So this past month or so has been quite the ride for the crypto markets as a whole, and I just wanted to share some thoughts!
Mostly, I think that this crash is actually a good thing! The bad of course being the tens of millions of dollars that has been lost by investors who were late to the game. But that’s about it in that category!
“How is this a good thing,” you are almost certainly asking, and that’s a pretty fair question, especially with those markets tanking alongside the stock market, it just seems like there’s no good news to be had.
Well, the first piece of good from this is the pruning of a number of griftcoins, non-fungible griftcoins, and cryptocurrencies that have too limited and unnecessary use-cases.
The stories of the pump-and-dump ICO are rampant, with many simply being impractical, badly implemented, or just a scheme to make a few people a bunch of money selling air to suckers. With many of these crashing, losing most of their value or even nearly going to $0 in some cases, there will be in general, more oversight, if not from government regulators, from investment firms, before a fund now simply decides to incorporate crypto into their holdings.
Also with some of the more frivolous, or badly executed NFTs, there will hopefully be reforms in the way that the system works, as the carbon footprint for an NFT on the ETH blockchain is simply too high at the moment to be practical in the long term, and such projects should only be added if they bring or create some kind of real value.
A final thought on NFTs before I finish this ramble today is about the use of those that only serve to be collectible cards or art-without-rights should be removed, or be severely limited. To get ownership of an image on the blockchain, but to not actually get any rights that would normally be associated with that ownership, other than the ability to resell it I think is a destructive model to the crypto community. NFTs while they do have potential use cases that could really be… well… useful, they have become a laughing stock, with many outside the community poking fun, or even getting angry about them. I’ve been around since the beginning and I really do believe in the possibilities that blockchain technology can bring, but we should really keep some limits in mind.
On an (almost) unrelated note, I recently discovered my crypto-pamphlet available for sale on Google books! I thought that it had been lost to the sands of time, but you can get it in all of it’s sage and cringe here!
And if you’re more interested in works of fiction, you can get the first two books of my series here and here respectively!
See you next time I have some thoughts! (It’ll be soon)
/rant 