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Is Crypto Finally Dead? (self.technology)

submitted 1 year ago by peanuts4life to c/technology

443 comments fedilink hide all child comments

Yes, I know that it still exist, and yes, decentralized currency which utilizes distributed, cryptographic validation is not actually a strictly bad idea, but...

Is the speculative investment scam, which crypto substantially represented, finally dead? Can we go back to buying gold bars and Pokemon cards?

I feel like it is, but I'm having a hard time putting my finger on why it lost its sheen. Maybe crypto scammers moved on to selling LLM "prompts?" Maybe the rug just got pulled enough times that everyone lost trust.

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[–] iAmTheTot@kbin.social 8 points 1 year ago (2 children)

I'm not a big fan of crypto for a number of reasons but that "for all intents and purposes" bit applies to all fiat cash.

[–] Eavolution@kbin.social 11 points 1 year ago

Cash is monopoly money, with the key distinction of being backed by a government.

[–] wheeljack@retro.pizza 8 points 1 year ago (1 children)

That's not entirely true. The US dollar is backed up by it being mandated as (I believe the only) acceptable payment for US taxes. So long as the US government exists, US currency will have value to anyone who has to pay those taxes.

[–] iAmTheTot@kbin.social 2 points 1 year ago (1 children)

I specifically said cash, maybe people use it differently but cash to me means paper money. I haven't paid for anything with US paper bills in possibly a decade. All my money is just numbers on a screen. I'd wager a lot of people are similar, especially when it comes to taxes. Are you actually paying taxes or receiving refunds in cash?

[–] jmp242@sopuli.xyz 3 points 1 year ago (1 children)

I am confused that you think cash is fiat, but a checking account also denominated in dollars isn't? Or else your responses seem to be a nonsequitur.

I am constantly surprised where the need for cash pops up. The local ice-cream stand. Any used purchase from another individual found on Craigslist or Facebook Marketplace. Even just reimbursement for family and friends you don't want to set up accounts for.

[–] oxideSeven@lemmy.fmhy.ml 1 points 1 year ago

It makes me made anytime someone comes to me acting like physical cash is somehow the best. "I have cash on hand, give me a removed". Like, no buddy, that cash is an actual detriment to my life. I have an online bank. You know how tedious it is to have to go deposit that cash with a normal bank, I have to figure some special magic ritual to get mine in there. I should charge you an extra fee in fact! No soup for you!