Do you think cryptocurrency will change or be able to recover?
it may recover but it be more unstable
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I read somewhere today, that crypto isn’t going to be new gold, but rather… diamonds. I think it’s a steady march towards ~0, with any significantly positive value (both in the past and in the future) being just a Mexican wave passing through the stadium of speculation.
To me, the main difference between crypto and gold, diamonds and expensive watches is that crypto isn’t bling. You cannot really show your status with NFTs, can you? And hey, with gold and dimonds you can transfer any dodgy money much easier. Decentralisation? Yes, but at what cost? The whole proof of stake thing may help, but 1000 times less expensive is still going to be very expensive (imagine all the nodes authenticating with all the validators!) and would potentialy (likely? surely?) lead to more centralised landscape anyways. Like we now have in the real FX market, with multiple financial institutions and international settlements.
I have friends heavily invested in coins, I wish each and every one of you having any part of your savings in crypto that I’m wrong and it’s going to recover.
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There was a great commentary on the [All-In Podcast] with Chamath(E85: SBF's crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more - YouTube) last week worth listening to. Basic premise- although lots of potential for the tech, it’s more security than a currency, little to no regulatory oversight and it’s one key feature: “transparency” is being thwarted with off-ledger activity by the exchanges. Bitcoin has a lot further to fall in the short term.
I think that it is wrong to call it is a crypto crash because when we observe it the fact is that it was a crash that affected a large amount of many assets not just crypto. Treating it like it is a crypto crash is partly just playing into an attempt to influence how we perceive it. It has definitely affected many of the crypto communities that I am part of, but I also see them building strong project and in fact building even better business. To be honest, in fact, I think there might even be potential for various crypto based business to build off this hype and improve partly because of what others assets were affected and how crypto interconnected as a technology. Blockchain and crypto are being over focused on as security in how they are being discussed, but the reality is that there are business being built around it and grants being built that are much less just about finance and more about solving diverse problems weather it be in relation to air traffic control as NASA is working on it, Universal fertilitaty tracking as Eggschain is doing, or even various environmental solutions as the UN has in fact itself discussed multiple times. More understanding about the technology itself and that it is more of an architecture not just an end layer solution needs to be brought up in relation to crypto, blockchain and things like smart contracts and the fact that there are things being built with them and that we in fact can build with them.
Just a point, but NFT are not the pictures themselves. They are the token attached to it and a smart contract. In essence what NFTs offer is much diverse than what most people think because even the most basic smart contract allows for automation of a percentage sold through the ledger to be automatically sent to the original minter. NFT can be bling if the assets you attached is bling, but what is under the surface is what is truly adding new things. Understanding that this is architecture and not just an endlayer is what needs to be really understood and more people need to dive into more actually what it is about. An NFT in fact could be used for an completely internal thing too so there is potential that people may end up interesting with NFTs without even realizing they are interacting with NFTs. This is in the end architecture that can be expanded upon in various ways. All of our technology of course interests with a social landscape too which is why different interaction will also need to be accounted for in different regions, but that is more the nature of interaction not a problem unique to blockchain either. People just seem to forget this just like how they have also seem to forget when people were scared that steam games would be valueless so we should hoard DVDs(yes likely most of us actually have things that are digital that we consider to have value and this debate has come before). In the end, we are developers and creators and the ones who can use this idea in various ways to create and interact with it in good ways. You may even consider trying to get a stack grant if you have your own idea, but still we are in the end the builders when it comes to what an architect can do Grants | Stacks Foundation