Or can the industry recover?

It is definitely down, written off by thousands of individual and institutional investors. The most obvious issue: scams. In the world of crypto, big firms are scams. Little firms are scams. Stable coins are scams; exchanges are scams; NFT schemes are scams; initial coin offerings are scams; tokens are scams. Firms run by self-proclaimed altruists are scams. Firms run by the shadiest dudes you can possibly imagine are scams.

  • bouncing@partizle.comMEnglish
    1·
    1 year ago

    I think a useful exercise is to replace the word “crypto” with “shared ledger.” It’s a mathematically signed list of transactions that the community agreed happened. That’s it. A shared ledger.

    So try on a few sentences.

    • “I’m using a shared ledger to send money without incurring huge fees.” (Reasonable)
    • “I’m using a shared ledger to prove who ‘owns’ my pixel art avatar.” (Stupid)
    • “I own a row on a shared ledger because I have a proxy real money and now they’re holding that row for me.” (Hmmmm)