I fell in love with the idea of bitcoin when I first discovered it. I would read a lot. Learned a lot. I still only had an infantile grasp of crypto concepts but was always willing to learn more. Took a break for a few years. Recently I’ve been trying to get caught up on what’s going on in the crypto world (which is daunting! There’s a lot going on!).
So my question is this: wtf happened? Back then it was all about privacy, security, useful application of blockchain technology etc. There were discussions of trust and accountability. The communities around crypto seemed to be all about open source information and improvement of concepts and technologies.
Now I’m reading about off-chain transactions and off-chain verification. Enormous fees. Huge transaction delays. Censorship. Literally billions of “altcoins” or “shitcoins” or whatever you wanna call them. Fucking options contracts on cryptos? Buying crypto on exchanges that don’t let you have your own keys or transfer your crypto to your own wallet???? Seriously wtf at that last one.
Most of the crypto subreddits are full of WSB type language “yolo” “to the moon” etc etc. And Dogecoin??? Fucking dogecoin??? People do realize that it’s an inflationary coin that was created more or less as a joke right?
I’m not trying to promote or bash any particular coin or any particular sub or community. (Yes I’m aware I just bashed doge lol) But I can confidently say bitcoin cash and r/btc are the closest thing to what I remember the original magic internet money and it’s respective subreddit being.
I guess I’m not so much looking for an answer as I am just trying to digest how much things have changed. Now go on! Scram! Get off my lawn ya punk kids!
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source https://www.reddit.com/r/btc/comments/mbsdqv/what_the_hell_happened_to_the_crypto_space/
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