Crypto Is Dead.

🌈 Abstract

The article discusses the author's experiences and perspectives on the current state of the cryptocurrency industry, including the highs, lows, and controversies that have unfolded over the years. It explores the challenges of rebuilding trust and regaining mass appeal in the wake of high-profile scandals and scams.

🙋 Q&A

[01] The Author's Experiences in Crypto

1. What are the author's experiences in the crypto industry?

• The author has been involved in crypto for years, working as a designer for two crypto startups in 2022 and becoming a journalist for Forbes.
• The author has been invited to attend multiple crypto conferences around the world, including in New York, Paris, and Switzerland.
• The author had the opportunity to speak at an event in Davos during the World Economic Forum, where the former Binance CEO Changpeng Zao was also a speaker.

2. What are the author's observations on the current state of the crypto industry?

• The author has witnessed the highs, lows, and memes of the crypto industry.
• The author notes that crypto leaders like Changpeng Zao, Sam Bankman-Fried, and Do Kwon have faced legal troubles, which has made it difficult for people to trust crypto again.
• The author describes the current "vibe" in the crypto industry as different, with charts flatlining and a sense of desperation among crypto enthusiasts.

[02] Challenges Facing the Crypto Industry

1. What are the key challenges facing the crypto industry, according to the author?

• The combination of rug pulls, hacks, and Ponzi schemes has made the crypto world feel like a "criminal syndicate" looking to make money off of new players.
• Scams were widespread, stealing millions from unsuspecting investors, and security was a "joke."
• The author's friend lost nearly half a million dollars to a crypto scam, highlighting the vulnerability of less technologically savvy individuals.
• The author questions whether crypto is 10x better than current solutions, suggesting that the benefits may not justify the risks.

2. How has the market performance affected the crypto industry's reputation?

• The author notes that people had high hopes for Bitcoin ETFs, but they didn't live up to expectations, leading to disappointment and a loss of hope.
• The author believes that while they believe in Bitcoin, it doesn't represent the entire crypto industry, and the prices don't usually reflect the status of the market.

3. What other challenges does the author identify in the crypto industry?

• The author describes the crypto space as "toxic, demeaning, and exhausting," with people trying to "flex" their overpriced NFTs.
• Usability and user experience in the crypto space are major challenges, with people preaching about Web3 UX but not delivering on it.
• The author believes that crypto is currently a "scary place" and that it will be nearly impossible for it to return to 2021 levels.

[03] The Future of Crypto

1. What is the author's outlook on the future of the crypto industry?

• The author believes that crypto is "dead" for now, but there is hope for the future.
• The author expects a "lot of purging" and "cleaning up" in the industry, which will take years.
• The author sees potential in building real-world use cases for blockchain technology, such as loans for the unbanked, fraud-free supply chains, and useful NFTs.
• The author believes that crypto needs to focus on progress and purpose, addressing challenges like regulations, technical hurdles, and rebuilding trust, in order to achieve a "brighter, more equitable future."