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“Crypto sucks. This is proof.” Exchanges going under proves that people are greedy and/or stupid, but it doesn’t inherently mean every crypto project is bad. I

by tnel77 4y ago

“Crypto sucks. This is proof.” Exchanges going under proves that people are greedy and/or stupid, but it doesn’t inherently mean every crypto project is bad. It doesn’t seem like people holding their own keys are having a bad time right now. Sure, prices of these assets are down, but a hardware wallet is an easy way to make sure your assets don’t end up being given away during a bankruptcy proceeding.

JumpCrisscross 4y ago
> doesn’t inherently mean every crypto project is bad No, but it’s lost the benefit of doubt. Starting from the position that crypto is likely fraud, and those participating in it are facilitating (wittingly or not) money laundering, is spreading from financial peripheries to money centre economies.
- jbverschoor 4y ago
  You mean the benefit of the greed
echelon 4y ago
After all of this fallout, the only people left that will even touch crypto will be the ones that understand how to set up and use a hardware wallet. I don't think that will be a very large market.
- tnel77 4y ago
  Perhaps. I’m guessing that the sting will wear off and newcomers will venture into crypto sometime in the future. I personally view these crashes as a necessary cleansing since so many scam/meme projects get created every go around.
  - echelon 4y ago
    That's true. But there's a lot of opportunity cost and risk in staying the course, especially if you're a crypto developer or deeply invested. Governments are modernizing trade and settlement systems. Other areas of tech are booming, and one could conceivably still get in at the ground floor. And who knows, we may have yet to even see the bottom of where crypto will drop. If I were in crypto, I'd be looking at AI/ML with hungry eyes.
anon291 4y ago
> doesn’t seem like people holding their own keys are having a bad time right now Considering that, instead of owning productive assets that make society better as a whole and provide real value to people, they own tokens that so far do nothing and are only useful due to the exchanges, then yes... that's a pretty bad time.
- tnel77 4y ago
  There’s no denying that people “hodling” projects like “DickCoin” are probably having a bad time. I’d suspect that people who invested in more sound projects (Bitcoin and Ethereum, for example) might do just fine in a few years.
  - anon291 4y ago
    Ethereum has a potential use case for being productive (useful for ownership of digital assets). Bitcoin... that's difficult to see why it would be used.
    - tnel77 4y ago
      It seems like Bitcoin’s low rate of inflation and Lightning Network could make it a decent store of value and means of payment, but we will see if that actually happens.
- deleted 4y ago
  [deleted]
FrameworkFred 4y ago
I agree. I don't think paper money is a bad idea because some countries finance their operations by printing as much as they need. I do suspect that blockchain's killer app may not be tradeable securities, or rights, but something more mundane like Walmart's inventory reconciliation system.

by tnel77 4y ago

JumpCrisscross 4y ago

> doesn’t inherently mean every crypto project is bad No, but it’s lost the benefit of doubt. Starting from the position that crypto is likely fraud, and those participating in it are facilitating (wittingly or not) money laundering, is spreading from financial peripheries to money centre economies.

jbverschoor 4y ago
You mean the benefit of the greed

echelon 4y ago

After all of this fallout, the only people left that will even touch crypto will be the ones that understand how to set up and use a hardware wallet. I don't think that will be a very large market.

tnel77 4y ago
Perhaps. I’m guessing that the sting will wear off and newcomers will venture into crypto sometime in the future. I personally view these crashes as a necessary cleansing since so many scam/meme projects get created every go around.
- echelon 4y ago
  That's true. But there's a lot of opportunity cost and risk in staying the course, especially if you're a crypto developer or deeply invested. Governments are modernizing trade and settlement systems. Other areas of tech are booming, and one could conceivably still get in at the ground floor. And who knows, we may have yet to even see the bottom of where crypto will drop. If I were in crypto, I'd be looking at AI/ML with hungry eyes.

anon291 4y ago

> doesn’t seem like people holding their own keys are having a bad time right now Considering that, instead of owning productive assets that make society better as a whole and provide real value to people, they own tokens that so far do nothing and are only useful due to the exchanges, then yes... that's a pretty bad time.

tnel77 4y ago
There’s no denying that people “hodling” projects like “DickCoin” are probably having a bad time. I’d suspect that people who invested in more sound projects (Bitcoin and Ethereum, for example) might do just fine in a few years.
- anon291 4y ago
  Ethereum has a potential use case for being productive (useful for ownership of digital assets). Bitcoin... that's difficult to see why it would be used.
  - tnel77 4y ago
    It seems like Bitcoin’s low rate of inflation and Lightning Network could make it a decent store of value and means of payment, but we will see if that actually happens.
deleted 4y ago
[deleted]

FrameworkFred 4y ago

I agree. I don't think paper money is a bad idea because some countries finance their operations by printing as much as they need. I do suspect that blockchain's killer app may not be tradeable securities, or rights, but something more mundane like Walmart's inventory reconciliation system.