Side point, but that citation about Bitcoin performance is outdated.... from spring 2021. Since then, Bitcoin hasn't kept up with the S&P or even with inflation. Price has barely budged since then, just a crash and a rebound... might as well have held cash.
Given that Bitcoin energy consumption scales linearly with price, and that crypto is probably using 3% of the electrical output in the USA (one of the few big players on the international stage to still allow it), on the technicals, crypto probably is more or less dead as an asset class. The price hasn't been going up because fundamentally it cannot keep going up. No major country is going to let 10% of electrical output go to mining memecoins.
It will just be gambling on projects from here on out, unless they all switch to PoW, which highlights that cryptos are just unregistered stocks, which is already attracting SEC attention. Crypto will shamble along, I am sure, but the era of growth is almost assuredly over.
Given that, yeah, this sort of thing prob is the future of crypto. More avant-garde, more subcultural, but also even more sordid, tawdry, unscrupulous etc than even now... I suppose "art" could thrive there.
ETH will be having the deflation-inflation cycle going from now on. It is an interesting critique because the volatility was the main thing everyone was crying about. But now that there is some stability(relative) out there people have this critique of yours. Nobody is never ever happy about anything. With ETFs sanctioned more institutional players coming you should expect this era of small changes.
Really thoughtful piece. Thanks for sharing. And, because I‘m old :) I have to offer a little pushback with the thought that, „if everyone was saying that being a technically skilled artist was dead, maybe this is a good time to be a technically skilled artist.“
As I was writing this, it was pretty clear to me that I meant „technically skilled“ in the sense of drawing/painting/etc. But of course technically skilled could also being comfortable working in the digital space, generative artwork, etc. I may have argued myself back around to your point of view…but I still will always appreciate handcraft in physical art and miss it very much in most NFT projects that I see.
Side point, but that citation about Bitcoin performance is outdated.... from spring 2021. Since then, Bitcoin hasn't kept up with the S&P or even with inflation. Price has barely budged since then, just a crash and a rebound... might as well have held cash.
Given that Bitcoin energy consumption scales linearly with price, and that crypto is probably using 3% of the electrical output in the USA (one of the few big players on the international stage to still allow it), on the technicals, crypto probably is more or less dead as an asset class. The price hasn't been going up because fundamentally it cannot keep going up. No major country is going to let 10% of electrical output go to mining memecoins.
It will just be gambling on projects from here on out, unless they all switch to PoW, which highlights that cryptos are just unregistered stocks, which is already attracting SEC attention. Crypto will shamble along, I am sure, but the era of growth is almost assuredly over.
Given that, yeah, this sort of thing prob is the future of crypto. More avant-garde, more subcultural, but also even more sordid, tawdry, unscrupulous etc than even now... I suppose "art" could thrive there.
ETH will be having the deflation-inflation cycle going from now on. It is an interesting critique because the volatility was the main thing everyone was crying about. But now that there is some stability(relative) out there people have this critique of yours. Nobody is never ever happy about anything. With ETFs sanctioned more institutional players coming you should expect this era of small changes.
Really thoughtful piece. Thanks for sharing. And, because I‘m old :) I have to offer a little pushback with the thought that, „if everyone was saying that being a technically skilled artist was dead, maybe this is a good time to be a technically skilled artist.“
As I was writing this, it was pretty clear to me that I meant „technically skilled“ in the sense of drawing/painting/etc. But of course technically skilled could also being comfortable working in the digital space, generative artwork, etc. I may have argued myself back around to your point of view…but I still will always appreciate handcraft in physical art and miss it very much in most NFT projects that I see.
Looking forward to your next post.