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You Can Forget About Crypto Now

theatlantic.com

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Re: You Can Forget About Crypto Now

#21

Post by jqpabc123 »

otikik wrote: post #5
themihai wrote: post #2

>> Fried, after all, was supposed to be crypto’s good-guy wunderkind, the pro-regulation prophet who would finally lead crypto into the mainstream. That's rule number one in crypto and the very reason it motivates its existence: You shouldn't trust a 3rd party with your money. Let the "crypto investors" learn this lesson first hand.

Which is also what makes it impossible. Trust is a prerequisite to any commercial exchange, since it requires at least two different parties. Big centralized systems use a third party for “scam protection”. Math alone can’t replace trust.

Who are you gonna trust? Government or a crypto exchange? As you point out, trusting no one is not an option if you want to transact.

Right now, trusting government looks like the better option. And crypto has done nothing but provide proof.

Re: You Can Forget About Crypto Now

#22

Post by Scoundreller »

ForHackernews wrote: post #18
popol12 wrote: post #13

Earlier quoted context omitted.

DEX are working nicely and constantly improving. Today, CEX are only useful for on/off ramp of fiat.

Cool. On the day when you can actually buy real products with cryptocurrency directly, maybe that will matter.

I mean, people definitely have.

Even the sketchy product marketplaces are moving toward inevitably decentralized “n of m” payments where the buyer and seller can approve the payment in case the marketplace disappears.

Re: You Can Forget About Crypto Now

#23

Post by mckirk »

HebericNewt wrote: post #6

I can't imagine this ageing well. It doesn't feel different. The evangelists will hurt and the whole crypto industry is set back, the cynics gloat and revel in the schadenfreude and claim for the 748th time that crypto is dead... Until 12 months later when we do it all over again. It's not the biggest, it's not the first, it won't be the last, it's nowhere near the most catastrophic. At least let the dust settle befo…

I think in terms of potential real-world contagion, FTX might indeed be in a league of its own among the crypto entities that have imploded so far. Add to that the fact that the crypto ecosystem was _already_ under a lot of stress from recent implosions and the generally bad economic mood, and I think we're gonna see some interesting fallout from this.

Re: You Can Forget About Crypto Now

#24

Post by practice9 »

HebericNewt wrote: post #6

I can't imagine this ageing well. It doesn't feel different. The evangelists will hurt and the whole crypto industry is set back, the cynics gloat and revel in the schadenfreude and claim for the 748th time that crypto is dead... Until 12 months later when we do it all over again. It's not the biggest, it's not the first, it won't be the last, it's nowhere near the most catastrophic. At least let the dust settle befo…

If Mt.Gox didn't kill crypto & BTC back in the early days, it's super unlikely FTX is going to kill crypto. What is also unlikely to change is HN general opinion on crypto :)

Re: You Can Forget About Crypto Now

#25

Post by throwup »

HebericNewt wrote: post #6

I can't imagine this ageing well. It doesn't feel different. The evangelists will hurt and the whole crypto industry is set back, the cynics gloat and revel in the schadenfreude and claim for the 748th time that crypto is dead... Until 12 months later when we do it all over again. It's not the biggest, it's not the first, it won't be the last, it's nowhere near the most catastrophic. At least let the dust settle befo…

Let's add this one to the list. https://buybitcoinworldwide.com/bitcoin-is-dead/

Re: You Can Forget About Crypto Now

#26

Post by xch »

Goodbye CEX

meanwhile Chia Network has launched a new capability called Offers, a native peer-to-peer exchange capability. No counterparty risk. No middleman custodian. No additional fees.

Offers allow “Makers” and “Takers” – buyers and sellers – to seamlessly create and accept trade offers all from the privacy of their Chia wallet. Offers allow two people who have never met to propose and complete a trade in a way that neither side can cheat and does not need escrow. This also empowers users to self-custody while making trades, meaning buyers and sellers retain control of their private keys and coins without counterparty risk, middleman custodians, and trading fees. By contrast, centralized exchanges require users to transfer digital assets to an exchange account, creating a potential security risk.

https://www.chia.net/offers/

Re: You Can Forget About Crypto Now

#27

Post by sho_hn »

albertopv wrote: post #10
slaw wrote: post #3

> despite the ricketiness of the whole system, despite the constant feeling that everything might fall apart at any moment, there will come a time when crypto really arrives. For me crypto was always Ponzi scheme and nothing more, but it is because I don't laundry money or sell drugs, so I am not the target for crypto.

Where's the value in crypto? What's the purpose? Decentralisation? Democratisation? And then you have to use wallets, exchanges... There's literally no value in crypto currency, but trust. Like plain old money, which is highly regulated, so much more stability to use it in real economy. So why should I use crypto currencies? And which one, given that everyone can create their crypto currency?

Crypto is a decade-long exercise in teaching programmers why the mechanism used to update numbers in databases is the boring part of a money system, and why governance, policy-making and physical territory control are relevant.

What it really does is highlight inadequacies in education and discourse, and how intransparent "how things really work" (and by extension, what the tough problems are) can be even to intelligent people.

Re: You Can Forget About Crypto Now

#28

Post by acdha »

HebericNewt wrote: post #6

I can't imagine this ageing well. It doesn't feel different. The evangelists will hurt and the whole crypto industry is set back, the cynics gloat and revel in the schadenfreude and claim for the 748th time that crypto is dead... Until 12 months later when we do it all over again. It's not the biggest, it's not the first, it won't be the last, it's nowhere near the most catastrophic. At least let the dust settle befo…

The big question now is whether VCs will pour billions of USD into pump things back up. The real economy isn’t awash with money seeking higher interest rates the way it was a year ago.

Re: You Can Forget About Crypto Now

#29

Post by gsatic »

> The collapse of SBF’s empire should be a wake-up call not just for the industry that enabled it, but for the millions of people who decided to take their chances on a couple dollars’ worth of crypto over the past couple of years

How is wake up even possible? Info Asymmetry is rising exponentially and the attention economy relies fully on propping up people who exploit the gap.

Re: You Can Forget About Crypto Now

#30

Post by bluepizza »

practice9 wrote: post #19
slaw wrote: post #3

> despite the ricketiness of the whole system, despite the constant feeling that everything might fall apart at any moment, there will come a time when crypto really arrives. For me crypto was always Ponzi scheme and nothing more, but it is because I don't laundry money or sell drugs, so I am not the target for crypto.

Tell that to Argentinians, Venezuelans, Iranians where US dollar stablecoins are much more popular among general population. For different reasons: - easier & safer to store - much more stable than their countries own currency - not controlled by the regime And they will likely keep using it, despite major crypto exchanges crashing down, or despite the unclear dangers of USDT.

I just did. None of them ever heard of crypto.

It might seem like crypto is all the rage online, but most people don't actually live in this bubble.

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