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Is this the end of crypto?

economist.com

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Re: Is this the end of crypto?

#71

Post by yieldcrv »

kojeovo wrote: post #28
Laaas wrote: post #10

The mainstream response to this debacle is a bit incomprehensible. FTX was the antithesis of cryptocurrency; it was a centralised exchange, that was also trying to become a bank, and was AFAICT trying to kill DeFi [0]. The failure/success of FTX has no relation to the soundness of cryptocurrency. I do however hope that this crash means fewer people will speculate on the prices such that it can finally stabilise a bit…

Aren't basically all of crypto transactions facilitated by centralized exchanges? Why is FTX alone the antithesis?

No, decentralized exchanges have had more volume and liquidity than centralized exchanges for 2 years.

Re: Is this the end of crypto?

#72

Post by tromp »

ryanSrich wrote: post #42
bearjaws wrote: post #7

Didn't blow up enough to scare people away long term, it will be back soon enough.

Exactly. FTX.com wasn't even legal in the US. The Terra/Luna crash was WAY worse for people, and that didn't do much to scare people away. BTC has held above $16k, which is really saying something considering the circumstances.

I believe BTC won't drop below $9k until Tether collapses. That will be a day worth celebrating...

Re: Is this the end of crypto?

#73

Post by lupire »

SevenNation wrote: post #62

> The disappointment is that, 14 years after the Bitcoin blockchain was invented, little of this promise has been realised. Crypto’s frenzy drew in talent from bright graduates to Wall Street professionals, and capital from vc firms, sovereign-wealth and pension funds. Vast quantities of money, time, talent and energy have been used to build what amount to virtual casinos. Efficient, decentralised versions of mainstr…

What is Bitcoin doing while it operates?

Re: Is this the end of crypto?

#74

Post by whatwherewhy »

frereubu wrote: post #33
whatwherewhy wrote: post #19

Earlier quoted context omitted.

I'm a user of Bitcoin and I never used any exchange.

That's irrelevant to the comment you're responding to. The point is that there may be people who use it rationally, but how it works in the real world now that it's leaking out beyond its initial user base is getting really problematic.

It works in real world without any exchanges. All of them could crash and burn and Bitcoin would continue on.

Re: Is this the end of crypto?

#76

Post by whatwherewhy »

colesantiago wrote: post #34
whatwherewhy wrote: post #19

Earlier quoted context omitted.

I'm a user of Bitcoin and I never used any exchange.

So when are you going to sell your Bitcoin when it goes to $5K or more realistically less than $5K?

I don't hold Bitcoin. I use it for cross-continent transactions.

Re: Is this the end of crypto?

#77

Post by [deleted] »

Laaas wrote: post #10

The mainstream response to this debacle is a bit incomprehensible. FTX was the antithesis of cryptocurrency; it was a centralised exchange, that was also trying to become a bank, and was AFAICT trying to kill DeFi [0]. The failure/success of FTX has no relation to the soundness of cryptocurrency. I do however hope that this crash means fewer people will speculate on the prices such that it can finally stabilise a bit…

[deleted]

Re: Is this the end of crypto?

#78

Post by onion2k »

lupire wrote: post #55
cooljacob204 wrote: post #11

When Crypto was young it was this cool new technology that mostly interesting because of the underlying tech. But even back then it was mostly valuable for buying drugs online and other illegal stuff. Now it's that and a way to scam people of their life savings. I do hope it dies out, it should have been heavily regulated from the get go. Way too many people saw these high production commercials with their favorite c…

Good government is a luxury many lack.

Is there any crossover in a Venn diagram of "government is so bad you need crypto" and "government is good enough that they won't shut off the internet to control the people"? If there isn't then crypto isn't very useful in those places.
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