this post was submitted on 19 Jun 2023
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Technology

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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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[–] shipp@mastodon.coffee 5 points 1 year ago (1 children)

@TheTrueLinuxDev @peanuts4life Have you not heard of a bank account before lol. They can already freeze your assets at will.

[–] TheTrueLinuxDev@beehaw.org 7 points 1 year ago (1 children)

And we have the option to use the paper dollars, by depreciating that, you have no safety net during a bank run. GG.

[–] shipp@mastodon.coffee 1 points 1 year ago (1 children)

@TheTrueLinuxDev I haven't used cash in ages lol

[–] TheTrueLinuxDev@beehaw.org 8 points 1 year ago (1 children)

That's good and all, but if you haven't diversify your assets, equity, and capitals, then you are still putting all of your eggs in one basket.

[–] shipp@mastodon.coffee 2 points 1 year ago (1 children)

@TheTrueLinuxDev you can't do any of that with cash. Where are you investing with cash?

[–] TheTrueLinuxDev@beehaw.org 4 points 1 year ago
  1. You can purchase certain kind of assets that appreciate in value over time.
  2. Back in the day, people actually purchase/exchange bitcoins/crypto in cash before crypto exchange is around, those are still going today.
  3. Exchanging currency is still a thing even if it's in person, one currency can drop in value faster than the other during an inflation squeeze.

I could go on and on, you absolutely can with cash and people do it all the time.

We almost had a bank run in America a few times now, cash is good to have if you're in the middle of a bank run in America and you have to buy things now.