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234

Is Crypto Finally Dead? (beehaw.org)

submitted 1 year ago by peanuts4life@beehaw.org to c/technology@beehaw.org

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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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[–] VeeSilverball@kbin.social 6 points 1 year ago (1 children)

Not dead, just sleeping. It's a tougher, higher interest-rate market which cuts out a lot of the gambling behavior. I remain invested but my principle has shifted away from the financial and trad-economic terms to this:

Blockchains are valuable where they secure valuable information. Therefore, if a blockchain adds more valuable information, it becomes more valuable.

And that's it. You don't have to introduce markets and trading to make the point, but it positions those elements in a supporting role, and gets at one of the most pressing issues of today: where should our sources of truth online start? Blockchains can't solve the problems of false sensation, reasoning or belief, but they fill in certain technical gaps where we currently rely on handing over custody to someone's database and hoping nothing happens or they're too big to fail. It's just a matter of aligning the applications towards the role of public good, and the air is clear for that right now.

[–] Thebazilly@pathfinder.social 4 points 1 year ago (2 children)

Ok, I'm starting a new cryptocurrency, then, it's a Google Sheets page.

[–] mycelium_underground@lemmy.ml 1 points 1 year ago

If it's secure, reliable, and fully traceable then it has the potential to be valuable if people adopt it. Google sheets allows you to write scripts in many popular languages, so you could implement a Blockchain on it, it would be dumb, but you could do it.

[–] rysiek@mstdn.social 1 points 1 year ago

@Thebazilly @VeeSilverball a "SheetCoin", as it were