:cryptocurrency: :dumpster-fire:
So I am a dumb guy and like all dumb guys I didn't really read the article and just kinda skimmed it but here's what I don't really get:
The article kinda suggests that the only way back for crypto is to reestablish consumer trust and that one of the most important ways to do that is with regulations around it.
But...isn't the whole pitch behind crypto the lack of regulation and decentralization??? If that goes away what is crypto brining to the table?
It is becoming obvious to everyone that blockchain that uses proof of work is a dead-end technology for 99% of crypto applications.
The biggest domino to fall will be when regulators outlaw POW coins and cryptomining. Which has already happened in some countries.
Crypto is useful as a tool for moving assets around without a significant audit trail. There will always be a market for that type of thing, but no way will it ever be mainstream the way it was.
Some people with some power or at least media connections got duped and have a lot of crypto so they'd really really like it if crypto picked up again, that's what its bringing to the table.
I recently saw an article about how Bitcoin is back to pre-FTX crash levels and it was really eager to dismiss FTX and show that Crypto was booming again. Something like "it's like the crash never happened". Just gleefully ignoring that SBF was not a rarity for crypto and acting like its not entirely built up by scammers and hype. Pretty sure those articles are pushed by investment bros who bought at 45k and are under tremendous pressure for it to go back up. I searched bitcoin price the other day and there were astroturfed articles about how bitcoin will be worth 200k by 2030. It's all bullshit.
Genesis just went bankrupt and banks are cutting ties with crypto exchanges yet cryptobros are soyfacing over Bitcoin being at 22k even though its propped up by fake money.
They get defensive and delusional when bitcoin drops 60 percent but if it goes up 5-10 percent they gloat and act like they just proved everyone wrong
:soviet-hmm: out of context this has the cadence of a BMF post.
Unfortunately it will always exist in some form so long as it can be cashed out
Told my dad to sell Bitcoin when it was around 50k, he believed in it since it is such a good idea and since grifters claimed it was secure.
How will I get my ketamine without interacting with people in person now?!?!
