Everyone Hates Cryptocurrency, and We Only Have Ourselves to Blame
Cryptocurrency faces a widespread credibility crisis, shifting from mainstream skepticism to outright厌恶. The author argues the industry has only itself to blame, using a crude metaphor of a failed orgy to illustrate the repeated, humiliating cycles of participation. Key reasons for the loss of trust and interest include: the aging demographic of crypto advocates; the prevalence of scams and irreversible financial losses; the rise of political meme coins (like TRUMP) as a sign of extraction over value; and more compelling narratives in AI and robotics. The author notes that crypto is no longer the most interesting or profitable game, with traditional markets outperforming. The culture is seen as toxic, degenerate, and driven by zero-sum PvP (player vs. player) dynamics where insiders hunt each other rather than building real value. Technical communities are disgusted by the lack of substantive progress beyond better wallets or cheaper gambling. Yield opportunities in DeFi have compressed, and trust in all entities—from founders to exchanges—is eroded. The piece concludes that the "lights are on, and the party is over," with crypto losing its narrative of optimistic innovation.
marsbit01/22 08:42
