[IKantRead]

Who in the world is still long on crypto?

In the past few years we've seen ample evidence that crypto is largely a complete scam, and likewise strong evidence that none of crypto's hoped for value will come to fruition (we didn't see it useful for fighting inflation, it's not being used to avoid sanctions, it certainly isn't being used as a currency, etc).

The fact that crypto still has any market value, and that companies like coinbase not only exist but have had a stellar year defies the imagination.

I get a few years back when there was still a lot of speculation/optimism, but clearly today everyone see that it is just a con. Today even my most cynical view of markets seems naive.

[smeej]

I'm short "crypto," but long bitcoin.

Most of the ecosystem is scammy garbage, but I think there's still going to be enough demand for sound money that a currency that can't be artificially manipulated by a central bank will do well, relative to currencies that can.

Perhaps I'll be wrong, but that's why I'm not heavily leveraged and I hedge my bets.

I don't think the entire ecosystem is garbage. I do think there are a few useful ideas other than bitcoin. But I can easily support the assertion that more than 99% of the "crypto" things that exist are worthless and/or outright scams.

[Shosty123]

Takes like these are so moronic it hurts. I just paid an artist across the globe for some icons; the transaction took seconds to resolve and cost me cents to send via SOL. The closest I've come to that is Canada's eTransfer system, but it only works in Canada.

[paulpauper]

you are ignoring the onramp /offramp problem of converting crypto to fiat

[mlrtime]

You are ignoring the possibility he got paid in SOL for some other work. Or the possibility the recipient of his SOL can buy dinner using SOL. This is all possible, even if unlikely.

[JamesLefrere]

I’ve used DeFi for as long as it’s been around and will continue to do so. It’s safer and can be more profitable than TradFi, even with stablecoin yield. It’s a larger area than you might realise, and there is a lot more to it than degen gambling.

[altairprime]

Just because it’s obviously a con, doesn’t negate the possibility of get rich quick outcomes for blockchain participants. Human beings are quite well known for being easily suckered into lazy profit opportunities, and for rationalizing away complex ethical concerns when complicit in suckering others. Otherwise pyramid schemes would never work.

[sneak]

I’m still long bitcoin. Digital permissionless money is useful.

There is no evidence to support your “complete scam” claim.

[codegeek]

In my opinion, only the scammers OR people who truly believed in the promise of crypto and still are delusional to think it will materialize some day. Either way, it is terrible. I can't believe that a digital currency that cannot be used by most people is worth $xx,0000. But may be I am dumb.

[x86x87]

People are delusional _or_ you don't get it _or_ the truth is somewhere in between

[paulpauper]

Agree. I would not touch it. Poor risk to reward ratio compared to stocks or other alternatives, too much risk.