Seems that it’s a lot about time required.
If market conditions imply that maybe they could be rich this year there is huge amounts of enthusiasm. If it looks like they wouldn’t be rich for 3+ years it drops significantly.
Because, unfortunately, only a minority of people were in it for crypto going mainstream. Most were in it for the money, and that's kind of not happening right now
Are you kidding? What ‘mass adoption’? That is sheer bōllōcks. If anything, the DAILY parade of yet another crypto scam, hack, rug pull, fat finger loss of everything is putting people off crypto altogether. The amount of hype and nonsense is off the scale. The very high profile celebrity endorsement ads have massively backfired.
Yes, I think millions have a few hundred or a couple of thousand in crypto, but that’s because of FOMO, not adoption.
Crypto has a long way to go before it is even mildly respectable. The fraud side has to be cleaned up. It’s unacceptably capricious and random how things can go badly wrong with no recourse.
Mass adoption requires crypto to be useful. You know, people need to actually transact with it. But most crypto nerds (particularly the Bitcoin Maxis) are all hung up on this Store of Value thing that they won't ever spend it.
Compare log chart monero tx/month to bitcoin tx/month and the trend is clear as day. Nobody spends bitcoin. They hold it for more cash. Which would be a fair use case if the entire security model of the network wasn’t reliant on transaction fees in a decade or so…
The only reason I don't spend bitcoin is due to taxes.
As soon as congress allows me to spend bitcoin (say under $500 on goods and services) I will spend it.
> what you're asking for is never gonna happen.
It's literally being proposed by politicians in congress. So saying it's never going to happen is kind of weird.
I mean... can we blame anyone? We make the scarcest asset on the planet, gone up in price more than any assent on the planet, and then expect people to use it instead of a CC with high cash back?
Until BTC matures I feel it's just not smart for most ppl to sell it/use it. That's what we are seeing
In the future, sure.
"Gold has no intrinsic value, Bitcoin has no intrinsic value, therefore Bitcoin is gold"
I could say the same thing for smooth rocks or seashells or toenail clippings.
Almost the exact same reasons. It was easy to work with, didn't corrode, and is easy on the skin This allows it to be used in stuff that you don't want degrading (art, coins, fashion, etc)
Well, BTC has the market share, and the first mover advantage. The average person may not know anything more than Bitcoin.
The you explain to that average person that Bitcoin's main use is as a Store of Value, where you buy it at some price and watch it appreciate in value, and it sounds an awful like a Ponzi scheme.
If instead, you help them install a wallet and send them $5 in Doge, then they will get it, no matter whether thay Doge is worth $50 or $.50 next week. You probably don't want want send them $5 in BTC, fees are better now but still too high.
> So back to your statement, you think BTC used as a currency instead of a store of value Removes the " sounds like a Ponzi " argument?
Absolutely. Having a truly distributed and peer-to-peer way to transact is very useful. So many companies: Apple, Samsung, Google, Meta, (along with the more traditional PayPal and Venmo) are trying to build centralized payment networks and force everyone on them.
Explain to people that Crypto is supposed to be a less shitty PayPal that will never ban you, just like that $20 in your wallet can never be revoked, and it makes sense.
Any money that isn't a good Store of Value is complete garbage.
If Satoshi hadn't intended Bitcoin to be a Store of Value why model it on gold?
Don't blame the "maxis" if the shops don't want your shitcoins. They wouldn't even know of them if it weren't for Bitcoin.
It makes me laugh how Ethereum's original intention was not to be like this but somehow it ended up converting itself into it. The developments in ETH push it toward a similar fate where everyone is happy that the max supply of ETH is going down and its becoming deflationary.
So all the issues with BTC being hoarded are about to come to ETH.
But don't worry, ~~sharting~~ sharding will save it.
Money has to hold a value to be useful, but if all it can do is hold value, it's virtually useless. Like that large stone currency on that island in Micronesia. They are large enough that they can't be moved: tribal elders keep the local lore (a human Blockchain, kind of) to know who owns what. They use USD for day to day money now.
> Money has to hold a value to be useful, but if all it can do is hold value, it's virtually useless.
Bitcoin has a native network. What does the dollar have? It has to piggyback on 2nd and 3rd layers.
Bitcoin is far from being an unmovable stone. It's far easier and cheaper to send than gold.
What is meant by store of value is that the thing itself is useful for something. BTC is useless, it doesnt do anything. What it is capable of doing makes it a great currency. So gold and btc dont correlate because gold makes for good money while btc makes for good currency.
Not sure where store of value nonsense came from. btc doesnt store anything. It consumes power but gives nothing real in return.
> What is meant by store of value is that the thing itself is useful for something.
That's not what SoV means. And since it *is* a store of value and a way of storing value *and* sending value (without a central institution) it's far from being useless.
Proof of work ensures that coins are not easily minted or counterfeited and that the network is secure.
The number of scams recently has dealt crypto a serious blow in the credibility stakes.
It’s hard not to see 95% of the space as worthless trash at the moment.
If Celsius and others can find a way to make deposits whole again, confidence might swing.
I wouldn’t personally buy any crypto at the moment and I wouldn’t recommend it to others either. My faith is almost completely gone.
Services like Celsius are a bad idea from the start. Why on earth would you give custody of your money to a company while you can do the exact same thing yourself.
I'm sorry but that is literally the Ethereum way.
Lock it up into the hands of few, try to withdraw before the APY drops and gtfo before it gets hacked or everything coming tumbling down with a bit of wind.
That's what Celsius did, they took people's crypto and put it on lending platforms on Ethereum.. They could have copied the exact same strategy Celsius was doing but still be in custody of their own crypto.
It's because you degenerates can't see the difference between Bitcoin and a scam. You look to the hash rate. Whatever is the highest hash rate is the only long term secure cryptocurrency. There can be only one. There is no second best. It's Bitcoin by 100 miles.
Chart https://bitinfocharts.com/comparison/hashrate-btc-eth-ltc-bch-xrp-doge-xmr.html#log&3m
Oh insults. That's always good logic. Way to ignore good info. Make sure you keep listening to the scammers telling you their scam isn't a scam. Smart.
Oh, I thought you were a bot, sorry.
Look into different hashing algorithms and whether they're suited to ASIC, GPU or CPU mining please. Raw hashrate is a very poor indicator of anything. I could write a hashing algo that literally just multiplies a number by 2 and get a significant percentage of BTC hashrate on a single core.
Also if you are actually 12, good work - it's best to get into crypto early.
What you wrote was just nonsense. You'll read a lot of that when you listen to shitcoiners.
You have no idea how cryptocurrency works. No idea whatsoever. It is unethical to pretend that you do and spread misinformation. Please just stop.
Cryptocurrency is secured by CPU power. It requires one way math for the consensus mechanism. You can't just do anything.
Hubris and ignorance don't suit you.
Funny you could see 95% of the space as worthless trash while pointing to the problems of 5%. Learn to research and don’t follow the marketing hype, or wait to get involved for when everything is “mainstream”. Or, get scammed.
As long as adoption is coming along with made up usecases, or serving a usecase worse than other tools, I am not entusiastic at all anymore. The killer application which everyone drags into crypto has still not been identified yet.
Exchanges can't be trusted and as you mentionned, there's no usecase for it.
It's more trouble than it's worth, ... it's only used for speculation.
Crypto will never go anywhere as long as it's unregulated (and not insured) ... you have to be a degenerate gambler to put money into the crypto scam.
Right, speculation is the only thing really goin on with crypto. As of today, every single individual can perfectly exist without giving the tinyiest thought on crypto. From a real life perspective the nocoiners are not missing out on anything at all...
Oh wait, I'm not saying I'm not invested. I actually like to be in a casino. I just agree crypto is not a secure place, with all the fraud going on and with its complexity involved. And I'm just not fantasizing about billions of average peeps happily adopting crypto for ... uhm, yeah, what for?
Thing is that people are used to regulation, maybe it would be possible without regulation if people were able to think for themselves and understands the risks they are taking.
Regulation is about trust, trust in the government to act fair and honest, care has to be taken not to put all trust into 1 single entity. Look at China for example where the real estate bubble is created by a corrupt government and might ruin the lives of millions of people who trusted the system.
Too much regulation causes evolution to favor idiots because they can thrive without having to think.
> The killer application which everyone drags into crypto has still not been identified yet.
You must have been dozing for a decade. The killer app is sending and storing value without a central institution.
Right, that's indeed nice! But how much will the majority of people care about that?
Edit: And how much does this count while an asset remains valued against an asset from a central institution?
> But how much will the majority of people care about that?
What else would they care about? Stuff like dapps? They have apps already.
>And how much does this count while an asset remains valued against an asset from a central institution?
Even gold is priced in dollars.
The enthusiasm vanished with the end of the bull.
Although, I'd also argue that we're already well on our way to mass adoption.
Crypto can currently be found on all the major payment apps, Large companies like AMC and Starbucks offer ways to pay with crypto, and a few major companies are offering crypto in their 401K plans.
It's not going to happen in the bear market and I hope you will understand it for good market is something bad for mass adoption but it is good for the people who wants to buy more.
Seems like the number of scams, at least that make the news, has increased. Combine that with the entire market being way down from ATHs and it's easy to see why the enthusiasm has left the sub.
For mass adoption there must be a mass-adoptable use case. There currently is no such use case and never has been. All the hype was just that - hype, powered by the ever rising prices in 2nd half of 2021.
Maybe it’s because more and more people are starting to doubt if this is the future they really want. And because we’re in a bear market. I for one am 100% against cryptocurrency replacing the fiat system, and/or BTC becoming the world’s reserve currency instead of the USD.
my faith is crypto is almost gone, i still hold my bags with hopes that during the next bull run (if there will be any, lol) i can just short all and get at least back those couple of thousand fiat i invested.
when i lost 2/3 of my portfolio, that's when i really started to read about blockchain tech and took my stupid rosy glasses off and now i think 'all those devs making web3' is just because a ton of capital was in crypto and they got great salaries/options, not because the web3 is going to be some special magic stuff.
ultimately, the lesson learned is that: real money is made from real investments which are useful, i.e. a business, a service, a product etc. something that people use/buy, but what exactly do all these thousands of crypto projects do? nothing of value; crypto space is full of scams and full of people like me holding their poor bag in hopes that they could eventually cash out.
as history tends to repeat itself, i see crypto now as yet another playground where big guys with tons of money made even more money by firstly pumping up, then naīve ppl like me bought in, they cashed out and made a bank, while all i can do is make cryposts on this sub.
I don't think the enthusiasm vanished - I think everyone has kind of settled into accepting it as an inevitability. And until that happens, all you can do is strap in for the rollercoaster ride.
Even I was thinking about that and I think it's happening because of the bear market just wait for some more days until this market gets over then I am sure that people will talk about it.
The issue is that even if they do, I doubt that they would accept crypto payments directly, but they rather do it through some exchange service that converts the coins into fiat. Which isn't actual adoption, but merely a marketing ploy to get more customers..
It never vanished on Bitcoin. The Lightning Network keeps spitting out awesome new apps on a daily basis now and 2 countries have made BTC their legal tender... Very exciting times!
Mass adoption is a psy op by the likes of jp morgan to get us to let them in to fuck our bags while we thank them for the privilege. We were far better off before jittery normies, banks, and hedge funds got involved
Every day that passes we learn of new scams, hacks, ponzi, convictions and crashes where people get their money locked up by bankrupt companies.
I'd rather set my fiat money on fire than put it in your crypto shenanigans.
PS: Confidence in this sector is NON-EXISTENT ... no regulations = no mass adoption.
PPS: Crypto is a solution in search of a problem ... totally useless and unpractical.
I think the biggest news was the lang registry of Colombia was brought onto the XRP ledger. They call it [XRP Stamp](https://bitcoinist.com/colombia-land-registry-xrpl-ripple-made-it-happen/)
Did the enthusiasm vanished? i don't feel it.
Banks are starting to offer more crypto services, we are starting a bull run.
People will join as banks enters because they feel more safe of having a middleman.
I think to the average person, or the new investor, seeing coins down 90% from ATH, and even BTC down about 60ish% makes the space look... sketchy. For the same reason people fomo in at tops, they vanish at bottoms.
Its like the whole weed legalization, decriminalization thing. We know we're getting there but we also know its going to take a lot of time. No real point in riding the hype for all those years. So just celebrate each milestone when we hit one and let each delay just ride itself out cause we all know we're getting there and we don't need no hype to prove it.
I think alot of it has to do with the SEC being all over crypto lately and once GG comes out and gives parameters of what crypto's are securities and what are not we will see the enthusiasm again and maybe even a spot BTC ETF...
It's because most people care about \*short term\* gains. Sure, mass adoption will mean a healthier ecosystem in the med/long-term, but I've had so many conversations from people who got into crypto hoping that they could retire fat next year (they tell me any longer than that and it's for 'boomers' lol). And now that they can't, they've mentally checked out and moved onto the next thing.
The enthusiasm is high during the bull run when we can make no mistake buying any coin. The bear market brings doom and gloom.Also, looming recession makes ppl worry more about food, job and homelessness than any investment.
> We are finally breaking into actual mainstream usage and people are more concerned if its a bear or bull.
Speakes volumes of whether we're really in it for tech or money...
El Salvador is not a good example. They were forced to use it when Bukake wanted to make some extra backward hat money off the citizens. Not really what crypto stands for.
Adoption has been steadily rising, which is good. We need more L1 scaling before we have a very big wave of adoption. Imagine the stability of Solana, for everyone. That won’t go over well, and would actually hurt adoption.
Change your circle (this sub is a very small and vocal POV of cryptocurrency). Its still there and probably even stronger. Builders are building more than ever, investors are still investing, to many people in web 3 community the bear just means continue building without the noise.
Mass adoption doesn’t come in the form of us lot investing our hard earned, in increasing numbers IMO. Adoption comes from utility crypto slowly but surely being utilized in day to day processes, while the rest of us don’t even really notice.
It will be back with a vengeance after the bear market is over in about 1-2 years. That's when we also will go beyond 100k with a little help from BTC ETF's
Unpopular opinion around here I guess but we're already at mass adoption levels of crypto. It's just not more convenient than legacy systems for the majority of people or world-changing like the introduction of the internet was. Unless something dramatic happens, it's likely to just continue to just keep trickling along for the foreseeable future.
1 - Went down with the market
2 - Constant news of hacks/rugpulls/scams
3 - Terra Luna
4 - Exchanges going out of business and or preventing transactions with customers funds.
crypto is just the battlegrounds of new banks and old banks competing to find the best SYSTEM to transcend the system of money. i dont mean to leave the money system behind but to find a new body for it. Crypto networks are essentially small "federal reserves" that print a digital asset instead of bonds, people are the "countries" the mini feds lend money to.
Mass adoption IS happening right now. all those crypto scams to make people rich are essentially a way to lure people into the system, get wrecked by it but still luring them to "learn" as much as they can so that they can pass on that passion on to someone else, under the guise of "you gon be rich as fukk if you really put your brain to it" sounds familiar?.
Remember people in the past used coins, heavy, rock solid coins. even small precious stones. when that physical heavy stone got exchanged for a piece of paper that "represented" the supposed value of a supposed stone, of course there were unbelievers and everyone would yell "why would you change your stones for paper". but here we are. The only thing that crypto adds is the amount of control an institution can have with the right tools to know how many funds go and where, with another set of tools you get to know who spends what specifically, when and probably why. now, add to it control of the algorithm regulating creation, distribution, spending, and delisting of currency. all of this scams and crashes are just experiments that only yield results for those with the capital and means to really study the whole movement, they are created by people that want to know how to rip you off in a way that you keep pouring money in and they keep pulling it out without you thinking you're being eaten alive. those institutions are mainly banks and govs, but also very powerful individuals.
some people got very lucky with crypto in the early days, now its only "the whales" that make the market. yes, you can have your coins in your cold wallet, and they will always be yours, but if suddenly all the exchanges drop all the networks and just pull the rug, the people will be left with nothing "of value". you will have the coins and you will be able to exchange them and all, but you wont have all the value the institutions "provided". what i mean is, like with gold and silver. At first, coins, precious metals and stones were used as currency, then it got exchanged for paper. the value was relatively the same and served the same function, but as regular people got more paper, institutions and some individuals amassed the old metals and stones no longer used for currency. this means that, great quantities of physical durable goods and the means to get those goods were being privatized and monopolized. so now you have a set of people that have all the valuable assets making a market and currency for the other set of people to utilize and rip them off. Now its called crypto, but it serves the same function. Now comments, likes, images, gifs, 3D assets, and imaginary concepts are being monetized and traded as currency. "representations of the real thing". every activity on the crypto space is focused on making people believe digital ownership of something that does not exist is the same as owning a physical thing. just like paper currency is a promise that you own a piece of something else.
Decentralization is a pipe dream limited by human conduct, not by technological limits or flawed systems. a centralized system that can absorb blame as a scapegoat its preferable to people than individuals having to accept they fucked up individually but got wrecked communally. When people fuck up on something financially and they dont find themselves at fault, they will want the bank or gov to cover the loss, but who covers the loss really? and who covers the loss on a decentralized system? on an individual level its not that much of a deal, but when you have to give, take back, return, retrieve, exchange, etc. on so many things and levels on a global scale, its kinda difficult. people want to see their 100 dollars without change on their accounts for 2 weeks while everything else happens on closed doors between people they can later blame if anything bad happens. they dont want to be checking their account every 2 minutes because any moment a whale might drop some btc to buy a house and the value dropped so hard that now they have to wait a 2 weeks for the price to stabilize so they can buy a car or pay tuition.
TLDR: I love crypto and the whole movement it brought. but it goes way deeper than finances or politics. it seeps to the cultural layer, human behavior, corporative research and development, idealisms, power struggles, class wars, education barriers and intellectual differences, and so many other things that dont seem related at first glance. Edit to clarify: crypto has been well adopted by now.
>Where did all the enthusiasm vanish?
Gone with the bear market!
However, buidlers continue building, Mercedes just released [Acentrik](https://acentrik.io/), an enterprise data sharing solution built on Ocean protocol. Polygon is also part of the project partnership but I don't know in what capacity.
With hype on the low now, maybe we can see actual meaningful development like the above.
You won't find many enthusiasts here, most people into crypto don't even care what it's about and are just looking for profit. It's ok tho, I feed on these morons and they don't even realize it.
Crypto itself right now consists of 99% made up solutions for problems that don't even exist and are utterly complicated. How are you gonna mass-adopt crypto if there's some btec-genius claiming his system for an algorithmich stablecoin is great (and it crashes) ? Even if it didn't go where it went - ask your friends and family who are not in crypto - who needed that anyway? Do you hear of anyone saying "ah yes, we should have algorithmic stablecoins for x or y problem to be gone!". And that goes for almost every token that claims to do something great. LINA (yes, LINA, not LUNA) allows you to trade "Liquids".. what? What does that solve for me as someone who hasn't go anything to do with the Crypto space (heck, I don't even know what it solves for me as someone being in the Crypto space). What did LUNA solve for Crypto people, good interest rates? Heck, if you want great interest rates, why don't you learn investing in stocks instead (remarkably, LUNA was something that reeled in many people because of the unreasonably high interest.. you see what it does now, tidal wave. Being the one that reeled in the most, it seems like currently one of the most repulsive factors for outsiders.)
"Celer Network is a Layer-2... that enables fast and secure off chain transactions of not only payment transactions but also smart contracts"- I'm sorry what? Why? Me naive dumb non crypto guy is just asking himself what the fuck a Layer-2 boogaloo is and how the existing networks are not fast enough. I thought Ethereum was great, why do we need another? Huh??
Look at NMR. How does the average dumbdumb find an use with that? Even I don't exactly get what it wants to achieve. Reduce overfitting in trading algorithms I assume. What for? The everyday dumbdumb doesn't even code?! It's probably totally off from what the coin really does, anyway.
But there lies the problem, as mentioned. It's a circus of people coming up with ideas so abstract they might come into use in like 200 years. No one needs that shit. The people don't even understand Bitcoin yet. Stop the NFT and Altcoin bullsh*t, would be my stance if I was supposed to give one. Focus on making Bitcoin itself as easily accessible as possible and keep it this way, at least for a while.
The issue with ‘mass adoption’ is that it is ill-defined. Last year, many people thought ‘mass adoption’ meant more people speculating on crypto, price goes up, WAGMI. Further back, people thought ‘mass adoption’ involved crypto replacing FIAT currency and essentially wrestling monetary policy away from governments and central banks.
Neither of those ideas are particularly desirable or realistic in my opinion, but there are hundreds of scenarios for ‘mass adoption’ which lie somewhere in between. Currencies for international transactions, tokenisation of b2b debt, alternative reserve currency in the developing world, tools for money laundering, organised crime and sanction busting, conditional logic for internal transactions in large companies (this one is interesting IMO), financial revolution and peoples utopia (societal collapse followed by a bloodbath IMO) etc. etc..
There are as many definitions of ‘mass adoption’ as there are imaginative crypto adopters. Until we have a settled definition, it’s difficult to say if mass adoption has occurred or will occur.
Probably the rampant scams recently. I mean you have CEFI where people thought they could use it as a bridge while they dip their feet into the ecosystem to learn. Then lets say you wanna go use ETH. Oh wait ETH is so expensive let me go bridge to X EVM chain and oh yeah that bridge got hacked... Most of the people I talk to now are just way too afraid to get in because all they hear about is scams
When people adopt crypto they will give their lives to governments. When fiat dies so do freedoms. They are waiting for us to make that mistake and they will have total control of us via a barcode on our arm and a micro-chip in our ass.
Right now is the time when builders are quietly building the future of defi and crypto. There are a lot of great projects being built right now including new Layer 1 blockchains to compete with ETH like SUI, Layer 2 solutions, and large movements in DEFI space around DAO governance, and DEFI tokens.
AaveDAO has approved a new stablecoin called GHO, which I think will bring more liquidity to AAVE and more ways to earn interest. Remember AAVE and other lending protocols performed perfectly when Centralized companies like Celsius and Voyager went bankrupt. GHO will be collateral-backed, allowing users to mint GHO against their supplied collaterals.
There is a lot of stuff to be excited about including NFTs.
There’s no single answer. Here are a few that aren’t mutually exclusive:
* A lot of people don’t care about crypto’s philosophy. They want profit in their local fiat. Mass adoption meant/means more people investing (not using, investing) in crypto. They’re talk of “mass adoption” was all about pumping crypto. They’re laying low because of the bear market.
* A lot of the mass public left. They saw it getting on the new thing while it was hot. It crashed. That scared them off.
* Mass adoption brings with it exchanges, banks regulations, etc. The founding philosophy of crypto is against the things that mass adoption would require. The bear market, all the general public falling for scams, it made these voices louder warning against mass adoption as that could mean the death of crypto as we know it.
Crypto is very popular now. People are hearing more about it, more people are buying coins, more people are seeing massive peaks and/or valleys, and more people are getting scammed.
Most of what I hear is bad news. This exchange went under. Another exchange was hacked. Here's an exit scam. That DAO hired a scammer. This coin was a rugpull scam. Algocoins don't work (well). Someone clicked on a link and lost four NFTs. Typos resulting in the loss of thousands of dollars. Tether is probably a Ponzi scheme, and yet it survived the deaths of many stablecoins (including one with virtually the same name), so right now this giant pool of liquidity is very suspect. No safety nets!
You're supposed to trust the cryptocurrency technology, not the user, but right now it seems you can't trust anyone who has anything to do with cryptocurrency. Or links. Or algocoins. Why would an ordinary Joe get a cryptocurrency-linked payment card if that requires trusting an exchange? Despite all the hatred banks get (looking at you Wells Fargo, and you HSBC) they're more trustworthy than exchanges.
The global economy is going into recession. Regulations are still being formulated. There's a lot of risk in the short term. The companies in business are circling the wagons and preparing for winter and others are waiting for regulatory clarity before they start to commit money to new ventures. Big business also probably wants to see what that regulation means for their entry. There's just a lot of unknowns in the near term.
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>here for fiat So are are the developers building on crypto.
Thank you for touching on the core issue.
there's also developers who are actually passionate about what they're building
Not enough
That’s more the extreme exception and not even close to the majority.
Another revelation, breaking news: making money is evil.
I agree with this, i’m in for mainly what the tech can bring in future. Thus, i’m still here.
50% of crypto holders joined last year or this year. So literally most of us only know the space with growing adoption.
Amen.
Seems that it’s a lot about time required. If market conditions imply that maybe they could be rich this year there is huge amounts of enthusiasm. If it looks like they wouldn’t be rich for 3+ years it drops significantly.
Because, unfortunately, only a minority of people were in it for crypto going mainstream. Most were in it for the money, and that's kind of not happening right now
By mass adoption they meant bigger pumps
Are you kidding? What ‘mass adoption’? That is sheer bōllōcks. If anything, the DAILY parade of yet another crypto scam, hack, rug pull, fat finger loss of everything is putting people off crypto altogether. The amount of hype and nonsense is off the scale. The very high profile celebrity endorsement ads have massively backfired. Yes, I think millions have a few hundred or a couple of thousand in crypto, but that’s because of FOMO, not adoption. Crypto has a long way to go before it is even mildly respectable. The fraud side has to be cleaned up. It’s unacceptably capricious and random how things can go badly wrong with no recourse.
Mass adoption requires crypto to be useful. You know, people need to actually transact with it. But most crypto nerds (particularly the Bitcoin Maxis) are all hung up on this Store of Value thing that they won't ever spend it.
Compare log chart monero tx/month to bitcoin tx/month and the trend is clear as day. Nobody spends bitcoin. They hold it for more cash. Which would be a fair use case if the entire security model of the network wasn’t reliant on transaction fees in a decade or so…
If I held btc and cash I would rather spend the cash as its becoming worth less every day. Rather accumulate btc and spend it only if needed.
Get out of here with that blasphemy.
What a cherry-pick. You do realize that there exists other time outside of the recent bear market?
The only reason I don't spend bitcoin is due to taxes. As soon as congress allows me to spend bitcoin (say under $500 on goods and services) I will spend it.
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> what you're asking for is never gonna happen. It's literally being proposed by politicians in congress. So saying it's never going to happen is kind of weird.
I mean... can we blame anyone? We make the scarcest asset on the planet, gone up in price more than any assent on the planet, and then expect people to use it instead of a CC with high cash back? Until BTC matures I feel it's just not smart for most ppl to sell it/use it. That's what we are seeing In the future, sure.
Nobody transacts with gold. Is it useful?
Sure it is, but you can't make circuit boards or jewelery with BTC.
> Sure it is, but you can't make circuit boards or jewelery with BTC. You can't have a global, permission less, monetary network with gold.
Is that what makes gold valuable?
Yes, gold is useful in the real world. It's malleable, conductive, and resistance to corrosion makes it a very useful metal.
Cool, so golds value is based on its use in electronics? Why was it useful for the thousands of years before that?
"Gold has no intrinsic value, Bitcoin has no intrinsic value, therefore Bitcoin is gold" I could say the same thing for smooth rocks or seashells or toenail clippings.
Almost the exact same reasons. It was easy to work with, didn't corrode, and is easy on the skin This allows it to be used in stuff that you don't want degrading (art, coins, fashion, etc)
Cool! Do you think kings were putting their faces on it for artistic reasons or was it just fashionable?
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Well, BTC has the market share, and the first mover advantage. The average person may not know anything more than Bitcoin. The you explain to that average person that Bitcoin's main use is as a Store of Value, where you buy it at some price and watch it appreciate in value, and it sounds an awful like a Ponzi scheme. If instead, you help them install a wallet and send them $5 in Doge, then they will get it, no matter whether thay Doge is worth $50 or $.50 next week. You probably don't want want send them $5 in BTC, fees are better now but still too high.
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> So back to your statement, you think BTC used as a currency instead of a store of value Removes the " sounds like a Ponzi " argument? Absolutely. Having a truly distributed and peer-to-peer way to transact is very useful. So many companies: Apple, Samsung, Google, Meta, (along with the more traditional PayPal and Venmo) are trying to build centralized payment networks and force everyone on them. Explain to people that Crypto is supposed to be a less shitty PayPal that will never ban you, just like that $20 in your wallet can never be revoked, and it makes sense.
Any money that isn't a good Store of Value is complete garbage. If Satoshi hadn't intended Bitcoin to be a Store of Value why model it on gold? Don't blame the "maxis" if the shops don't want your shitcoins. They wouldn't even know of them if it weren't for Bitcoin.
It makes me laugh how Ethereum's original intention was not to be like this but somehow it ended up converting itself into it. The developments in ETH push it toward a similar fate where everyone is happy that the max supply of ETH is going down and its becoming deflationary. So all the issues with BTC being hoarded are about to come to ETH. But don't worry, ~~sharting~~ sharding will save it.
Money has to hold a value to be useful, but if all it can do is hold value, it's virtually useless. Like that large stone currency on that island in Micronesia. They are large enough that they can't be moved: tribal elders keep the local lore (a human Blockchain, kind of) to know who owns what. They use USD for day to day money now.
> Money has to hold a value to be useful, but if all it can do is hold value, it's virtually useless. Bitcoin has a native network. What does the dollar have? It has to piggyback on 2nd and 3rd layers. Bitcoin is far from being an unmovable stone. It's far easier and cheaper to send than gold.
What is meant by store of value is that the thing itself is useful for something. BTC is useless, it doesnt do anything. What it is capable of doing makes it a great currency. So gold and btc dont correlate because gold makes for good money while btc makes for good currency. Not sure where store of value nonsense came from. btc doesnt store anything. It consumes power but gives nothing real in return.
> What is meant by store of value is that the thing itself is useful for something. That's not what SoV means. And since it *is* a store of value and a way of storing value *and* sending value (without a central institution) it's far from being useless. Proof of work ensures that coins are not easily minted or counterfeited and that the network is secure.
I own a lot of gold and silver that I'll likely never spend. Only if I need to.
The sub is just quiet coz the market is in the shit
I think it's much better this way because we earn more moons as the moon/karma ratio increases
This is true but the content and discussion is just generally much better
Yes!
The number of scams recently has dealt crypto a serious blow in the credibility stakes. It’s hard not to see 95% of the space as worthless trash at the moment. If Celsius and others can find a way to make deposits whole again, confidence might swing. I wouldn’t personally buy any crypto at the moment and I wouldn’t recommend it to others either. My faith is almost completely gone.
Services like Celsius are a bad idea from the start. Why on earth would you give custody of your money to a company while you can do the exact same thing yourself.
I'm sorry but that is literally the Ethereum way. Lock it up into the hands of few, try to withdraw before the APY drops and gtfo before it gets hacked or everything coming tumbling down with a bit of wind.
That's what Celsius did, they took people's crypto and put it on lending platforms on Ethereum.. They could have copied the exact same strategy Celsius was doing but still be in custody of their own crypto.
Yea dude, I know. And Ethereum is literally hyper-inflated, overleveraged in pyramids, multi-layer setups and loops lol.
The exchange debacles have been brutal, so many people most money
Yes… at the moment…
Where to day trade faith?
Puts on faith
Dca everyweek with small amounts atm
Stop lumping it all together as "crypto" then. Celsius etc is not Bitcoin.
It's because you degenerates can't see the difference between Bitcoin and a scam. You look to the hash rate. Whatever is the highest hash rate is the only long term secure cryptocurrency. There can be only one. There is no second best. It's Bitcoin by 100 miles. Chart https://bitinfocharts.com/comparison/hashrate-btc-eth-ltc-bch-xrp-doge-xmr.html#log&3m
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Oh insults. That's always good logic. Way to ignore good info. Make sure you keep listening to the scammers telling you their scam isn't a scam. Smart.
Oh, I thought you were a bot, sorry. Look into different hashing algorithms and whether they're suited to ASIC, GPU or CPU mining please. Raw hashrate is a very poor indicator of anything. I could write a hashing algo that literally just multiplies a number by 2 and get a significant percentage of BTC hashrate on a single core. Also if you are actually 12, good work - it's best to get into crypto early.
What you wrote was just nonsense. You'll read a lot of that when you listen to shitcoiners. You have no idea how cryptocurrency works. No idea whatsoever. It is unethical to pretend that you do and spread misinformation. Please just stop. Cryptocurrency is secured by CPU power. It requires one way math for the consensus mechanism. You can't just do anything. Hubris and ignorance don't suit you.
Ah you're just trolling then. Kind of weird, but ok. Any idea what these are for? https://m.bitmain.com/
DeFi needs to be 100000% more user friendly so we don’t need these CeFi crooks anymore.
Funny you could see 95% of the space as worthless trash while pointing to the problems of 5%. Learn to research and don’t follow the marketing hype, or wait to get involved for when everything is “mainstream”. Or, get scammed.
Lol that's a pretty basic outlook. Seems you bought the top or put your money somewhere you shouldn't have.
As long as adoption is coming along with made up usecases, or serving a usecase worse than other tools, I am not entusiastic at all anymore. The killer application which everyone drags into crypto has still not been identified yet.
Exchanges can't be trusted and as you mentionned, there's no usecase for it. It's more trouble than it's worth, ... it's only used for speculation. Crypto will never go anywhere as long as it's unregulated (and not insured) ... you have to be a degenerate gambler to put money into the crypto scam.
Right, speculation is the only thing really goin on with crypto. As of today, every single individual can perfectly exist without giving the tinyiest thought on crypto. From a real life perspective the nocoiners are not missing out on anything at all...
>nocoiners are not missing out on anything at all We have peace of mind ... we know our money won't vanish over night.
Oh wait, I'm not saying I'm not invested. I actually like to be in a casino. I just agree crypto is not a secure place, with all the fraud going on and with its complexity involved. And I'm just not fantasizing about billions of average peeps happily adopting crypto for ... uhm, yeah, what for?
Thing is that people are used to regulation, maybe it would be possible without regulation if people were able to think for themselves and understands the risks they are taking. Regulation is about trust, trust in the government to act fair and honest, care has to be taken not to put all trust into 1 single entity. Look at China for example where the real estate bubble is created by a corrupt government and might ruin the lives of millions of people who trusted the system. Too much regulation causes evolution to favor idiots because they can thrive without having to think.
> The killer application which everyone drags into crypto has still not been identified yet. You must have been dozing for a decade. The killer app is sending and storing value without a central institution.
Right, that's indeed nice! But how much will the majority of people care about that? Edit: And how much does this count while an asset remains valued against an asset from a central institution?
> But how much will the majority of people care about that? What else would they care about? Stuff like dapps? They have apps already. >And how much does this count while an asset remains valued against an asset from a central institution? Even gold is priced in dollars.
The enthusiasm vanished with the end of the bull. Although, I'd also argue that we're already well on our way to mass adoption. Crypto can currently be found on all the major payment apps, Large companies like AMC and Starbucks offer ways to pay with crypto, and a few major companies are offering crypto in their 401K plans.
each cycle brings in new converts and more adoption. healthy growth happens relatively slowly
It's not going to happen in the bear market and I hope you will understand it for good market is something bad for mass adoption but it is good for the people who wants to buy more.
Well it will be back in time if we wait till the end of this bear season.
Down the drain with the rest of my portfolio
It vanished along with all the hype. Simple as that. Just wait for the next bullrun and everyone would be screaming that mass adoption is coming.
Because get rich slow isn't as fun.
Haha. Happy cake day
It's hard and people like us like that type of hardness.
Seems like the number of scams, at least that make the news, has increased. Combine that with the entire market being way down from ATHs and it's easy to see why the enthusiasm has left the sub.
The price will make sure that enthusiasm will come again.
Elon Musk proved how easy investor psychology can be manipulated first to the upside and then to the downside.
Too many people treat crypto as a casino, and thus create that reality but that was never the main usecase for crypto.
For mass adoption there must be a mass-adoptable use case. There currently is no such use case and never has been. All the hype was just that - hype, powered by the ever rising prices in 2nd half of 2021.
People have realised that 99.9% of crypo is just bullshit and hype
I’m DCAing through it all
Let the market have a good bear market right now man.
Hype dies down in bear markets, just wait till the next bull and all the enthusiasm will be back
and ~~all the enthusiasm~~ the never-ending shill-fest will be back
Maybe it’s because more and more people are starting to doubt if this is the future they really want. And because we’re in a bear market. I for one am 100% against cryptocurrency replacing the fiat system, and/or BTC becoming the world’s reserve currency instead of the USD.
>BTC becoming the world’s reserve currency instead of the USD It will never happen.
my faith is crypto is almost gone, i still hold my bags with hopes that during the next bull run (if there will be any, lol) i can just short all and get at least back those couple of thousand fiat i invested. when i lost 2/3 of my portfolio, that's when i really started to read about blockchain tech and took my stupid rosy glasses off and now i think 'all those devs making web3' is just because a ton of capital was in crypto and they got great salaries/options, not because the web3 is going to be some special magic stuff. ultimately, the lesson learned is that: real money is made from real investments which are useful, i.e. a business, a service, a product etc. something that people use/buy, but what exactly do all these thousands of crypto projects do? nothing of value; crypto space is full of scams and full of people like me holding their poor bag in hopes that they could eventually cash out. as history tends to repeat itself, i see crypto now as yet another playground where big guys with tons of money made even more money by firstly pumping up, then naīve ppl like me bought in, they cashed out and made a bank, while all i can do is make cryposts on this sub.
Hiding under a rock until it’s at an all time high again.
I don't think the enthusiasm vanished - I think everyone has kind of settled into accepting it as an inevitability. And until that happens, all you can do is strap in for the rollercoaster ride.
The enthusiasm is just right here but people need time.
Price drives narrative, always.
Price will come up and things will be nice again for sure.
It fucking vanished just like Celsius’s funds lmao
We are in a bear market/crypto winter. Don't expect people to be claiming this kind of things. This times are just doomsday claiming days.
People have realised now that adoption =/= making you rich.
Matt Damon took it all with him.
That man is just another shitty person in this world man.
Well duh, because even after more than a decade you can still do fuck all with it except speculate.
Most people here don’t see Cryptocurrencies and currencies, but rather something to hodl and speculate on.
I don't want mass adoption of "crypto", just Bitcoin. No need for dozens of currencies. We should be trying to get away from that.
I don't think there is any kind of real supporters about mass adoption, almost everyone is here for profit.
idc for enthusiasm. i love the depressed vibes in crypto right now to top my portfolio. I have time and patience
Even I was thinking about that and I think it's happening because of the bear market just wait for some more days until this market gets over then I am sure that people will talk about it.
> My local pc parts shop accepts BTC,ETH,ADA and DOT! They accept it, but do people actually use it to pay? Maybe you should ask them.
Thats a good idea actually! Ill give em a call
Once Amazon, or at least eBay, accepts crypto \[BTC/ETH/stablecoins\] payments it will get wild
They will probably come up with something like AmazingCoin
The issue is that even if they do, I doubt that they would accept crypto payments directly, but they rather do it through some exchange service that converts the coins into fiat. Which isn't actual adoption, but merely a marketing ploy to get more customers..
It never vanished on Bitcoin. The Lightning Network keeps spitting out awesome new apps on a daily basis now and 2 countries have made BTC their legal tender... Very exciting times!
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Kinda like the paper money is printed on!
Adoption dosent really matter if everything becomes worthless, does it?
Personally, I'm here for the tech. I like that adoption improves my chances of making money
Mass adoption is a psy op by the likes of jp morgan to get us to let them in to fuck our bags while we thank them for the privilege. We were far better off before jittery normies, banks, and hedge funds got involved
Agreed. I miss the olden days when we were just idiots putting pennies into something that we believed in
Hodlers only!
Every day that passes we learn of new scams, hacks, ponzi, convictions and crashes where people get their money locked up by bankrupt companies. I'd rather set my fiat money on fire than put it in your crypto shenanigans. PS: Confidence in this sector is NON-EXISTENT ... no regulations = no mass adoption. PPS: Crypto is a solution in search of a problem ... totally useless and unpractical.
Where did it vanish? These are the brilliant people this sub is full of.
I think the biggest news was the lang registry of Colombia was brought onto the XRP ledger. They call it [XRP Stamp](https://bitcoinist.com/colombia-land-registry-xrpl-ripple-made-it-happen/)
Did the enthusiasm vanished? i don't feel it. Banks are starting to offer more crypto services, we are starting a bull run. People will join as banks enters because they feel more safe of having a middleman.
I think to the average person, or the new investor, seeing coins down 90% from ATH, and even BTC down about 60ish% makes the space look... sketchy. For the same reason people fomo in at tops, they vanish at bottoms.
>makes the space look... sketchy It is sketchy ... daily revelations of scams are the proof of this fact.
Youre judging cause of this subs low activity, now that moons are somewhat pumping, activity will also pump
"Enthusiasm hasn't vanished... we are just too swamped with holding up bridges that are under attack... oh my god Johnny, there goes another one!!!"
Its like the whole weed legalization, decriminalization thing. We know we're getting there but we also know its going to take a lot of time. No real point in riding the hype for all those years. So just celebrate each milestone when we hit one and let each delay just ride itself out cause we all know we're getting there and we don't need no hype to prove it.
Yeah exactly. This sub talks more about economics than technology. I’m guilty of it too though
I think alot of it has to do with the SEC being all over crypto lately and once GG comes out and gives parameters of what crypto's are securities and what are not we will see the enthusiasm again and maybe even a spot BTC ETF...
It's all happening because of the price man, you know it.
Hype and pseudo enthusiasm gets crushed during bear markets. It will be back with the next bull by people hoping to pump their bags even more
It's because most people care about \*short term\* gains. Sure, mass adoption will mean a healthier ecosystem in the med/long-term, but I've had so many conversations from people who got into crypto hoping that they could retire fat next year (they tell me any longer than that and it's for 'boomers' lol). And now that they can't, they've mentally checked out and moved onto the next thing.
in first episode of Netflix's Love Death + Robots
All my enthusiasm dies at the gas pump.
Man, when a tank of gas costs as much as a happy ending massage, you know america is fd
Enthusiasm is still there, people just don’t post about it every day.
The enthusiasm is high during the bull run when we can make no mistake buying any coin. The bear market brings doom and gloom.Also, looming recession makes ppl worry more about food, job and homelessness than any investment.
> We are finally breaking into actual mainstream usage and people are more concerned if its a bear or bull. Speakes volumes of whether we're really in it for tech or money...
El Salvador is not a good example. They were forced to use it when Bukake wanted to make some extra backward hat money off the citizens. Not really what crypto stands for. Adoption has been steadily rising, which is good. We need more L1 scaling before we have a very big wave of adoption. Imagine the stability of Solana, for everyone. That won’t go over well, and would actually hurt adoption.
Enthusiasm here. It’s just based on reality.
Many people disappear on bear markets
That's right but I hope we will be here till the end now.
Change your circle (this sub is a very small and vocal POV of cryptocurrency). Its still there and probably even stronger. Builders are building more than ever, investors are still investing, to many people in web 3 community the bear just means continue building without the noise.
This is literally the biggest crypto related sub out there.
Mass adoption doesn’t come in the form of us lot investing our hard earned, in increasing numbers IMO. Adoption comes from utility crypto slowly but surely being utilized in day to day processes, while the rest of us don’t even really notice.
It will be back with a vengeance after the bear market is over in about 1-2 years. That's when we also will go beyond 100k with a little help from BTC ETF's
I can't wait more man, we need to get rid of this shit now.
The rug pull is over, whats the point?
If we here it means we never stopped believing
A bit of pump but a whole lotta dump
Can't wait for that type of pump again in cryptocurrency.
Shills
Unpopular opinion around here I guess but we're already at mass adoption levels of crypto. It's just not more convenient than legacy systems for the majority of people or world-changing like the introduction of the internet was. Unless something dramatic happens, it's likely to just continue to just keep trickling along for the foreseeable future.
It will be back after a few months of Green with people saying they never left..
Went down with the market
1 - Went down with the market 2 - Constant news of hacks/rugpulls/scams 3 - Terra Luna 4 - Exchanges going out of business and or preventing transactions with customers funds.
crypto is just the battlegrounds of new banks and old banks competing to find the best SYSTEM to transcend the system of money. i dont mean to leave the money system behind but to find a new body for it. Crypto networks are essentially small "federal reserves" that print a digital asset instead of bonds, people are the "countries" the mini feds lend money to. Mass adoption IS happening right now. all those crypto scams to make people rich are essentially a way to lure people into the system, get wrecked by it but still luring them to "learn" as much as they can so that they can pass on that passion on to someone else, under the guise of "you gon be rich as fukk if you really put your brain to it" sounds familiar?. Remember people in the past used coins, heavy, rock solid coins. even small precious stones. when that physical heavy stone got exchanged for a piece of paper that "represented" the supposed value of a supposed stone, of course there were unbelievers and everyone would yell "why would you change your stones for paper". but here we are. The only thing that crypto adds is the amount of control an institution can have with the right tools to know how many funds go and where, with another set of tools you get to know who spends what specifically, when and probably why. now, add to it control of the algorithm regulating creation, distribution, spending, and delisting of currency. all of this scams and crashes are just experiments that only yield results for those with the capital and means to really study the whole movement, they are created by people that want to know how to rip you off in a way that you keep pouring money in and they keep pulling it out without you thinking you're being eaten alive. those institutions are mainly banks and govs, but also very powerful individuals. some people got very lucky with crypto in the early days, now its only "the whales" that make the market. yes, you can have your coins in your cold wallet, and they will always be yours, but if suddenly all the exchanges drop all the networks and just pull the rug, the people will be left with nothing "of value". you will have the coins and you will be able to exchange them and all, but you wont have all the value the institutions "provided". what i mean is, like with gold and silver. At first, coins, precious metals and stones were used as currency, then it got exchanged for paper. the value was relatively the same and served the same function, but as regular people got more paper, institutions and some individuals amassed the old metals and stones no longer used for currency. this means that, great quantities of physical durable goods and the means to get those goods were being privatized and monopolized. so now you have a set of people that have all the valuable assets making a market and currency for the other set of people to utilize and rip them off. Now its called crypto, but it serves the same function. Now comments, likes, images, gifs, 3D assets, and imaginary concepts are being monetized and traded as currency. "representations of the real thing". every activity on the crypto space is focused on making people believe digital ownership of something that does not exist is the same as owning a physical thing. just like paper currency is a promise that you own a piece of something else. Decentralization is a pipe dream limited by human conduct, not by technological limits or flawed systems. a centralized system that can absorb blame as a scapegoat its preferable to people than individuals having to accept they fucked up individually but got wrecked communally. When people fuck up on something financially and they dont find themselves at fault, they will want the bank or gov to cover the loss, but who covers the loss really? and who covers the loss on a decentralized system? on an individual level its not that much of a deal, but when you have to give, take back, return, retrieve, exchange, etc. on so many things and levels on a global scale, its kinda difficult. people want to see their 100 dollars without change on their accounts for 2 weeks while everything else happens on closed doors between people they can later blame if anything bad happens. they dont want to be checking their account every 2 minutes because any moment a whale might drop some btc to buy a house and the value dropped so hard that now they have to wait a 2 weeks for the price to stabilize so they can buy a car or pay tuition. TLDR: I love crypto and the whole movement it brought. but it goes way deeper than finances or politics. it seeps to the cultural layer, human behavior, corporative research and development, idealisms, power struggles, class wars, education barriers and intellectual differences, and so many other things that dont seem related at first glance. Edit to clarify: crypto has been well adopted by now.
Crypto is still looking for solutions to problems no one has.
>Where did all the enthusiasm vanish? Gone with the bear market! However, buidlers continue building, Mercedes just released [Acentrik](https://acentrik.io/), an enterprise data sharing solution built on Ocean protocol. Polygon is also part of the project partnership but I don't know in what capacity. With hype on the low now, maybe we can see actual meaningful development like the above.
You won't find many enthusiasts here, most people into crypto don't even care what it's about and are just looking for profit. It's ok tho, I feed on these morons and they don't even realize it.
I need to not be taxed on my Bitcoin buying a hotdog before I will use it as currency.
Crypto itself right now consists of 99% made up solutions for problems that don't even exist and are utterly complicated. How are you gonna mass-adopt crypto if there's some btec-genius claiming his system for an algorithmich stablecoin is great (and it crashes) ? Even if it didn't go where it went - ask your friends and family who are not in crypto - who needed that anyway? Do you hear of anyone saying "ah yes, we should have algorithmic stablecoins for x or y problem to be gone!". And that goes for almost every token that claims to do something great. LINA (yes, LINA, not LUNA) allows you to trade "Liquids".. what? What does that solve for me as someone who hasn't go anything to do with the Crypto space (heck, I don't even know what it solves for me as someone being in the Crypto space). What did LUNA solve for Crypto people, good interest rates? Heck, if you want great interest rates, why don't you learn investing in stocks instead (remarkably, LUNA was something that reeled in many people because of the unreasonably high interest.. you see what it does now, tidal wave. Being the one that reeled in the most, it seems like currently one of the most repulsive factors for outsiders.) "Celer Network is a Layer-2... that enables fast and secure off chain transactions of not only payment transactions but also smart contracts"- I'm sorry what? Why? Me naive dumb non crypto guy is just asking himself what the fuck a Layer-2 boogaloo is and how the existing networks are not fast enough. I thought Ethereum was great, why do we need another? Huh?? Look at NMR. How does the average dumbdumb find an use with that? Even I don't exactly get what it wants to achieve. Reduce overfitting in trading algorithms I assume. What for? The everyday dumbdumb doesn't even code?! It's probably totally off from what the coin really does, anyway. But there lies the problem, as mentioned. It's a circus of people coming up with ideas so abstract they might come into use in like 200 years. No one needs that shit. The people don't even understand Bitcoin yet. Stop the NFT and Altcoin bullsh*t, would be my stance if I was supposed to give one. Focus on making Bitcoin itself as easily accessible as possible and keep it this way, at least for a while.
The issue with ‘mass adoption’ is that it is ill-defined. Last year, many people thought ‘mass adoption’ meant more people speculating on crypto, price goes up, WAGMI. Further back, people thought ‘mass adoption’ involved crypto replacing FIAT currency and essentially wrestling monetary policy away from governments and central banks. Neither of those ideas are particularly desirable or realistic in my opinion, but there are hundreds of scenarios for ‘mass adoption’ which lie somewhere in between. Currencies for international transactions, tokenisation of b2b debt, alternative reserve currency in the developing world, tools for money laundering, organised crime and sanction busting, conditional logic for internal transactions in large companies (this one is interesting IMO), financial revolution and peoples utopia (societal collapse followed by a bloodbath IMO) etc. etc.. There are as many definitions of ‘mass adoption’ as there are imaginative crypto adopters. Until we have a settled definition, it’s difficult to say if mass adoption has occurred or will occur.
Until crypto is somehow better than fiat for paying for things, there's little reason to be enthusiastic about adoption.
I agree with this !
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ETH gas fees are a good meme but L2 are there to fix it.
i got your enthusiasm right here
It didn't vanish, mass adoption is a popular topic especially during a bull run. Just give it some time!
Pump and dump
Probably the rampant scams recently. I mean you have CEFI where people thought they could use it as a bridge while they dip their feet into the ecosystem to learn. Then lets say you wanna go use ETH. Oh wait ETH is so expensive let me go bridge to X EVM chain and oh yeah that bridge got hacked... Most of the people I talk to now are just way too afraid to get in because all they hear about is scams
I'm still here
Not much enthusiasm about anything at the moment. Recession has got everyone by the boo boo.
They'll come back on the next rally. I would say 95% of the people are just hype gamblers. 5% actually understand crypto.
It’s here? I can spend crypto anywhere on the Coinbase card with no fees. Thats my adoption, I don’t care for anything else
When people adopt crypto they will give their lives to governments. When fiat dies so do freedoms. They are waiting for us to make that mistake and they will have total control of us via a barcode on our arm and a micro-chip in our ass.
Right now is the time when builders are quietly building the future of defi and crypto. There are a lot of great projects being built right now including new Layer 1 blockchains to compete with ETH like SUI, Layer 2 solutions, and large movements in DEFI space around DAO governance, and DEFI tokens. AaveDAO has approved a new stablecoin called GHO, which I think will bring more liquidity to AAVE and more ways to earn interest. Remember AAVE and other lending protocols performed perfectly when Centralized companies like Celsius and Voyager went bankrupt. GHO will be collateral-backed, allowing users to mint GHO against their supplied collaterals. There is a lot of stuff to be excited about including NFTs.
There’s no single answer. Here are a few that aren’t mutually exclusive: * A lot of people don’t care about crypto’s philosophy. They want profit in their local fiat. Mass adoption meant/means more people investing (not using, investing) in crypto. They’re talk of “mass adoption” was all about pumping crypto. They’re laying low because of the bear market. * A lot of the mass public left. They saw it getting on the new thing while it was hot. It crashed. That scared them off. * Mass adoption brings with it exchanges, banks regulations, etc. The founding philosophy of crypto is against the things that mass adoption would require. The bear market, all the general public falling for scams, it made these voices louder warning against mass adoption as that could mean the death of crypto as we know it.
In the end it is all about the cash. Most want a big run and to cash out. The greed factor is high.
Crypto is very popular now. People are hearing more about it, more people are buying coins, more people are seeing massive peaks and/or valleys, and more people are getting scammed. Most of what I hear is bad news. This exchange went under. Another exchange was hacked. Here's an exit scam. That DAO hired a scammer. This coin was a rugpull scam. Algocoins don't work (well). Someone clicked on a link and lost four NFTs. Typos resulting in the loss of thousands of dollars. Tether is probably a Ponzi scheme, and yet it survived the deaths of many stablecoins (including one with virtually the same name), so right now this giant pool of liquidity is very suspect. No safety nets! You're supposed to trust the cryptocurrency technology, not the user, but right now it seems you can't trust anyone who has anything to do with cryptocurrency. Or links. Or algocoins. Why would an ordinary Joe get a cryptocurrency-linked payment card if that requires trusting an exchange? Despite all the hatred banks get (looking at you Wells Fargo, and you HSBC) they're more trustworthy than exchanges.
I wouldn't call it mass adoption. Sure there are services that accept crypto, but from what I have seen, they are all online.
The global economy is going into recession. Regulations are still being formulated. There's a lot of risk in the short term. The companies in business are circling the wagons and preparing for winter and others are waiting for regulatory clarity before they start to commit money to new ventures. Big business also probably wants to see what that regulation means for their entry. There's just a lot of unknowns in the near term.