Is crypto era over?

antimatterx

https://www.boards.ie/discussion/comment/119346108#Comment_119346108

Not if it makes me rich. Can't wait until 2025

https://www.boards.ie/discussion/comment/119346108#Comment_119346108

I think you said this before.....im nearly sure

Akrasia

https://www.boards.ie/discussion/comment/119345971#Comment_119345971

First of all. That claim about Christmas lights is completely false. Crypto mining used more than a hundred times more electricity than Christmas lighting in 2021. And the mental health benefits from cheerful lights in the depths of winter are tangible. The benefits from crypto are few and far apart.

Crypto uses an enormous amount of electricity despite being little more than a niche hobby. And the vast majority of that energy is not performing any useful work other than trading useless tokens in a speculative bubble

Potatoeman

https://www.boards.ie/discussion/comment/119348480#Comment_119348480

If you are complaining about cryptos energy usage you can’t defend Christmas lights because they put people in a good mood, which is highly subjective. They are a waste of energy. With crypto at least you can do financial transactions. Look at the market cap it’s hardly niche at this point.

LA recently banded the sale of high end gaming PCs yet hot tubs use more power in LA than the PC’s. It’s a weird pointing of fingers at certain things while conveniently ignoring other larger problems.

Akrasia

I was pointing out the claim that Xmas lights use more electricity than crypto mining is a complete fabrication.

And a financial transaction can be processed in much more efficient ways than proof of work Blockchain and this will be the death of bitcoin when the energy costs of mining grow higher than the profits from selling the mined coins

SuperBowserWorld

Isn't their proof of stake to avoid all the energy and resource wastage ?

https://www.boards.ie/discussion/comment/119355565#Comment_119355565

Yup

Potatoeman

https://www.boards.ie/discussion/comment/119355549#Comment_119355549

The banking system is highly wasteful. When you actually look at energy usage it undos all these arguments. The idea that Bitcoin uses more energy than a small country looks bad in a sound bite but then you compare it to what something like Facebook and Amazon uses and it’s a drop in the bucket. Same thing with gaming pcs in LA, hot tubs use more electricity but can’t ban them as many lawmakers have them.

Proof of stake also makes a chain more centralised and gives greater power to larger holders, it’s less secure.

kriptopoulin

yeah in our dreames :D

patsy_mccabe

https://www.boards.ie/discussion/comment/119346108#Comment_119346108

Sadly, so is trying to convince dedicated followers that it is a waste. Some people just don't get it.

kriptopoulin

yes

Akrasia

https://www.coindesk.com/business/2022/10/17/bitcoin-fails-to-produce-1-block-for-over-an-hour/

its dying.

kippy

Crypto, in my opinion, has been an opportunity to make money fast due to it's volitility and human emotions. FOMO, Greed, Desire etc etc

However the concept has been broadly defeated as a realistic currency option due to that very volitility and the emergence of hundreds of alt/crap coins.

Ultimately and for good reason, governments want to have some control over the monetary system. So it might happen down the line that states go down the route of their own controllable coin (making the currency controllable probably removes the need for crypto in the first place and the requirement to move to cryto from current is negated)

So for those reasons I see crypto coin as a something over there that people can buy and sell, until for some reason the whole thing comes crashing down. Some people will and have made a lot of money, some will lose, this cycle will continue.

Blockchain however has major uses IF and when people trust it - this is where the issues with implementation start.

Shedite27

https://www.boards.ie/discussion/comment/119763630#Comment_119763630

What good is a government controlled coin, that's just a currency. Most currency transactions are digital now anyway (ETF's, Revolut transfers etc). Apart from trying to be seen to be hip, what difference would a digital Euro have from a Euro?

The reason you'd want a digital currency that isn't controlled by a central bank, is that it can't be devalued at will, as we've seen far too often in the past few years, which has led to this period of inflation

antimatterx

It will to be fun to come back here in a few years when Bitcoin is at six figures.

erlichbachman

https://www.boards.ie/discussion/comment/119763630#Comment_119763630

The day will come where government does not control currency, they may have their own digital currency but its usage will be optional, of this there is no doubt.

I'm not sure how you come to a conclusion that the concept has been broadly defeated, for if you want to participate in blockchain environments then you will use a cryptographic currency, therefore one cannot really state that blockchain has usage but crypto has no value.

kippy

https://www.boards.ie/discussion/comment/119764148#Comment_119764148

You don't need crypto currency to utilise Blockchain applications. Why would you think that?

The government's simply have to control currency for a multitude of reasons. You only have to look at the pump and dump schemes that are ongoing with crypto to see one reason why.

As for people coming back here in ten years with Bitcoin having a dollar equivalent of six figures, surely that says more about Bitcoin not being a currency in ten years and at most a store of value that ultimately is useless without the ability to convert it to a useable currency. I have my doubts whether it will be a store of value or that value in ten years time either mind.

kippy

https://www.boards.ie/discussion/comment/119763895#Comment_119763895

I don't really disagree with your first paragraph.

The second paragraph however is, based on recent history patently not correct for all crypto. It's doesn't take much to wipe a few thousand off the dollar value of bitcoin for example, or a tweet from a multibillionare to pump the dollar value of a shite coin. These are not signs of stability.

Bitcoin is only paving the way for cbdcs lads..

erlichbachman

https://www.boards.ie/discussion/comment/119766806#Comment_119766806

Public blockchains require a token/currency

Currencies can exist without the control of government, remember money is simply a medium of exchange. Pump and dump schemes are scams, they aren't valid currencies. Anywhere there is money there will be scammers, anywhere there is a bank there will be bank robbers, whether this is in the virtual world or physical world.

kippy

https://www.boards.ie/discussion/comment/119769883#Comment_119769883

Any why would this token/currency have a value attached to it?

You're secriously muddying the waters with your second paragraph - there is a big difference between price volatility in crypto and bank robbers.

Shedite27

As a Crypto/Blockchain bull it's something I struggle about a lot.

I love the ide of Blockchain, independent ledgers that give an accepted view of the world rather than anything that can be manipulated.

I also love the idea of Etherium - programmable money that can only be used for one purpose, or programmed to be exchanged under certain conditions.

But for both of those to be successful long term, it needs price stability of the underlying asset. What good is a the perfect transaction, if the value you get from it at the end of the day has swung 10%, if we're always equating it to €/$'s. If we all went Blockchain, we have the perfect world, but that's not happening in our lifetime, while we've a Crypto/Fiat combo, it's always going to be muddy.

Wanderer78

https://www.boards.ie/discussion/comment/119764148#Comment_119764148

the majority of the global money supply now comes from the global financial system in the form of credit, hence why governments have limited abilities in controlling it, this is ultimately where a significant proportion of our problems now come from, this is in fact one of the main reasons why the 08 crash occurred, i.e. an over reliance on the private sector money supply, i.e. the credit supply, and a wide scale refusal in accepting this reality.....

erlichbachman

https://www.boards.ie/discussion/comment/119770009#Comment_119770009

Why would it have a value attached to it? Is this a serious question? Why would Dollars or Euros have a value attached?

My second paragraph was a reply to your statement regarding pump and dumps, they are market manipulations and scams which explain volatility

kippy

https://www.boards.ie/discussion/comment/119770604#Comment_119770604

Just because you call something a currency doesn't mean it has a value. Block chain has other applications that shouldn't and dont require tokens/currency to be "worth" something.

And surely if the main measure of "worth" is a dollar/euro value you can hardly call it a standalone currency in the first instance.

Market manipulation and scams - are you suggesting this is the only reason that cryto is as volatile as it is - probably is in fairness but doesn't say much for the long term future of the current crop of crypto to be taken seriously as a currency option.

kippy

https://www.boards.ie/discussion/comment/119770105#Comment_119770105

But isn't crypto directly linked to the global money supply as well?

Wanderer78

https://www.boards.ie/discussion/comment/119771156#Comment_119771156

i personally dont think its money at all, but of course this is very debatable, i like many others just believe its a tradable asset, similar to other tradable assets such as stocks and shares, only that its largely unregulated, bearing in mind, fiat is generally used to get in and out of cryptos. its a very interesting development in the whole debate, and very interesting technology, but in its current state, its just not viable for the majority of transactions for various different reasons, as it has not been widely accepted, of course this could change in the future, but many of its current issues must be resolved before doing so, such as its price volatility, its not possible to trade with it under such conditions

Dasein

https://www.boards.ie/discussion/comment/119055066#Comment_119055066

See.

the nonsense I had to listen to from people about this stuff too

the media had a huge part to play, totally credulous and drawing people in who had no idea what the risks were

Shedite27

https://www.boards.ie/discussion/comment/119855531#Comment_119855531

Your main argument seems to be "price is down today"

GreeBo

https://www.boards.ie/discussion/comment/119771922#Comment_119771922

Isn't "Tradeable asset" exactly what FIAT currencies are?

They were created as the next step of bartering.