this post was submitted on 11 Mar 2026
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From millions of dollars to under a grand: The dramatic fall of the NFT (english.elpais.com)
submitted 1 day ago by NomNom@feddit.uk to c/technology@lemmy.world
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[โ€“] NewNewAugustEast@lemmy.zip 1 points 5 hours ago (1 children)

There are great uses for crypto, just like there were great uses for Ithica_hours. A place holder for goods and services without physical constraint is a useful idea.

But it wont work. Because people want to leverage that to make fiat. They don't care about usefulness, actually earning it, or trading for it.

They want to get some, hold it, and sell it back for their fiat. Because of that exchanges came into being so they could capture some of the wealth in the process. And from then on it was never going to be useful. Just a way to hope the next sucker would buy what you had.

[โ€“] shortwavesurfer@lemmy.zip 1 points 3 hours ago

Since the government hates Monero so much, that's actually not as big of a problem with Monero because people want to earn it and trade it for goods and services in the real world. Also, people who use Monero are incredibly against centralized exchanges and would like to see it banned from every single centralized exchange on Earth so that decentralized exchanges would be the only place you could obtain it or through permissionless atomic swaps and peer to peer. The Monero community also mocks number go up people and calls them state plants.