Is crypto era over?

Told you.

once you don't get on the lowest tier of the pyramid

I dunno. Crypto has been fueled a lot by ordinary peoples fear of missing out. With recession and rising interest rates there is and will be a lot less spare cash floating about to fund people's crypto FOMO. People become a lot more risk adverse when they have less cash and crypto is toxic at the moment. Hard to reverse that.

But there remain a cohort of dedicated crypto bros who still believe. Die hard.

Until there's something to miss out on again.

To answer is the crypto era over, the last few months have been an absolute disaster with Luna, now Celsius and a recession - Bitcoin is down 50%, alts down 50-70% - maybe someone else is in a better position than me to assess but this is probably the worse crypto period ever. What would it take for crypto to take off again and look like a viable investment? I don't think it would take a lot, gains of 10-20% can happen in a day.

Bottom line is crypto has been hit by a cannon and its still standing, it could do without any additional sagas, but investors like to get in at bottoms and here we are.

The trading firms are making money off retail investors. It all really sits on top of retail. Crypto markets have so much emotion driven activity that it is perfect for trading algos to make money off.

"We will never ever see the likes of this run again" - people say the same in every bear market, it's nothing new. It's your opinion only, just like I have the opposite view.

For the record, I agree the lending companies are a massive part of the problem. Crypto, and Bitcoin originally, was all about self-custody of your monetary value. Cut out the centralised middleman. The likes of Celcius, Blockfi etc are always extremely vulnerable during crashes, much like traditional financial institutions were in 2008, as they're leveraging off other peoples money. Decentralised finance is the future.

You have that arseways. Mining is not in a "concept in cryptography". Your process of mining (under POW) involves trying to find a particular value.

There are actually many different types of consensus mechanisms, both used and proposed in theory. People tend to only be aware of POW and POS.

I didn't see it mentioned on here but one of the largest hedge funds in the crypto space, 3AC, is rumoured to have become insolvent. The people in charge of it have apparently decided to go to ground. Looks like they got greedy and leveraged themselves too far.

No that would be covid and the quantitive easing policies of both the FED/ECB. Covid is up there with any war. All pre-planned nonsense to get the world on lockdown for 2 years. One of the biggest crimes in humanity.

You must be minted Irish_rat. If you are certain of getting 10x each time, and you've been at it a while?

If you've been through 3 such "cycles" that's 1000x on your original investment.

It would be 10,000x after the next one. If you started with 100 quid, then you'll be up at a million. Nice for some.

Yup the domino's are starting to tumble -

Celsius brings down 3AC. This affects liquidity at lots of other companies where any customer is no longer allowed to withdraw their cash.

The failure of Celsius triggered a domino effect across the wider sector: Three Arrows Capital (3AC), a multibillion-dollar hedge fund, experienced its own liquidity crunch as a result, and multiple companies with substantial outstanding loans to 3AC have now had to take emergency measures in turn.

Two other companies that offered bank-like services announced large exposures to 3AC. Last week Finblox said the hedge fund’s actions had an “effect on liquidity”, and heavily restricted user withdrawals, dropping the daily limit from $50,000 to $500 while stopping interest payments on deposits.

On Wednesday Voyager, which offers 12% on crypto deposits, revealed it had an outstanding loan of $650m to 3AC, more than four times its available cash. Voyager added that it would consider 3AC in default if the hedge fund did not repay the loan in full by Monday morning. The company has also reportedly frozen user withdrawals.

Bancor, a decentralised finance protocol that acts as an exchange, lost out to “the recent insolvency of two large centralised entities”, believed to be Celsius and 3AC, and had to impose withdrawal limits. On Thursday another crypto exchange, CoinFLEX, announced that it was pausing withdrawals because of “extreme market conditions”.

Also hardware used to mine the is being sold off where possible (for Bitcoin, this is not possible)

Would have to disagree, the volatility is in the speculation, combined with the difficulty of appraisal. The world of blockchain, crypto, dex is still in its infancy, which means anything this early has the potential to go big if it posses the right minerals.

The pump and dumps scams give crypto a bad image, losing them wouldn't hurt the industry at all imo.

So many things wrong with what you're saying (except NFT's), you clearly have no idea what you're talking about. You need to back up your statements otherwise your just spitting trash

There are scammers in the crypto world, and there are also some people who are in it for ethical reasons, you really need to distinguish between the two to have any rational objective on the industry.

Crypto currency is not a pyramid scheme, it is a proposal of digital currency, a connection between the finances of the virtual and physical world, where ownership no longer relies on centralisation. You seem to be mixing this up with the crypto market, which is an attempt to value crypto currencies.

Your previous post seems to have stirred some emotion based on some article about someone's story where they lost everything, which is fair enough, truly some sad stories out there, however picture this, in Ireland some years back, imagine walking into the bank and asking for your money, and them saying sorry, but we don't have it, we lost it. Do you know how close we were to this being everyone's story?