Same as their past: Get-rich-quick schemes, outright scams, massive wastes of electricity, criminal funding tools, investment instruments that aren’t backed by actual companies making anything (and are therefore 100% speculation)… and sometimes some interesting technology.
investment instruments that aren’t backed by actual companies making anything (and are therefore 100% speculation)
Yep, only the evil bad crypto has ever done this! Our revered financial institutions would never sanction such filt-
2008 enters the room
SHIT
Who claimed that only applies to crypto? Don’t attribute to me things I never said.
Well technically, (s)he never claimed you said that either…
That’s the sad state of things right now, but I hope things will change for the better, and crypto will become an acceptable way to keep and spend money (rather than ponzi ICO schemes, or sorry, “investment”). I also hope that more crypto switch to proof-of-stake to avoid the huge waste of energy, though that has its own problems as well (fears of more centralization, though this didn’t happen with ETH, or at least not yet).
Aside from the electricity, that sounds a lot like traditional currency.
So no improvements, but a bigger ecological cost. So we should dump crypto, got it!
It’s like <1% for fiat versus prob at least half of crypto tho
As long as it’s treated as an investment rather than an actual currency, it will never be taken seriously by the general public and will never become mainstream. It’s also too volatile without regulation, so people will naturally be apprehensive with their money being at risk of completely losing value any time.
It has its fans and niche uses, but I think it has too many problems to be viable as a real currently. It’s volatile, is prone to hacks, lacks consumer protection, doesn’t scale well, and has a huge carbon footprint. If the global banking system had things like gas wars and a “possession is ownership” philosophy then society would collapse.
What are gas wars here?
Periods of high transaction volume cause transaction fees to skyrocket. If there’s a rush to buy something, then transaction fees will easily go 10x for an hour or so. It’s like if Taylor Swift tickets went on sale, then the entire global economy stopped until they were sold out.
Yeah like isn’t there a guy sitting on millions and millions of dollars but he forgot his password and only has one attempt left before his account is wiped? Or another that lost his HDD with the details etc. I think it’s pretty stupid to invest in something with such little security or recovery.
I think that frankly, we need them around but solely for transactions. treating them as anything else or positively promoting them under some pump and dump scheme is a big NO. But for example, using something like monero over TOR to buy a VPN to avoid censorship under a dictatorship? yes, we begrudgingly need it around for stuff like that.
What a lot of people forgot is that this was the whole point of cryptocurrency to begin with.
It’s really frustrating watching the furry community flip out every few months or so when a credit card company pulls the rug from under thousands of artists. All the problems that people complain about like power usage are solved by currencies that aren’t bitcoin. But nobody wants that to be true, because being right is the most important thing in the world.
It has potential but everyone is going about it wrong.
Sucks what happened with NFTs being applied to literally the lowest hanging fruit for what it could be used for
The best use case for nfts i read was providing a nft for digital purchases like books,songs, or micro transactions/dlcs for video games so you could keep track of what you own digitally by the nft possibly even transferring your purchases to other accounts
But no.
Monkey pictures.
Because $$$$
I expect that Elon or some other famous person is going to use Dogecoin again to scam their fans and make a quick buck in the near future.
I like that Ethereum’s system changed to use far less energy and thus emit less carbon.
I guess Monero can be useful if you want to buy drugs online or whatever, which I’m fine with.
I know that some people feel really strongly about crypto, either positively or negatively, but I’m mostly disinterested. It’s not going to become a particularly useful currency any time soon and it’s way too volatile, so if I ever decide to invest in something I’ll pick normal stocks instead.
It’s sad to see XMR being perceived as a currency to buy drugs online.
Because it is
Partly, but there are people like me out there that don’t use XMR to do illegal things. It’s like saying only criminals benefit from privacy.
Ethereum’s new solution makes it more centralized, which makes it less adherent to crypto’s general principles.
Ethereum has always been centralized and has never adhered to general principles of crypto. It’s premined, ico,…
Get rich quick schemes, gambling (speculation), rug pull and pump and dump fraud, dodging taxes, malware ransoms and other illegal activities. Just like it has always been.
Unfortunately while it has legitimate uses, realistically it is used more often for crime and gray area activities. Which is a shame because the technology that enables it is interesting.
They will be the only way to transact without being surveilled or without requiring the permission and approval of banks, payment providers, and governments. They will continue to displace banking systems in parts of the world where those are corrupt and do not have basic functionality. They will continue to enable people to do business and cooperate across borders. If we remain long enough without a unified world government, I believe the credible neutrality of cryptocurrency, which is higher than any fiat currency can have, will likely cause one of them to become the global reserve currency.
Meh
A few years back before Bitcoin crashed, EVERYBODY was making bullshit coins and tokens. Way too much hype. Bitcoin fell and a lot of the bullshit died off. Bitcoin, Etherium, and even little ol Dogecoin is climbing now. When the prices surge up, I sell a little, when the price dips back down, I buy it back.
I take little bits of profit at a time, and I hope the value keeps climbing so it can turn into a significant investment, but if not, it isn’t going to ruin me, it’s not my retirement plan.
I hope that more services will accept crypto as payments. For now they’re either used to gamble/invest or to funnel illegal money with a small percentage being used legitimately like maybe $5 for Mullvad or something.
It’ll make a comeback and we’ll get another wave of FOMO and scams
It’s all a scam and the people who buy into it are idiots. Crypto is basically on par with the stock market, horse racing, and scratchy lottery tickets.
