I'm just asking because i've been in this space for about 7 years. Ive seen every sort of project promised, half build, failed and founders split with the money.
Other than the whole market being propped up by early bitcoin whales, has any crypto built a remotely useful project that has lasted more than five years and still functioning successfully?
Even on Hive which has some of the oldest crypto users, some of the best technology and a hardcore community of users and devs. We have splinterlands which is falling down a hill it might never climb back up from.
Communities which have died.
Games which have died.
Apps which have died.
Tokens which have died.
Users that have drifted away.
The same chain that we had 7 years ago when i joined with slightly better operating capacity and less users.
It's not exactly much progress in the better part of a decade.
Bitcoin holds value like gold but apart from the monetary value beside it there isn't much else to be interested in. Lightening payments are poor at best and barely accepted across the globe.
Even looking across the top 100 crypto tokens, what do we see.
12 stablecoins or derivatives.
6 memecoins.
7 gaming tokens.
7 exchange tokens.
That's 1/3 of the top 100 tokens. Of the rest solana is just a memecoin factory. Ethereum is full of nft's that are too expensive to actually do anything with. BNB has a little bit of both. XRP does nothing. ADA does nothing.
Apart from price speculation, second layer tokens, nft's and defi what has been accomplished over the past decade. Little to nothing.
Even on hive i thought that we would be able to build our own second layer communities by now. Run ads, grow our userbase and fund our own tokes taking dependance away form the big social media sites. Nothing. We almost had them with tribes, were promised them from multiple sources and even when LEO tried to built it themselves they jumped onto the next shiny thing before completing it.
It's a big problem in crypto and a house of cards waiting to fall. People keep putting money into tokens for the sole reason of making money which is not a sustainable business model. Not unless somebody starts building projects that can generate money on a regular basis.
It's hard to see where we go next from here with nothing being built and everybody expecting to get rich. It just a big gamble with everybody backing their horses and hoping that the get one big win to change their lives. For it to be an investment there would need to be an end product.
As more and more time goes by it's getting disheartening to see how little progress any eco-system has made to date. Any progress apart from creating more tokens on top of the tokens that we already have. I've picked my horses but unless we see change then it's just a gamble and not an investment.