Why the Collapsing of the ‘Crypto Infrastructure’ Is Good News
The bill for the last top-shelf, crypto-sponsored party I attended was footed by the Tron people in San Francisco a few months before COVID shut the world down. I had a bizarre conversation with the oddball founder, Justin Sun, who acted like — and was treated like by the hangers-on at the party— a god because he came up with what was then considered a competitor to Ethereum (Spoiler alert: Tron is nothing like Ethereum and sit barely above scam).
The Tron coin, like many tech projects now focusing on the metaverse and AI, was nestled in all of the right marketing terms, and when you even read about it today, it’s easy to get excited and want to invest your fiat currencies in the smoke and mirrors of Tron. At day’s end, however, it’s a useless project that has added zero value to this world and probably resulted in losses for many.
However, Justin Sun has made a lot of money, which is probably why people consider him “god-like.” After all, isn’t making boatloads of money what this journey through life is all about?
Thankfully, no, but sadly, that is how too many people who were swept up in the crypto-madness regard cryptocurrencies. 99.9 percent of the existing cryptocurrencies have no intrinsic value and even less utility, yet billions of dollars worth of these empty ideas are traded daily. Over the last 24 hours, over $100 billion was traded on existing crypto exchanges. If we were to squeeze the value out of these projects in the way that I just squeezed the juice out of two dozen clementines for tomorrow’s palate cleanser (Thanksgiving) — I am making a clementine granita — the benefits to life from each “coin” would easily fit into a thimble.
There isn’t a crypto project in the world today that adds any benefit or value to humankind (I developed a project called “CityToken” that adds value to society, but it was never launched precisely because it “adds value”). All the existing coins represent projects solely for speculation and trading to make some people rich, and others feel like they will soon be rich. The “crypto” revolution is a bust. After being swarmed by greed and…