[yieldcrv]

The primary market, amongst crypto and other markets, are actually doing pretty well.

Newly launched cryptos, newly launched NFTs*, teams that merely plan to do those things are getting funded, even bonds in the sovereign and corporate markets are being issued okay and bought up completely.

Its just secondary market that's puking and plastered all over the charts everywhere. Doesn't tell you as much you think it does.

[EGreg]

Secondary markets are where the rubber meets the road. That $3M NFT selling for $10 is reality telling you that maybe you needed more utility and serve people rather than shuffle tokens around in zero-sum speculative trading echo chambers.

[smoldesu]

Primary markets will eat pig slop if you feed it to them, Y Combinator is living proof of that. If the demand for your product tanks in the secondary market, there's a very good chance that the product you're selling isn't very attractive to the layman.

When I say crypto is doing "well", I mean so relatively. The markets are in agony right now, and many of the people who I know who have their life savings in crypto are getting wiped out. The primary market says nothing about how successful cryptocurrency is, just how lucrative it is. Getting someone to buy a worthless thing has a 100% markup, so it's unsurprising the market is still luring investors in with the promise of Yet Another Useless Token.

My larger point is that cryptocurrency had it's chance, and people like Vitalik are the coffin bearers. This brand of economic accelerationism consistently ends in disaster, and crypto is just the same story told through a different lens. It's the Juicero of the 2020s, a concept so useless that it can only move units by fooling customers with insane marketing. Look around at NFT and cryptocurrency ads, you'll get the picture.

[yieldcrv]

> The primary market says nothing about how successful cryptocurrency is, just how lucrative it is.

So, booming one might say? Like in a boom town? Where nobody actually cares what product is being exported just that they can get paid a lot for it?

[yellowapple]

> It's the Juicero of the 2020s

Ethereum alone (let alone cryptocurrency in general) predates and postdates Juicero's existence by a wide margin.

[smoldesu]

The concept of juicers isn't new either, but applying stupidity to them was the novel concept.

[gafferongames]

> My larger point is that cryptocurrency had it's chance, and people like Vitalik are the coffin bearers. This brand of economic accelerationism consistently ends in disaster, and crypto is just the same story told through a different lens. It's the Juicero of the 2020s, a concept so useless that it can only move units by fooling customers with insane marketing. Look around at NFT and cryptocurrency ads, you'll get the picture.

100% this. They've had their time to produce something useful. It's time to pack it in and admit that the emperor has no clothes.