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In the “cycle of hype,” a non-scientific concept invented by U.S. tech research group Gartner, new technologies travel through phases on their way to market. Before the final productive phase, new ideas begin with an initial “technology trigger.” In a second phase, the idea moves through a period known as the “peak of inflated expectations.” Then, as the technology’s flaws and limits become apparent and experiments and market tests fail to deliver the promised miracles, the idea slides into a phase known as the “trough of disillusionment.”

After a couple of years at the peak of inflated expectations, the blockchain hype machine and its associated cryptocurrency bubble appear to be sinking deep into the trough of disillusionment. Will they ever recover?

The collapse of the cryptocurrency segment of the blockchain hype cycle is clear. Bitcoin Cash, to pick one example, traded Tuesday at $215, down from $4,000 about a year ago — a shift that somewhat undermines its creators’ claim that Bitcoin Cash is “The Best Money in the World” because it “brings sound money to the world.”

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