Most existing cryptocurrencies have no inherent value, they might make sense as a currency, but having a cell in a distributed spreadsheet assigned shouldn't be considered a growth investment and it's absurd how many treated it that way. The only way that sort of thing works is with an endless supply of greater fools, and evidently they ran out.
this post was submitted on 19 Jun 2023
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Technology
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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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No. Bitcoin is the future of money. It really is the best form of money humanity has invented so far. People just need to stop trading shit coins.
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Hopefully. The only thing it was ever useful for was buying illegal drugs via Silk Road.
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I hope the hype is dead. What are people buying drugs on the deep net with these days?
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It's not dead, but the SEC sure has been really helping the consumers basically tanking the market about everytime they help....
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.
you do mind explaining where crypto might have its place?
If you can't buy pizza at pizza hut with it, it's pretty useless as a currency. Which doesn't surprise me, as it doesn't solve any problems with electronic transactions better than traditional existing tools except if you're undertaking illegal purchases.
It's definitely not dead. Market cycles come and go. It's just a matter of time until the next round.
In the US each time crypto is traded it needs to be reported.
I got free crypto from Coinbase. Then sent it to a wallet, then sold it. So each transaction needed to be reported. It’s too troublesome to be worth it.
Also, if I buy crypto, they have a week hold before I can move it. My idea was to buy crypto in country A and sell it in country B to quickly transfer money between the two countries I live in. Also it would help me beat the bank fees.
But the 7 day hold kinda defeats the purpose of quickly transferring money.
This is an interesting take. I suppose in hindsight it was naive of us to think the government wouldn't catch on and track / tax it.
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Bitcoin's in the low $29kus region lately (up from $26kus), so it looks like it's going to keep going. Also, big real money investors are now pretty long on cryptocurrency, so there is a vested interest in keeping it around.
Plus, you know, folks buying stuff on the black and grey markets with it. Wish I didn't have to mention drugs, but it's the easiest way to keep getting insulin for folks these days in addition to the usual recreational compounds.