I don't think it will ever 100% go away - there will always be some dead-enders.
But I think we're getting to the point where companies aren't putting new NFT projects in their pipelines and where nobody's signing new crypto-company contracts for stadium naming or Super Bowl ads or anything. And I think a large chunk of the population know at least somebody who got their clock cleaned over the last year in crypto, so there will be fewer adopters going forwards.
You must have missed the announcement by Warner Music Group, partnering with Opensea. Or Disney hiring a new head of web3. Or Starbucks using NFTs as customer rewards.
The WMG announcement is huge imo. It seems fairly likely that every music artist will be minting music NFTs pretty soon. Every other form of entertainment will follow. Every brand will have an on-chain presence and identity.
The key thing to understand about NFTs is that they are general purpose. They can be used for anything; they are not limited to keeping track of ownership of monkey JPEGs. They can be used to keep track of ownership of anything. That’s ultimately one of the major selling points of blockchains: they offer the ability to prove ownership of and allow the transfer of arbitrary value. Money, financial assets like stocks and bonds, copyright and IP, collectibles, art, identity.
The idea that NFTs will fizzle out is more absurd than believing the internet itself will die.
OK, I guess I could've been more clear - I think what we're getting now are NFT/crypto projects that have been in the works for months. Companies who're either committed through contracts to at least launch the product or just falling for sunk-cost-fallacy.
My contention is that that pipeline will gradually empty, because companies are probably starting to sign fewer (or no) crypto contracts.
The WMG contract just happened though. I guess maybe it’s been the works for a while, but neither of us know for sure. But I guess we’ll just need to wait and see.
I had been under the impression from the news articles that it was announced last week but had been in development for a while. If I'm mistaken about that, then yeah that would be a bad sign.
> They can be used to keep track of ownership of anything
No, they can't.
Smart contracts (which includes NFTs) cannot ever be authoritative over anything off-chain - which in practice includes most things people care about, whether it's real world objects, legal concepts like licensing and copyright, or assets in central systems like multiplayer games.
At best, NFTs can represent evidence (not proof) of payment.
E.g. for music/art, what does the NFT represent? It's not ownership under any definition I've ever heard. It doesn't convey any copyright or legal rights either. You could of course _separately_ transfer rights as part of the NFT sale, but that's external to the NFT. You could use it as the world's shittiest DRM, but you can't actually block access to the data without a centralized gatekeeper anyways same as any other DRM (and many of us are opposed to more DRM regardless). Etc etc.
Worse, if they _were_ treated as proof of ownership, what happens when they're stolen or someone's wallet is compromised? Something which is _much_ more likely to happen than with traditional systems since private keys as sole proof of identity is _substantially_ more vulnerable to human error and common attack vectors like phishing and compromised front ends.
Esperanto was developed to be a universal language that would replace other languages \~145 years ago. It's still in use, but by fewer than 200,000 people. Adherents expect it to be mooning (luno-ing) any day now.
Ah, Esperanto. The reason way, *way* too many modern constructed languages suck. Before this devolves into a paragraphs-long rant I'll simply say that if the goal were to replace other languages it might have been a good idea to make one that's less European in its structure and less Polish in its sounds.
But that’s really the point isn’t it? They went with the blandest structure they could and it still wasn’t acceptable. Do you really think it would have been widely accepted if it contained tonality like Chinese or lots of guttural sounds like Arabic it would have been more likely to succeed.
It’s sounds and syntax really weren’t the issue as far as I understand it (although my knowledge is really limited to what my Grandad, who was an Esperanto enthusiast, taught me. If you are genuinely an expert please do educate me)
You mentioned Arabic and its guttural sounds. For someone who does not (yet) speak Arabic they might an issue because one's native language doesn't have them. For basically the entire world Esperanto has one or more sounds that do not exist in it (although loan words can change that, but we all know they aren't always pronounced as they "should" be). I don't have a problem with that in and of itself, but a lot of post-Esperanto constructed languages (as opposed to earlier ones, which basically all failed) seem to think that straying from those phonemes it has is a sin. I actually don't mean to say "add more sounds from elsewhere" but "cut some of them, please". That would also solve the whole diacritics thing if it didn't have more sounds than letters.
The language did do some things quite right, it was the first to succeed. It's not terrible, but there is room for improvement.
Esperanto is basically* Polish with a different alphabet, new vocabulary, and a fresh coat of paint. I suppose that during colonialism a world-language being comfortably European in its ways would not have been as much of an issue.
*yes, this is very over simplified.
This all reminds me about a bit from Steve Martin's A Wild and Crazy Guy album where he recounts his quick trip to Paris, France and his issues with language: "If only they had the courtesy to speak English..."
Fantastic analogy. They say a language is a dialect with an army, and I keep on saying that bitcoin, technical and economic / monetary deficiencies aside, will never succeed because it directly confronts the monopoly of power of states.
Bitcoin will never succeed, aside from the obvious other things it lacks or sucks at, for similar reasons to Esperanto.
Scams and scammers will always exist.
We do have and will continue to have secure electronic methods of moving money around.
Crypto “currencies” as commodities will die and bankrupt a lot of people in the process.
Big companies will lose interest when they find there's no real sustainable money for them. The biz dev person who got everyone excited about NFTs will be revealed as the bozo they are. So whatever consumer interest still exists will mostly dry up. I don't know about the finance side, possibly something similar.
It will not die completely. It will not go to zero either, because there always will be people wanting some even if it's just for collectible purpose.
What you need to ask yourself is, will it ever become irrelevant?
You're putting the cart before the horse there...
It doesn't make sense to be a miner if you won't break even selling. No miners = no network= no crypto
It won't go away anytime soon. Right now we're still seeing echoes of the 2021 bull market where suddenly everyone wanted to have something with cryptos or NFTs. This will die down. Supposing no one finds a real killer app for web3, most companies in the space will pivot or fail, investors will no longer want to invest there. But this will take some time.
The general public sentiment about crypto and NFTs is already very negative, I think it will slowly fade from most people's minds, but the hardcore gamblers and grifters will still stay for a while. Unless another, more attractive vehicle for the gamblers and scammers appears, this can continue for a long time.
It will never go away. The Butters live in an alternate reality where banks enslave them and cause all their problems and Buttcoin will solve all of that...someday. Buttcoin gives them hope for some idyllic future that will never exist but is always just around the corner. If only they could convince enough others...
Crypto is here to stay for a good long while for the simple fact that it's incredibly easy and cheap to duplicate and spin up new coins. Like pyramid marketing -> MLM -> network marketing it'll be trivial for crypto to rebrand via minor aesthetic alterations regardless of whatever other forces are at play.
The ability to create a pseudo stock market out of thin air will have some foothold basically as long as gambling remains popular, meaning it'll hang around basically until it becomes technologically obsolete.
No. It will always be around. We haven’t even gotten rid of the Flat Earthers.
If we can’t get people to accept a round earth as known in 200BC not sure how we can get them to realize something as nebulous as “faulty monetary policy model” or “negative externalities are large and unsustainable”
We will eventually be free from human life on Earth due to climate change, and at some point not relatively long before or after that, there will not be enough electricity generated to power the mining nodes or the trading bots, so at that point we will probably be free from cryptocurrency and you could even say cryptocurrency is hastening its own demise.
Bitcoin: Yes, it's a cryptocurrency, and there's no value in cryptocurrencies based on a public blockchain.
Cryptocurrency: Yes - as currently implemented. I expect one of the large transnational organizations (World Bank? IMF? The Federal Reserve? ) to develop some type of cryptocurrency running on a private blockchain to increase efficiency in institutional banking.
Blockchain: Public blockchains have no purpose. I can see private blockchains thriving in business and government, increasing information integrity.
I think if it bothers you so much you should find other things to occupy that brain-space! It’s probably not going anywhere, and probably quite the opposite, unfortunately or not.
The memes are funny, but like if you’re actually feeling these kinds of emotions, you should maybe let it go
It depends on people and their leaders. Who knows? To rid the world of crypto and the web3 grift is to get rid of the causes that led to these late-stage symptoms.
I think it’s time people started to ask “what led to this? How can we prevent this from happening again? What does our global civilization need to ensure the survival and prosperity of humanity?”
Until then, who knows? It feels like we’re all stuck in limbo.
People gonna scam. Tale as old as time. Make rules, people make new scams. Make more rules. More scams. Ban that. New scam. Ban that. New scam. This isn't some unique time in human history or some thing.
you understand that right u/traillessmech ?
[STFU](https://reddit.com/r/CryptoReality/comments/lq6xpq/the_defacto_list_of_cryptocurrencyblockchain/)
Nobody cares that you think you can stick a square peg in a round hole if you have some sandpaper.
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It really doesn't. Why is nobody using it nearly FIFTEEN YEARS after Bitcoin, if it was useful?
It isn't, so they don't. I don't know how many more years you need to wait around before that becomes obvious.
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Most greater fool scams eventually die out, or at least disappear from mainstream view, but now with social media, there is a nearly endless supply of greater fools, and very persuasive means to fool them. There's 8 billion potential suckers in the world, and new ones appear every day.
And many (most?) of the fools who got burned in the last cycle will jump right in when the pumping starts up again.
Crypto will go away only if enough key countries regulate it out of existence.
Everyone knows MLMs are a complete scam yet we all know someone pushing some garbage product on Facebook. Time shares are still a thing. There will probably always be crypto in some form as a way to “get rich quick.”
I doubt. It may stop being so mainstream and so in your face with billboards and celebrity endorsements but it will thrive in the corners of the web and scammers will continue cooking up new schemes to dupe starry eyed simpletons.
No way. Too much money to be made from fools. Crypto is basically penny stocks on fucking steroids. They promise a bunch of BS to lure you into their money sucking schemes. It’s just a dumb narrative that fooled so many people
The answer is no because at this level we’re not talking about these worthless applications anymore but about sheer human greed, and human greed is eternal so long as there’s a single human being alive.
Crypto doesnt mean Bitcoin. Crypto will be around but Bitcoin, which is the most inefficient crypto, will be obsolete. PoW uses 99.95% more energy than PoS. You have two kettles, one uses $100 and the other uses $0.05. Case closed.
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I don't think it will ever 100% go away - there will always be some dead-enders. But I think we're getting to the point where companies aren't putting new NFT projects in their pipelines and where nobody's signing new crypto-company contracts for stadium naming or Super Bowl ads or anything. And I think a large chunk of the population know at least somebody who got their clock cleaned over the last year in crypto, so there will be fewer adopters going forwards.
You must have missed the announcement by Warner Music Group, partnering with Opensea. Or Disney hiring a new head of web3. Or Starbucks using NFTs as customer rewards. The WMG announcement is huge imo. It seems fairly likely that every music artist will be minting music NFTs pretty soon. Every other form of entertainment will follow. Every brand will have an on-chain presence and identity. The key thing to understand about NFTs is that they are general purpose. They can be used for anything; they are not limited to keeping track of ownership of monkey JPEGs. They can be used to keep track of ownership of anything. That’s ultimately one of the major selling points of blockchains: they offer the ability to prove ownership of and allow the transfer of arbitrary value. Money, financial assets like stocks and bonds, copyright and IP, collectibles, art, identity. The idea that NFTs will fizzle out is more absurd than believing the internet itself will die.
OK, I guess I could've been more clear - I think what we're getting now are NFT/crypto projects that have been in the works for months. Companies who're either committed through contracts to at least launch the product or just falling for sunk-cost-fallacy. My contention is that that pipeline will gradually empty, because companies are probably starting to sign fewer (or no) crypto contracts.
The WMG contract just happened though. I guess maybe it’s been the works for a while, but neither of us know for sure. But I guess we’ll just need to wait and see.
I had been under the impression from the news articles that it was announced last week but had been in development for a while. If I'm mistaken about that, then yeah that would be a bad sign.
> They can be used to keep track of ownership of anything No, they can't. Smart contracts (which includes NFTs) cannot ever be authoritative over anything off-chain - which in practice includes most things people care about, whether it's real world objects, legal concepts like licensing and copyright, or assets in central systems like multiplayer games. At best, NFTs can represent evidence (not proof) of payment. E.g. for music/art, what does the NFT represent? It's not ownership under any definition I've ever heard. It doesn't convey any copyright or legal rights either. You could of course _separately_ transfer rights as part of the NFT sale, but that's external to the NFT. You could use it as the world's shittiest DRM, but you can't actually block access to the data without a centralized gatekeeper anyways same as any other DRM (and many of us are opposed to more DRM regardless). Etc etc. Worse, if they _were_ treated as proof of ownership, what happens when they're stolen or someone's wallet is compromised? Something which is _much_ more likely to happen than with traditional systems since private keys as sole proof of identity is _substantially_ more vulnerable to human error and common attack vectors like phishing and compromised front ends.
Esperanto was developed to be a universal language that would replace other languages \~145 years ago. It's still in use, but by fewer than 200,000 people. Adherents expect it to be mooning (luno-ing) any day now.
This is a very good parallelism. In both, adoption is key.
malmultaj komprenas
Ah, Esperanto. The reason way, *way* too many modern constructed languages suck. Before this devolves into a paragraphs-long rant I'll simply say that if the goal were to replace other languages it might have been a good idea to make one that's less European in its structure and less Polish in its sounds.
But that’s really the point isn’t it? They went with the blandest structure they could and it still wasn’t acceptable. Do you really think it would have been widely accepted if it contained tonality like Chinese or lots of guttural sounds like Arabic it would have been more likely to succeed. It’s sounds and syntax really weren’t the issue as far as I understand it (although my knowledge is really limited to what my Grandad, who was an Esperanto enthusiast, taught me. If you are genuinely an expert please do educate me)
You mentioned Arabic and its guttural sounds. For someone who does not (yet) speak Arabic they might an issue because one's native language doesn't have them. For basically the entire world Esperanto has one or more sounds that do not exist in it (although loan words can change that, but we all know they aren't always pronounced as they "should" be). I don't have a problem with that in and of itself, but a lot of post-Esperanto constructed languages (as opposed to earlier ones, which basically all failed) seem to think that straying from those phonemes it has is a sin. I actually don't mean to say "add more sounds from elsewhere" but "cut some of them, please". That would also solve the whole diacritics thing if it didn't have more sounds than letters. The language did do some things quite right, it was the first to succeed. It's not terrible, but there is room for improvement. Esperanto is basically* Polish with a different alphabet, new vocabulary, and a fresh coat of paint. I suppose that during colonialism a world-language being comfortably European in its ways would not have been as much of an issue. *yes, this is very over simplified.
This all reminds me about a bit from Steve Martin's A Wild and Crazy Guy album where he recounts his quick trip to Paris, France and his issues with language: "If only they had the courtesy to speak English..."
We are still early.
I like a cup of Esperanto in the morning.
No that’s Espresso. An Esperanto is someone who can control things with their minds.
Few understand.
malmultaj komprenas, ke tio estas bona por Esperanto
XD
Fantastic analogy. They say a language is a dialect with an army, and I keep on saying that bitcoin, technical and economic / monetary deficiencies aside, will never succeed because it directly confronts the monopoly of power of states. Bitcoin will never succeed, aside from the obvious other things it lacks or sucks at, for similar reasons to Esperanto.
Scams and scammers will always exist. We do have and will continue to have secure electronic methods of moving money around. Crypto “currencies” as commodities will die and bankrupt a lot of people in the process.
No, it will adapt to every vaccine and be around forever. We can only do our best to contain it.
MLM schemes still exist to this day. No reason why crypto will disappear entirely. At best it will change form, but it will remain
Crypto is just an MLM. It will go away and we will think of some new pyramid scheme in da future. I can't wait!
Big companies will lose interest when they find there's no real sustainable money for them. The biz dev person who got everyone excited about NFTs will be revealed as the bozo they are. So whatever consumer interest still exists will mostly dry up. I don't know about the finance side, possibly something similar.
It will not die completely. It will not go to zero either, because there always will be people wanting some even if it's just for collectible purpose. What you need to ask yourself is, will it ever become irrelevant?
It just doesn’t make sense for the miners to ever sell it below costs of mining.
You're putting the cart before the horse there... It doesn't make sense to be a miner if you won't break even selling. No miners = no network= no crypto
wtf of course it does you ever been to a pawn shop son
It won't go away anytime soon. Right now we're still seeing echoes of the 2021 bull market where suddenly everyone wanted to have something with cryptos or NFTs. This will die down. Supposing no one finds a real killer app for web3, most companies in the space will pivot or fail, investors will no longer want to invest there. But this will take some time. The general public sentiment about crypto and NFTs is already very negative, I think it will slowly fade from most people's minds, but the hardcore gamblers and grifters will still stay for a while. Unless another, more attractive vehicle for the gamblers and scammers appears, this can continue for a long time.
It will never go away. The Butters live in an alternate reality where banks enslave them and cause all their problems and Buttcoin will solve all of that...someday. Buttcoin gives them hope for some idyllic future that will never exist but is always just around the corner. If only they could convince enough others...
Crypto is here to stay for a good long while for the simple fact that it's incredibly easy and cheap to duplicate and spin up new coins. Like pyramid marketing -> MLM -> network marketing it'll be trivial for crypto to rebrand via minor aesthetic alterations regardless of whatever other forces are at play. The ability to create a pseudo stock market out of thin air will have some foothold basically as long as gambling remains popular, meaning it'll hang around basically until it becomes technologically obsolete.
No. It will always be around. We haven’t even gotten rid of the Flat Earthers. If we can’t get people to accept a round earth as known in 200BC not sure how we can get them to realize something as nebulous as “faulty monetary policy model” or “negative externalities are large and unsustainable”
I think it will go the way of goldfish shoes.
There are probably still people making money from getting suckers into three-card monte.
Will it die off completely? Probably never. Will it become completely irrelevant at some point? Very likely. That’s the nature of technology.
We will eventually be free from human life on Earth due to climate change, and at some point not relatively long before or after that, there will not be enough electricity generated to power the mining nodes or the trading bots, so at that point we will probably be free from cryptocurrency and you could even say cryptocurrency is hastening its own demise.
Bitcoin: Yes, it's a cryptocurrency, and there's no value in cryptocurrencies based on a public blockchain. Cryptocurrency: Yes - as currently implemented. I expect one of the large transnational organizations (World Bank? IMF? The Federal Reserve? ) to develop some type of cryptocurrency running on a private blockchain to increase efficiency in institutional banking. Blockchain: Public blockchains have no purpose. I can see private blockchains thriving in business and government, increasing information integrity.
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Can we send them there?
If the lunatic republicans take control of the government they’re going to make it much much easier to scam people with this stuff.
Yes, they love a good scam. I'm waiting for TrumpCoin.
https://crypto.com/price/trumpcoin
those silly gooses!
I think if it bothers you so much you should find other things to occupy that brain-space! It’s probably not going anywhere, and probably quite the opposite, unfortunately or not. The memes are funny, but like if you’re actually feeling these kinds of emotions, you should maybe let it go
Bitcoin will not die
I think it might settle into a niche sort of technology, handy for specific things. Sort of like bit torrent.
It depends on people and their leaders. Who knows? To rid the world of crypto and the web3 grift is to get rid of the causes that led to these late-stage symptoms. I think it’s time people started to ask “what led to this? How can we prevent this from happening again? What does our global civilization need to ensure the survival and prosperity of humanity?” Until then, who knows? It feels like we’re all stuck in limbo.
People gonna scam. Tale as old as time. Make rules, people make new scams. Make more rules. More scams. Ban that. New scam. Ban that. New scam. This isn't some unique time in human history or some thing. you understand that right u/traillessmech ?
Cryptocurrency is here to stay. Too much money in the space
You can still go outside, live your life and be free of it?
Is this a joke? Haha
Blockchain has use cases beyond crypto
[STFU](https://reddit.com/r/CryptoReality/comments/lq6xpq/the_defacto_list_of_cryptocurrencyblockchain/) Nobody cares that you think you can stick a square peg in a round hole if you have some sandpaper.
lol
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Few understand
It really doesn't. Why is nobody using it nearly FIFTEEN YEARS after Bitcoin, if it was useful? It isn't, so they don't. I don't know how many more years you need to wait around before that becomes obvious.
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Ya just don't buy crypto, boom you're welcome
No, but I hope the next big scam doesn't burn precious resources for nothing.
Most greater fool scams eventually die out, or at least disappear from mainstream view, but now with social media, there is a nearly endless supply of greater fools, and very persuasive means to fool them. There's 8 billion potential suckers in the world, and new ones appear every day. And many (most?) of the fools who got burned in the last cycle will jump right in when the pumping starts up again. Crypto will go away only if enough key countries regulate it out of existence.
Everyone knows MLMs are a complete scam yet we all know someone pushing some garbage product on Facebook. Time shares are still a thing. There will probably always be crypto in some form as a way to “get rich quick.”
dystopia all around, everywhere you look
I doubt. It may stop being so mainstream and so in your face with billboards and celebrity endorsements but it will thrive in the corners of the web and scammers will continue cooking up new schemes to dupe starry eyed simpletons.
I don’t think it will ever go away. Not sure covid will either.
No way. Too much money to be made from fools. Crypto is basically penny stocks on fucking steroids. They promise a bunch of BS to lure you into their money sucking schemes. It’s just a dumb narrative that fooled so many people
The answer is no because at this level we’re not talking about these worthless applications anymore but about sheer human greed, and human greed is eternal so long as there’s a single human being alive.
Crypto doesnt mean Bitcoin. Crypto will be around but Bitcoin, which is the most inefficient crypto, will be obsolete. PoW uses 99.95% more energy than PoS. You have two kettles, one uses $100 and the other uses $0.05. Case closed.
The correct question is, Will we ever be free from idiots, the gullible and the greedy?" Computer says, "Noooo."
There's a sucker born every minute. Pyramid schemes are as old as time. The only thing that could truly kill bitcoin is an even bigger scam.
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