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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 t…
People are way too gullible and already forgot about the previous scams.
> 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 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…
> Now it’s hard to imagine a near- or even a medium-term future where crypto has a fraction of the influence it did six months ago.
Is he really that wrong?
The short term future for crypto looks pretty bad, there's no denying it.
I'd say the medium term isn't looking that great either.
...because of FTX? No, because the medium term outlook for the whole economy is pretty bleak, and no amount of rubbing your fingers together and finding some more magical tokens is going to fix that.
I think this article won't age particularly badly. It's basically saying someone screwed up, and they did.
/shrug
> 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.
Earlier quoted context omitted.
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.
Earlier quoted context omitted.
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.
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 :)