Is crypto era over?

maninasia

Ethereum L2 is picking up well.

Future looks bright for network usage.

https://l2beat.com/scaling/activity

What it is being used for I don't know.

But they are being used!

el diablo

https://www.boards.ie/discussion/comment/120025617#Comment_120025617

Deep...

The best thing about crypto is the way it can always be used to bring in new plebs. MtGox wiped out the first round of mostly drug dealers, libertarians and men who wanted to pay for child abuse. 2017 was the peak of crypto - Walton Chain being my personal favourite. 2021 saw Bitcoin reach almost 70k, and the idea of NFTs becoming almost an idea.

The second money was sent into any of them was the second it was cashed out. Like it's not exactly a complex scam.

Dohnjoe

https://www.boards.ie/discussion/comment/120027532#Comment_120027532

It worked on and off. In one example I selected coins where you could get "a lot" of them per dollar. I noticed friends were more likely to buy an alt where you could get a "million" of it rather than 0.2 of a coin.

Stuff like that. Most who pile into crypto every 3 or 4 years aren't experts or specialists, they are just ordinary people who buy stuff in a frenzy. I consider what they'd be attracted to. And then there's the overall view that it doesn't matter how bad crypto is, as long as people can make stupid gains from over-exuberance and panic drops, then people will always be attracted to it regardless.

Basically I'm investing in people going nuts every few years rather than the underlying fundamentals of crypto itself if that makes any sense.

erlichbachman

https://www.boards.ie/discussion/comment/120028614#Comment_120028614

You aren't actually coming across there as well as you think you are.

It makes sense if you believe crypto is a ponzi and you are willing to put your money in with a belief that there will always be someone coming after you, that's basically what you are saying, you are a willing contributor towards what you believe to be a crypto ponzi because you have no understanding or belief in the product, but will outsmart it because you understand it to be a ponzi?

Dohnjoe

https://www.boards.ie/discussion/comment/120028885#Comment_120028885

Yes. For example, look at Doge, it was made as a joke, it has no supply cap, it's makes no logical sense if you look at it from a proper investing point of view. But if you looked at it through the eyes of some dumb kid caught up in a crypto hype wave who wanted to make money, it did.

I'm not just speaking in hindsight, I shared views about this 2017, 2018, etc.

Potatoeman

Market cap doesn’t represent value. There are plenty in the top twenty that you could cull and it would be of no loss the overall market, probably better for it. The other side of this is that there are others that are completely undervalued. The space needs more informed users.

Slideways

https://www.boards.ie/discussion/comment/120029067#Comment_120029067

Every single coin out there is over valued. They all have no fundamental use apart from some marketing hype and fools chasing the magic beans story

joeguevara

https://www.boards.ie/discussion/comment/120030676#Comment_120030676

Would instaneous transfer of for example stablecoin to anywhere in the world be a fundamental use as opposed to snail pace of fiat transfer?

Shedite27

https://www.boards.ie/discussion/comment/120030682#Comment_120030682

Isn't Revolut instant? What's the advantage to me paying someone in Bitcoin via an app versus revolut via an app? Both are instant

Slideways

https://www.boards.ie/discussion/comment/120030885#Comment_120030885

Indeed. I just transferred money for my nephews from Perth WA to Dublin and my sister had it instantly

joeguevara

https://www.boards.ie/discussion/comment/120030885#Comment_120030885

Revolut international transfers take anywhere from 3-5 business days with the larger transfers taking up to 10. Revolut to Revolut takes about 45 minutes. Charges are considerable at over .3%. Money sent. Institutions wouldn’t have Revolut Also getting large amount into Revolut is difficult.

kaymin

https://www.boards.ie/discussion/comment/120030905#Comment_120030905

Sepa inst is instantaneous transfers across the Sepa payment system. Ireland is behind on its introduction but it's used widely across the rest of the EU.

joeguevara

https://www.boards.ie/discussion/comment/120030974#Comment_120030974

I’m nearly sure eu paperless transfers take up to two working days. Revolut card to card is 30 minutes.

kaymin

https://www.boards.ie/discussion/comment/120030991#Comment_120030991

Maximum time for transaction to complete is 10 seconds. Max transfer is 100k though. Available 24/7/365

https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer

joeguevara

https://www.boards.ie/discussion/comment/120031034#Comment_120031034

The readiness date is July 2023 and they cannot guarantee it in every country but still good. Payment service providers can opt out. Revolut is authorised as a credit institution in Ireland but other electronic money inst don’t have to comply.

also sterling looks like it’s out. The big issue is US. Getting money in and out takes an eternity. And the likes USDC and USDT is instantaneous. That’s the value.

mickdw

Interesting the last while how main stream media is really playing on the ftx collapse while at the same time central banks stating that this is all too risky to let people loose in this unregulated environment.

Is crypto dead? It would seem it is so far from dead that the governments are doing everything to try to come around to a way of controlling it.

kaymin

https://www.boards.ie/discussion/comment/120031208#Comment_120031208

The readiness date you refer to refers to just one country's readiness. 61% of European payment service providers already offer the instant payment service and ~15% of all credit transfers are now by way of instant payment. Ireland is late in the provision of the service.

The UK already has an instant payment system called Faster Payments.

Agree about USD but they account for a very small % of payment transfers.

EU is also exploring a euro digital currency which should help.

kaymin

https://www.boards.ie/discussion/comment/120031251#Comment_120031251

You make it sound like it's a conspiracy between the media and the central banks yet what they are stating is fairly factual - it's the wild west where the naiive punter gets screwed.

joeguevara

https://www.boards.ie/discussion/comment/120031324#Comment_120031324

Sometimes it’s very difficult to hand on heart say everything is regularly. So firstly I’m a big believer in specific aspects of the crypto and will be head of legal for two heavily regulated ( in a respected jurisdiction) and I know the granularity that we will be going through with our auditors (big 4 not a metaverse firstly on a real time attestation basis where the underlying are held in a tier 1 custodian and secondly a separate department will be undertaking quarterly audits that I have never seen in my 10 years in tradfi. So that’s when you go yeah this works, regulators are waking up, implementing appropriate controls and taking people to task.

but then you read about SBFs bail hearing today. And all the media reporting it’s a groundbreaking 250 mil bond. Then you ask how can he afford that. Media PR says he has a bail bondsman and SPF would have to stump up 15-% which is 35 mil. But then you find out he doesnt. He’s released on a personal recognisance and the only collateral is his parents home valued at 4 million. So this guy (and I’m being careful because of innocent until proven guilty) is out with potentially 10 billion to make an escape or at least start the cover up. And what does he have to lose if he doesn’t turn up? Absolutely nothing. His parents aren’t going to be thrown out of their own house. So all that fanfare of the arrest, avoiding the senate hearing, shackled with the biggest bail in the world ever is all lies. It’s fcucked up and it has an appearance of foul play. I’m not saying it is but how could the prosecution all this to fly. And even better he gets to fly first class back to the Bahamas.

Shedite27

https://www.boards.ie/discussion/comment/120038164#Comment_120038164

Well if it's personally recommended by someone who signed up to the forum just to plug it, where can we say no!

Seriously, these type of posts are everything wrong with Crypto

erlichbachman

.

https://www.boards.ie/discussion/comment/120038263#Comment_120038263

I would have thought this was more a boards moderation problem myself

silliussoddius

Anyone watching James Jani’s new video?

https://www.boards.ie/discussion/comment/120053170#Comment_120053170

It’s phenomenally good and should be required watching for anyone considering buying crypto, NFTs etc

silliussoddius

I’d never heard of axi before that, bloody hell.

erlichbachman

https://www.boards.ie/discussion/comment/120053246#Comment_120053246

Man on the internet who makes money from publishing dramatized videos on youtube criticizes crypto industry by pointing to a few bad actors, and drives his own narrative by putting Bernie Madoff alongside Bitcoin

silliussoddius

Few bad actors, it’s more like the entire cast and crew.

Feel free to point out where he’s wrong. Seems to sum it up fine; technology that may have some uses is overblown so people can try to get rich quick.

patsy_mccabe

Crypto is just a glorified Ponzi Scheme. Sorry, make that 20,000 glorified Ponzi Schemes.

I see one of the main Bitcoin Core developers, Luke Dashjr, lost all his Bitcoins tonight. In the ultimate irony, he now wants to get the FBI involved in getting them back. Decentralisation doesn’t appear to extend to wanting the Feds involved when it suits, or being able to securely self-host.

https://www.boards.ie/discussion/comment/120054147#Comment_120054147

People will read that and then still argue that they want their house deeds on the blockchain.