I don’t think GP is arguing that crypto is a good thing here. They are refuting the meme which calls crypto a dead fad.
As mind boggling as it may sound, crypto is still a very strong industry, raising about 10 billion per year. Sure fundraising has been divided by 3 since the hype years but that’s still very comfortable numbers.
Again, not saying it is a good thing. But just because it doesn’t make mainstream headlines anymore doesn’t mean it’s dead.
commenting again cause the other poster’s remark prodded me into digging the numbers on fundraising and it’s pretty interesting :
So the best year for crypto was 2021 with >30B$ raised. 2024 is projected for 10B$ raised so indeed that’s a divide by 3, pretty grim picture, right ?
Except if you take a look across industries, it’s obvious that 2021 was an anomaly year everywhere. For example Healthtech peaked around 60B$ in 2021 before going down to 15B$ in 2024. Surely you don’t think that Healthtech is a dead fad, do you ? That pattern is consistent across industries.
Sorry, I’m a bit confused by the “fundraising” terminology. Is this in regards to investments in the cryptocurrency industry, such as exchanges and other corporations, or individual purchases of the raw assets?
Looking at market cap, Bitcoin peaked earlier this year at $1.43 trillion and is currently at $1.23 trillion. That’s only a 14% drop. If you look at the global cryptocurrency market cap, it peaked in 2021 at $3.07 trillion and is currently at $2.26 trillion. That’s a 26% drop. I understand that you don’t think crypto is dead, but there’s a lot of delusion in this thread. Surely, if cryptocurrencies are dead, Disney (down 53% from peak) and Intel (down 67% from peak) are on life support.
Good point, the health of the speculative market (“people buying and selling btc and other cryptos”) is a different thing from the health of the industry (“people starting crypto projects and raising VC money to fund them”).
By fundraising, i meant the second one. I find it to be a better indicator because it sends the message that people are building projects with promises of value convincing enough that VCs invest in them. I personally think those promises are bullshit but if VCs are pouring 10 billion bucks a year in an industry you cannot credibly call it dead or dying.
To the more general point of the meme… some people only consume headlines. Their pattern is easily recognizable :
the mainstream (as in non-tech) news cycle has calmed down a bit so they think AI is on the brink of death
big names like Sam Altman come across as insufferable assholes so they think that’s representative of the tens of thousands of people currently working the field
they don’t keep up to date on the subject so they have no idea how far everything has gone in just the past 12 months
they over-invest on marginal news like the “model collapse” paper which was reposted a million times on Lemmy and Reddit
It’s the same energy as QAnon when they were convinced that Trump would parachute from a helicopter at Biden’s investiture to commandeer the US army and publicly execute Hilary Clinton. They really do believe the “AI hype” is about to simmer down and then they’ll have been right all along lmao
Love to hear how you think cryptographic digital currencies aren’t cryptographic digital currencies.
“As for the rest, “It’s good because it’s making lots of money””
cryptocurrencies are exceptionally popular tech with very active communities developing new technology that is constantly gaining popularity and value.
Love to hear how you think digital currencies aren’t digital currencies.
Not all digital currencies are cryptocurrencies. CBDCs are digital implementations of government-backed fiat currencies. If you don’t understand the difference I don’t have time to try to convince you, sorry.
by your flawed metrics, solar power is “hype”.
Solar power produces energy. Cryptocurrency produces nothing and wastes energy doing it.
Strange hill to die on. A quick search makes it obvious that credit cards use cryptography.
Hey dude, cryptography != cryptocurrency. Cryptography just says “yes, this person made this transaction, I am sure of it as a computer because this math checks out”.
Wait, so you’re telling me that every time I swipe my VISA and smugly explain to the cashier that I’m a crypto bro, I’ve been the fool all along? Please excuse me while I begin to question everything in my life
CBDCs aren’t cryptocurrencies.
As for the rest, “It’s good because it’s making lots of money” isn’t as persuasive an argument as you think it is.
I don’t think GP is arguing that crypto is a good thing here. They are refuting the meme which calls crypto a dead fad.
As mind boggling as it may sound, crypto is still a very strong industry, raising about 10 billion per year. Sure fundraising has been divided by 3 since the hype years but that’s still very comfortable numbers.
Again, not saying it is a good thing. But just because it doesn’t make mainstream headlines anymore doesn’t mean it’s dead.
I agree with everything you’re saying except crypto is not down by more than half since it’s peak.
You know what you’re right, i was mistakenly taking 2022 as a baseline. I’ll edit my original comment to reflect that.
commenting again cause the other poster’s remark prodded me into digging the numbers on fundraising and it’s pretty interesting :
So the best year for crypto was 2021 with >30B$ raised. 2024 is projected for 10B$ raised so indeed that’s a divide by 3, pretty grim picture, right ?
Except if you take a look across industries, it’s obvious that 2021 was an anomaly year everywhere. For example Healthtech peaked around 60B$ in 2021 before going down to 15B$ in 2024. Surely you don’t think that Healthtech is a dead fad, do you ? That pattern is consistent across industries.
Sorry, I’m a bit confused by the “fundraising” terminology. Is this in regards to investments in the cryptocurrency industry, such as exchanges and other corporations, or individual purchases of the raw assets?
Looking at market cap, Bitcoin peaked earlier this year at $1.43 trillion and is currently at $1.23 trillion. That’s only a 14% drop. If you look at the global cryptocurrency market cap, it peaked in 2021 at $3.07 trillion and is currently at $2.26 trillion. That’s a 26% drop. I understand that you don’t think crypto is dead, but there’s a lot of delusion in this thread. Surely, if cryptocurrencies are dead, Disney (down 53% from peak) and Intel (down 67% from peak) are on life support.
Good point, the health of the speculative market (“people buying and selling btc and other cryptos”) is a different thing from the health of the industry (“people starting crypto projects and raising VC money to fund them”).
By fundraising, i meant the second one. I find it to be a better indicator because it sends the message that people are building projects with promises of value convincing enough that VCs invest in them. I personally think those promises are bullshit but if VCs are pouring 10 billion bucks a year in an industry you cannot credibly call it dead or dying.
To the more general point of the meme… some people only consume headlines. Their pattern is easily recognizable :
It’s the same energy as QAnon when they were convinced that Trump would parachute from a helicopter at Biden’s investiture to commandeer the US army and publicly execute Hilary Clinton. They really do believe the “AI hype” is about to simmer down and then they’ll have been right all along lmao
“CBDCs aren’t cryptocurrencies”
Love to hear how you think cryptographic digital currencies aren’t cryptographic digital currencies.
“As for the rest, “It’s good because it’s making lots of money””
cryptocurrencies are exceptionally popular tech with very active communities developing new technology that is constantly gaining popularity and value.
by your flawed metrics, solar power is “hype”.
Not all digital currencies are cryptocurrencies. CBDCs are digital implementations of government-backed fiat currencies. If you don’t understand the difference I don’t have time to try to convince you, sorry.
Solar power produces energy. Cryptocurrency produces nothing and wastes energy doing it.
whiffwhiffff.
but hey, you swung.
Strange hill for them to die on… A quick search makes it obvious that CBDCs use cryptography
Strange hill to die on. A quick search makes it obvious that credit cards use cryptography.
Hey dude, cryptography != cryptocurrency. Cryptography just says “yes, this person made this transaction, I am sure of it as a computer because this math checks out”.
Wait, so you’re telling me that every time I swipe my VISA and smugly explain to the cashier that I’m a crypto bro, I’ve been the fool all along? Please excuse me while I begin to question everything in my life
yup, they must have realized the hole they’re digging isn’t getting any shallower.
Neither of the C’s stand for cryptography and they don’t even require a blockchain, but can use one.
glad somebody’s reading.
keep on.