> The fall of Sam Bankman-Fried, and the more-than-likely fall of many more firms in the immediate future, has sapped much of that hope.
> Now it’s hard to imagine a near- or even a medium-term future where crypto has a fraction of the influence it did six months ago.
Is he really that wrong?
The short term future for crypto looks pretty bad, there's no denying it.
I'd say the medium term isn't looking that great either.
...because of FTX? No, because the medium term outlook for the whole economy is pretty bleak, and no amount of rubbing your fingers together and finding some more magical tokens is going to fix that.
I think this article won't age particularly badly. It's basically saying someone screwed up, and they did.
The title itself suggests what reads like "the end of crypto". Investors tend to buy dips and, compared to stocks, it's harder to predict where's the bottom. People are buying BTC's "dip" every second.
And that's the political problem that crypto doesn't solve. In fact it doesn't even address it.
It's an everyone-for-themselves kind of project, in a massively connected and somewhat fragile physical and political ecosystem.
If you're one of the many with narcissistic tendencies who think more imaginary tokens make you a better person, and who resent the very idea of being massively connected - as opposed to a glorious sovereign individual of unlimited power and potential - it's definitely for you.
Which - coincidentally - is why it's surrounded by unsolved trust issues and scams.
But it's a terminal stage of capitalism world view, and on the way out. Not just because it's politically naive, unrealistic, and inherently unstable and untrustworthy, but also because ultimately it's physically unsustainable.
And that ultimately is going to become more and more obvious over the next couple of decades.
> Now it’s hard to imagine a near- or even a medium-term future where crypto has a fraction of the influence it did six months ago.
Is he really that wrong?
The short term future for crypto looks pretty bad, there's no denying it.
I'd say the medium term isn't looking that great either.
...because of FTX? No, because the medium term outlook for the whole economy is pretty bleak, and no amount of rubbing your fingers together and finding some more magical tokens is going to fix that.
I think this article won't age particularly badly. It's basically saying someone screwed up, and they did.
/shrug