[deeptote]

This is a return to business fundamentals; you no longer get to burn money and not deliver value.

Cheap money has been a plague on tech. Even bucket shop crypto shitheads like Parcl were getting 10's of millions of dollars. The party is officially over for charlatans like them.

[tyingq]

The party was over in 2008 too, yet here we are.

[ThrowawayR2]

The 2008 recession lasted 18 months. On the other hand, the 2000 dot com bust technically resulted in only an 8 month recession but impacted tech hiring & spending for several years.

Yeah, "here we are" but we may have to get through a very rough patch for a couple of years before getting to the next run up.

[this_user]

In 2008 monetary and fiscal policy was not constrained by high inflation. Not it is. Anything that depends on inflows of cheap new capital will suffer. That concerns unprofitable companies as well as assets that generate no cash flows like anything crypto.

[deeptote]

Crypto is a fucking scam and I will die on this hill.

[iancmceachern]

I'll be there with you. It doesn't add value to the world. If you go mine some gold, silver, coal, he'll, even dirt. It all has an intrinsic value for what it can be used for. Even dirt can be used to grow crops or fill in the sea.

Crypto is worthless because it doesn't DO anything.

[iancmceachern]

Those down voting please list here what practical uses crypto currently has for the average human

[dash2]

Bitcoin provides a “fiat” currency which doesn’t depend on any single actor controlling the supply. That could prevent inflation while being easier to exchange than gold.

[version_five]

Yes, it's a scam. I don't see a downturn making people more wise about this though. Crypto shills have a plausible reason for a decline in value, and otherwise it's not like anything is happening to get the scammed (often just the greedy) to increase their sophistication so they can understand it's a scam.

This is one of the rare times I'd say it, but I think legislation is needed. Crypto is a so-far-legal outlet for various financial schemes (ponzi, pump-and-dump, securities fraud, etc) that all are covered under existing laws. We just need to extend the law to these new instruments so people can't legally con others just by saying "blockchain"

[missedthecue]

It comes in cycles. I don't think anyone's saying that valuations are going to be low until the heat death of the universe.