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> Crypto isn't the only one, lots of easy-money beneficiaries will come unglued. I hope so. The past 10 years have been absurd IMO. I am of the opinion that re
by dragontamer 4y ago
> Crypto isn't the only one, lots of easy-money beneficiaries will come unglued.
I hope so. The past 10 years have been absurd IMO. I am of the opinion that returning the Fed Rate back to "more than zero" has begun to unravel a lot of these "money goes up" schemes.
Now that money actually costs money to borrow (up from 0% to 3.75%), you can't just keep borrowing for infinite amounts of time and hoping for the best. You actually have to be doing something substantial with the money: building factories or buying servers or using R&D funds to hire programmers to make new things.
"Line goes up therefore I buy" is one of the _LEAST_ "meritocracy" things I've ever seen in my life. Be it crappy stock from some companies, or cryptocoin.
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I want cryptocoins to return to the days about solving financial problems in new innovative ways. Can we go back to talking about how to use 3-out-of-5 bitcoin wallets to implement new protocols of exchange and/or escrow? When did we become so focused on "number goes up" and "inflation hedge" and "have fun staying poor" ??
When the damn coin can do something that physical money can't do, and when people build businesses on top of that trick, that's when we move forward as a society. Not just this weird hype-fest, buying out of stadiums (Miami Stadium / others), or buying out Superbowl ads.
- spacemadness 4y agoI’ve never been a proponent of crypto, but my mostly outsider take is that speculators have pretty much buried any hidden potential if it exists due to greed. My sense is the public is sick of crypto and does not trust it.
- codehalo 4y agoCrypto holders are moving their crypto off of exchanges, not selling. The majority of sellers are speculators. The fast buck they were expecting hasn't materialized. They will be back when the space matures further, and more uniformed but well connected tradFi hustlers and VCs show up, hoping to replicate their success bullshitting the public. Meanwhile, those who understand the benefits of cryptocurrencies will carry on.
- this_user 4y ago> I want cryptocoins to return to the days about solving financial problems in new innovative ways. What problems other than "how to sell drugs to suburban teenager online", "how to blackmail companies", and "how to run giant global ponzi schemes" has crypto actually solved in its 13 years of existence? 13 years after the invention of the WWW, there were almost a billion users, and it was increasingly transforming the world. If any of these crypto/blockchain ideas were actually useful, they would have been widely adopted by now for more than just criminal activity. The reality is that it's an interesting idea, but it's utterly useless for any worthwhile use cases.
- JamesianP 4y agoARPANET was started in the 60's. I'd call the WWW more of a killer app than a disruptive technology. Crypto does have to compete with alternatives that are protected and funded by the govt itself. And the main problem is the slow transaction processing as I understand it. Still not technologically competitive for big systems.