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ETM Show #10: Is Crypto Dead? 5 Reasons Why It's Not (But Is Still Hard)
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TLDR; No, Crypto is not dead.
Yes, there are problems and yes, there are plenty of reasons to criticize it. But that doesn't equate to death.
In fact, it's quite the opposite and is significantly better than its early years on a technology level.
5 Reasons Why Crypto Is Not Dead
- Reason # 1: The price has dropped significantly since it's all time high - Welcome to the club. Price is cool and all but it's no barometer for the quality of technology. The code and protocols behind Crypto should be looked at on their own merits by its users.
- Reason # 2: The US Government is attacking US based Crypto businesses - You have guys like Brad Sherman, a US Congressman, calling Bitcoin an "electronic pet rock". Then there's Gary Gensler, current SEC chairman, who thinks most if not all Crypto assets are securities and is willing to fight about it.
- Reason # 3: Uncertain Taxation Requirements - The IRS Notice in 2014 officially declared Crypto Assets to be property which puts them under the purview of the taxation rules of that asset category. Beyond that, there has been little to no additional regulatory guidance.
- Reason #4: It's Hard to Build On - Not only is the technology difficult to build on but the management of communities and stakeholders are challenging. Add on the fact that most tokens are denoted in Bitcoin (BTC) or $, maintaining a reasonable value can be very challenging especially during bear markets (like now).
- Reason #5: A Lack of Cross-chain Interoperability and Compatibility - There is still a lot of friction going from dollars into Crypto and also Crypto to Crypto. The Inter-Blockchain Communication (IBC) protocol brands itself as a solution but we have yet to see full functionality rolled out to scale. Still, the current proof of concepts work well thus far.
While Cryptocurrencies are by no means dead, they are under significant pressure from every conceivable Government and Banking financial authority worldwide.
Despite this, Crypto continues marching on year after year and ultimately has improved greatly on a technical level.
For show notes and additional free resources please visit: https://www.emergingtechmastery.com/etm-cryptodead/
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