Newly launched cryptos, newly launched NFTs*, teams that merely plan to do those things are getting funded, even bonds in the sovereign and corporate markets are being issued okay and bought up completely.
Its just secondary market that's puking and plastered all over the charts everywhere. Doesn't tell you as much you think it does.
When I say crypto is doing "well", I mean so relatively. The markets are in agony right now, and many of the people who I know who have their life savings in crypto are getting wiped out. The primary market says nothing about how successful cryptocurrency is, just how lucrative it is. Getting someone to buy a worthless thing has a 100% markup, so it's unsurprising the market is still luring investors in with the promise of Yet Another Useless Token.
My larger point is that cryptocurrency had it's chance, and people like Vitalik are the coffin bearers. This brand of economic accelerationism consistently ends in disaster, and crypto is just the same story told through a different lens. It's the Juicero of the 2020s, a concept so useless that it can only move units by fooling customers with insane marketing. Look around at NFT and cryptocurrency ads, you'll get the picture.
So, booming one might say? Like in a boom town? Where nobody actually cares what product is being exported just that they can get paid a lot for it?
Ethereum alone (let alone cryptocurrency in general) predates and postdates Juicero's existence by a wide margin.
100% this. They've had their time to produce something useful. It's time to pack it in and admit that the emperor has no clothes.
