onto until the value went up.

Don't get me wrong, I think crypto has its place. But, buying pizza at pizza hut isn't it.

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[–] [email protected] 2 points 2 years ago

It's not dead, but the SEC sure has been really helping the consumers basically tanking the market about everytime they help....

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