@trading_axe@zachxbt@WheresBroox@AxiomExchange this is the most frightening CT post I have even read. (dr. axe. I am either a bit wrong about something in the past or this post is a mofuggin work of art). Im still learning. I have faith with diligence and decency my time will come. tc DR.
launched @EpicGames launcher to play @thetrenchesgame, damn hassle for someone never on epic. but noone home. hopefully a scheduled tournament later for prizes the game is super cool. like ps2. feels good man.
@GuthixHL@michaeljburry i was on that before anyone. had to sell spot hype and ended up in the negative though. astronomy stuff. I guess I am a cultist but only if the real things are involved. .257 for life
Crypto market price action is undeniably in the absolute gutter right now, with nobody being spared from the pain
But I think what makes it particularly painful compared to prior cycles is that 1) there was no real prior alt season mania and 2) the fundamentals have never looked better
In previous cycles, there was always a clear trigger for why things turned over
2018/2019 bleed was just off the back of a massive 2017 ICO mania blow off top, there was a clear need to recalibrate
2020 covid flash crash, it genuinely felt like the global economy was on the brink of collapse and it was truly over for good
2022, we had back-to-back massive insolvencies from Terra to 3AC to Celsius and cumulating with the FTX collapse, was obvious we were cooked for years to come
This time around, seems somebody just tripped over a nuke on 10/10 and we've been dealing with the radiation ever since ??? truly inexplicable
All the while:
- We finally have pro-crypto leaders in the highest position of power in the U.S. Federal Government and regulatory agencies (Yes some parts are grifty, but still net positive by far)
- A reversal of all of the toxic anti-crypto rules, guidance, and lawsuits from U.S. regulators that stunted our industry's growth for years (a very underrated development, we would have died under Kamala/Gensler's continued reins)
- Clear common-sense U.S. legislation for stablecoins is now in place with crypto asset market-structure coming up next (aka protect ourselves before the next admin comes in who may not be so pro crypto)
- Crypto assets becoming increasingly accessible and normalized within TradFi via ETF and futures products that bring liquidity/volume to on-shore regulated venues (healthier market = good for everyone)
- Financial institutions and their executives actively evangelizing and adopting tokenization at a rapid pace (too many developments to count, TradFi more bullish than crypto natives at this point)
- Stablecoins, prediction markets, and perps are breaking outside of the crypto echo chamber as a clear product market fit of crypto (i.e., we are getting beyond zero-sum games now)
etc etc
Ultimately, I can't help but feel like the crypto market is a rubberband that's being stretched further and further, and will inevitably snap back
Not for all crypto assets and not right away, but for those have achieved clear product-market fit and have proven their value beyond a reasonable doubt, this market is becoming deeply irrational
The crypto markets have always operated in extremes, like a pendulum, the market overshoots in both directions, comes with the territory, if everything was assured, it would already all be priced in already
And while it sucks to take a few (or many) punches in the face along the way, my conviction in blockchains, smart contracts, and yes Chainlink, has not changed
Nobody likes to see portfolio number go down, it becomes unavoidably demoralizing, but I would not be here if I didn't truly believe in what I own long-term
And yes, I'm not blind to the comments I get, I know there are questions on Chainlink econ, I don’t have the perfect answers to every timeline/metric
But what I will say is that any claim or perception that the goal is to maximize the value of Chainlink Labs at the expense of or in isolation of LINK holders (like with Ripple & XRP) is plain wrong
Trust me, I wouldn't be such a loud and public advocate of Chainlink / LINK if I believed otherwise
Trump and Saylor branding on BTC is holding it back
The crypto industry needs to be somewhat apolitical if it wants to succeed long term
The tribalism from the last couple years just alienated a large percentage of humanity and has done more damage than you'd think