Crypto is not practical or fair by design. It needs a steady supply of greater fools to operate, and the only future it's capable of creating is one where everything is monetized, corporatized and the wealthy is in charge, with no recourse for the rest of us.
Crypto is a scam propped up by criminals and price manipulators, both seeking profits at the expense of idiots. It has achieved nothing it promised, defrauded a lot of honest investors and made a lot of undeserving people unreasonably rich. Everybody involved in creating a cryptocurrency should be in prison.
Due to the existence of crypto/real currency exchange and the casual participation of whales who dwarf the community of real users, it is completely and utterly vulnerable to real world economic trends, rendering it useless as any kind of hedge. It has demonstrated time and time and time and time again that it is ludicrously vulnerable to exploitation in a thousand different dimensions even the most fiendishly clever people can't predict, and has wasted a spectacular amount of power for no real return. It has led to a disgusting and desperate financialization of anything and everything that has social relevance, to try and smear even a smidgen of that relevance on crypto itself, as it desperately searches for a use-case to justify itself, and it has created a generation of grifters who clog our content spaces with nonsense information about it.
Cryptocurrency became popular as a result of the increasingly obvious dysfunction of the fiat monetary system.
Unfortunately, this dysfunctional monetary system which crypto was meant to replace has managed to take control of crypto and has turned it into a parody of itself.
Still, it's difficult to think of a better alternative to cryptocurrency to replace the current failing system.
The best we can hope for is that fiat proponents will keep deploying their endless printed fiat currencies towards the continued corruption of the crypto ecosystem until they destroy all of society and their own monetary system along with it - They will keep systematically feeding the greed, deception, inefficiency, incompetence and insanity until it takes over everything.
In their quest to discredit the cryptocurrency ecosystem, fiat proponents are also discrediting their own monetary system. It's a self-destructive and mutually-destructive race to the bottom.
Crypto coins are nothing but Ponzi schemes. Wake me up when their value is not tied to how many dollars they buy or used for ransom payments or dark-web payments.
Blockchain though that’s interesting.
The coins have been around for years and years and have not had much success with greater adoption other than another asset class to speculate with. I submit the utility of crypto in coins is zero but the blockchain might be marginally above zero.
And all this will lead to is crypto coins backed by governments built on blockchains where citizens of said governments will be coerced into using because what person is outside of the jurisdiction of their government? The e-yuan and the e-dollar are coming and each will be controlled by a central bank and fiat currency 2.0 will be here and the silly anarcho-capitalist utopia of the crypto hippies will die out to pragmatism.
So yes, crypto-bull tears are sweet because crypto coins are inherently useless.
Crypto is a cess pool of unscrupulous practices and questionable ethics facilitated by the lack of market regulation and oversight. And in some cases like this one, outright legal fraud.
Crypto is snowflake technology as magic, worthless inherently negative value of resources to mine. Loser is last out of Ponzi. Blockchain not anonymous an initial aspect of its value. It's a next big thing embraced by banks as a why not take fools money business. There are other ways to launder money. The phantasy of utopian solutions to worldly problems infects minds to believe in techno magic. Most susceptible are geeks, people raised on cell phone social media, educated to PC brainwashing little else, I. E. people with no practical experience with reality, history, money, dreamers of the ignorant kind. Technologist skill crypto requires creates and people with barrow skill sets and no useful world view or perspective regarding reality. It's bullshit.
People have grown tired of crypto posts because we have been exposed to over a decade of marketing hype and still no concrete product or useful service has come out for the average person. Almost all of these crypto products die out after the hype, fail to deliver on their promises, or were outright scams.
I was personally interested in a bunch of them 5-7 years ago and feel burned when none of them have lived up to their promise and seem technologically impossible to fix.
The main winners of crypto hype have always been the ones selling something while the users get burned.
Crypto is a ponzi scheme that everyone is in on. Introduce a new coin, sell it for a trillionth of a penny, and hope enough people buy it that you can cash out for a billionth of a penny.
I don't hate crypto per-se. Nor am I particularly gloating about it. However I hope that the silver lining here is that this will be yet another in my evergrowing list of examples to share when I advise people not to get involved in crypto. It's not a safe environment and the people getting hurt don't deserve to get hurt. The only weapon I have to help more people not get hurt is to use these cautionary tales to help inform them of the risk. The track record of crypto indicates that right now many governments are better at the whole monetary policy thing than any blockchain.
Will blockchains fix these problems and mitigate the worst facets of human nature? Maybe, but I have no reason to believe they will right now and every argument that they will is rooted in a faith based statement about the inevitability of technilogical progress. A faith I don't subscribe to and therefore is unconvincing to me.
This is everything that's wrong with crypto; it only even attempts to solve the technical problem and ignores or worsens the legal, social and political issues.
I don’t know if you’ve caught the memo, but cryptocurrency is a Ponzi scheme at a scale we haven’t seen before with a side effect of actively contributing to the most significant existential threat since and including nuclear Holocaust.
Crypto is effectively all horseshit, because the space has attracted the worst people in both tech and finance, and the vast bulk of implementations and productizations are not useful to anyone other than scammers and gamblers.
Perhaps crypto can be revitalized and made useful at scale, but that’s going to require a continued cleansing fire throughout the ecosystem and a new generation of devs and evangelists who actually give a shit about other people.
As a smarter commenter than I said: crypto is the total privatisation of the money system, sold as democratisation.
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