Crypto has religious zealots on both sides of the table for some reason. Sometime in the future we'll probably have books on the psychology aspect of it all, I look forward to reading about it.

It's also hilarious the crypto market is doing all of these things by itself, just as I said. Just now 3AC (3 Arrows Capital) defaulted, Bitcoin is at $20K and sliding lower, Tether is sweating bullets, so pretty much everything I'm saying is already unfolding.

Almost 15 years and I cannot see any usecase for crypto. But yes, it is an evil industry.

> pretty much everything I'm saying is already unfolding.

By definition, cynics are validated in a bear market. That hardly substantiates the claim that the space "needs to be destroyed", nor does it consider the reality that it's here to stay in one form or another.

Instead of screaming murder from the sidelines, maybe it'd more instructive to provide a list of ways that the space could be improved.

> ...provide a list of ways that the space could be improved.

It can't be improved, since crypto has failed at absolutely everything it has tried to improve already.

Too volatile to be used as payments.

Not even decentralised (Bitcoin, Ethereum, etc.)

Not a store of value or digital gold.

Not a hedge against inflation

Most 'DeFi' applications don't have any actual usecase.

Stablecoins aren't even stable and have in fact crashed.

And there is no real usecase for blockchain, crypto, web3 or whatever that improves greatly of what the current system has already.

Now talk shit about A16Z and Multicoin Capital? It's easy to pick losers. The same with startup funds and startups.

Tether is fine at this point. It makes people so frustrated that it hasn't gone to $0 yet. So frustrated.

https://99bitcoins.com/bitcoin-obituaries/

This doesn't really matter since retail is the biggest loser of all of them, which makes my point that crypto is scam more clearer.

We both know that web3 is a space filled by VCs anyway and are always dumped on retail traders and the average person.

So yes it is a scam.

So startups are a scam too? Certainly the public is going to lose money with crowdfunding sites like WeFunder.

Have you considered that retail wants to take risks?

Have you considered that crypto is not regulated?

If you see a startup that has taken VC money (especially if it is crypto) it's pretty much a complete scam that you should stay away from.

Regulation only means disclosures. It's just as easy to lose money. Most startups fail.

>Bitcoin is at $20K

it's still hilarious to me that Bitcoin at 20K is considered a "crash", I remember a few years ago when Bitcoin at 20K was a sign of a massive bubble. People who are rattled by this are giving away the fact they are new to crypto

Who said it was a crash? We haven't even started yet.

I'm expecting it to go even lower, below $10K to $8K.

what is the cynic mindset here? It will crash to $8K and stay put forever? Or keep going down to zero?

It’s hard to imagine the value will go to zero. Harder to imagine that these networks will not continue to improve and find new use cases each year or decade. Ten years ago there was no stablecoins. Five years ago it was hard to imagine how ZKP could reshape blockchain privacy and scalability. Two years ago there was no concept of optimistic and zk rollups that many chains are now adopting.

What happens in the next 5 years? 10? 50?

Can we consider this investment advice?

> Almost 15 years and I cannot see any usecase for crypto

What about the use-case of sending money to pretty much anyone with a cell phone and no bank account?

This has existed for years before crypto, M-Pesa and PayTM to name a few, this is not new.

Looks like M-Pesa is only available in 7 countries.

> The actual cost is a fixed amount for a given range of transaction sizes; for example Safaricom charges up to 66 KShs (0.65 USD) for a transaction to an unregistered user for transactions between 101 and 500 KShs (0.99–4.9 USD). For registered users the charge is 27 KShs (0.26 USD) or 5.4% to 27% for the same amount.

0.65 for $1-5 transaction means a fee between 13-65%

I don't know about the others but my guess is they are similar. Crypto on layer 2 can be a lot cheaper, ubiquitous and not restricted to geography.

https://mpesaguide.com/which-countries-use-mpesa-mobile-mone...

Yes! You also predicted Dai’s collapse!

This seems to be common among those who have lost money. Rather than picking up and moving on, they make it their life’s mission to just attack whatever they feel “wronged” them.