News 1,000 Cryptocurrency Tokens Met Their Demise in 2022

Co BIY

Splendid
The boom and bust of "new coins" shows the real weakness of the crypto schemes. Because they are "nothing" they can be easily replaced by anyone else who wants to create money from "nothing" which is basically everybody. No barriers to entry in the market because there is no there there.

Many of the greater fools are now at least somewhat wiser.
 
  • Like
Reactions: Why_Me and SSGBryan

trance77

Commendable
Aug 28, 2020
32
13
1,535
The boom and bust of "new coins" shows the real weakness of the crypto schemes. Because they are "nothing" they can be easily replaced by anyone else who wants to create money from "nothing" which is basically everybody. No barriers to entry in the market because there is no there there.

Many of the greater fools are now at least somewhat wiser.

Except the top coins have stayed the same and have not been replaced. Which is why I am only holding Bitcoin and Ethereum, could become worthless yes but then I always saw it as a gamble so that is ok.
 

cyrusfox

Distinguished
I bet it is only a matter of time before Binance gets taken down by a scandal just like so many others before it and effectively ends crypto coins.
Before Binance was Mt Gox(Which handled 70% of transactions at the time), there will always be a new exchange, crypto was around before binance and will exist after.
 

InvalidError

Titan
Moderator
Before Binance was Mt Gox(Which handled 70% of transactions at the time), there will always be a new exchange, crypto was around before binance and will exist after.
Crypto wants to be perceived with the same or greater legitimacy as banks. The countless crypto bankruptcies and scandals show that crypto is nowhere near as stable due to lack of regulations and consumer protections. If Binance goes under and takes most of its stakeholders' remaining money down with it, it would likely be the killing blow for any chance of crypto establishing itself as legitimate and likely prompt regulators worldwide to make sure there won't be another to take its place.
 

Co BIY

Splendid
Except the top coins have stayed the same and have not been replaced. Which is why I am only holding Bitcoin and Ethereum, could become worthless yes but then I always saw it as a gamble so that is ok.

Bitcoin and Ethereum do at least have name recognition which gives them some "brand value".
 

Arbie

Distinguished
Oct 8, 2007
208
65
18,760
A great video for those not real familiar with crypto and NFTs is Dan Olson's doco "The Line Goes Up - The Problem With NFTs". In the first part he explains cryptocurrencies in a way that I found more understandable than elsewhere. Then he shows how NFTs use the same base blockchain tech. It was interesting from start to finish.
 

cyrusfox

Distinguished
Cryptos main tenet/proposition is to be a currency free of centralized control(argument as a double edge sword). Its chief benefit being no regulation(Unable to be siezed, no limitations of commerce, and established set of currency supply), and here many are demanding this chief benefit be stripped...
Crypto wants to be perceived with the same or greater legitimacy as banks.
Crypto exchanges want that, majority of crypto proponents definitely want higher adoption.
But exchanges ≠ banks, anyone playing with this long understands to never leave crypto in an exchange, cold wallets are the only safe place for crypto to live long term.

It's guarenteed that more exchanges will go under (like FTX), the fundamentals of crypto will continue with or without them. El Salvadors bitcoin play isn't looking to hot at the moment with BTC losing 60% of its values since El Salvador made it legal tender.
CryptoCurrency needs to be Outlawed on a Global scale via laws/regulation/legislation.

It's hot garbage designed as a Ponzi Scheme.
This. Could not have said it better myself.
If this is what you want, Central bank backed digital currency are out there and more are coming(goodbye privacy). Stick with printing press government controlled ponzi scheme...

If you lost money chasing a scam coin, or gambling on an up market right before this downturn, my condolences.
Only coins I am interested in personally going forward are privacy coins(Monero).
Crypto can be a digital hedge against inflation, a counter to the current ever expanding money supply.
 
D

Deleted member 14196

Guest
Oh? So you’ve created your own a Ponzi scheme I take it?
Like I’ve said many times before, if Central banker’s can’t own it, they will shut it down. Just wait and See m. laws will be made against it. I can guarantee it.
 

InvalidError

Titan
Moderator
But exchanges ≠ banks, anyone playing with this long understands to never leave crypto in an exchange, cold wallets are the only safe place for crypto to live long term.
Crypto is useless without means of converting from and back to fiat. If most exchanges go bankrupt or shut down, crypto's usefulness and worth will be severely limited, which is a good part of the reason why most crypto lost ~70% of their peak value, the polar opposite of the "insulation from inflation" many promoted crypto for.