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Comment by saturn5k | Hacker News Reader

This whole space turned out to be one big joke. It's the wild west of scams, hacks, snake oil salesman, teenage influencers giving "expert" advice on trading, shilling scam coins, NFTs and what not..

I am following this space since 2015 as a bystander when Ethereum was founded. Currently this is the most spectacular shit-show on the planet. Especially now with all the NFT craze, I am seeing more and more celebrities getting sucked into this craze and trying to promote the next big thing.

I wonder when it's all going to pop and who is going to be left holding all the bags?

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Too many fools willing to part with their money. This new generation has not experienced enough financial fear to properly manage their financial risks. In additional social media is promoting rich and luxurious life styles, resulting even in those who can not afford to lose, gambling their life savings.

Reminds me. Does anyone know how those ICOs are doing now? How many of those is actually used for something productive?

I thinks it’s safe to conclude not many. One of the more promising ones seemed to be EOS and even that went nowhere.

Even at the time, EOS didn't look great. The technicals just weren't there for the protocol. It was joked to be the AWS of blockchains -- ie. essentially centralized, same with Ripple.

It was definitely not the most promising. I would argue that most of blockchain is still in its early infancy. Only very recently has second layer stuff really begun to scale reasonably well. Once Eth 2 comes out and scaleability takes off I think we'll see a huge amount of growth. Right now we're in the 1200 baud dialup phase connecting to a BBS that costs $2 per minute to use. It's not practical yet for 98% of applications. It will be, and I think within 1-2 years.

> It will be, and I think within 1-2 years.

Paging December 2017, the first mainstream crypto boom...

It's not too much different than most other ventures, most failed, a couple have built out successful products.

> teenage influencers giving "expert" advice on trading

But they're no worse than all of the 'analysts' that talk about the regular stock and option market. You could replace the bulk of those people with random number generators and you'd never know. Might even be an improvement.

It's the inevitable reality of social media, it gave the village idiot a megaphone.

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