Almost 15 years and I cannot see any usecase for crypto. But yes, it is an evil industry.
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.
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.
Tether is fine at this point. It makes people so frustrated that it hasn't gone to $0 yet. So frustrated.
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.
Have you considered that retail wants to take risks?
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.
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
I'm expecting it to go even lower, below $10K to $8K.
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?
What about the use-case of sending money to pretty much anyone with a cell phone and no bank account?
> 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...