I’ve never known an asset that gets so much focus (and hate) by people who don’t own it
If you don’t understand Bitcoin, fine, there’s lots of assets that will perform well under the inevitable debasement of fiat currency (a phenomenon that Wall Street banks have only just understood 😂)
I think most “value” stocks boomers hold will hugely under perform in a tech driven, AI world and think what people see as “value” are actually businesses whose forward earnings will decline to zero as they get eaten by big tech and AI
I could be wrong
I don’t hate on those businesses, I just don’t look at them
The fact Bitcoin still captures so much mind share reinforces my conviction
…plus I actually understand Bitcoin
Unpopular opinion:
Crypto died in 2021 and we have been trading the corpse ever since.
There are no more pigs left to slaughter since everyone became aware that crypto as a whole is a scam.
The belief system that made this industry work has completely collapsed.
At least in 2017 people actually believed in those crazy ICOs or whenever a new chain would come out.
There was genuine excitement, real conviction behind every project.
Nowadays it's like: "Oh a new chain? Wow another VC backed scam to dump on retail."
The shift happened fast and it's permanent.
Nobody believes in anything anymore, I respect the SPX6900 community for trying to change that but sadly they have failed.
Crypto topped in 2021. Everyone I know peaked their NW then and since then it has been down only with no exceptions.
Most of you just aren't willing to admit to it, respect to gainzy for actually doing so.
Look at Su Zhu, he peaked at billions in 2021 but could barely make $40m this cycle.
People think pump fun is extractive but they have only managed to extract $700m this cycle.
Those are rookie numbers if you compare it to OpenSea in 2021 who extracted BILLIONS.
We have gone from a gold rush to fighting over scraps, the only winners were VCs and exchange founders.
Crypto can be compared to the Japanese stock market in the 1980s. Yes there's an ever expanding money supply globally, but it doesn't necessarily have to trickle down to crypto.
When there is an aging population, like there is now in crypto, that doesn't result in more buyers.
In fact, anyone who would have bought into crypto already has and lost all their money.
There are simply no new buyers and it makes sense, who keeps returning to the same casino that makes them lose every single time?
You need a few big wins occasionally to keep going, but what we have now are just people consistently losing.
Bitcoin is the only exception and will survive since alts/BTC is perma down only and won't reverse anytime soon. Even Vitalik knows Ethereum is cooked.
I guess everyone knew that BTC maxis were right but our thesis was that we could gamble and outperform BTC with alts.
We were wrong.
Crypto is dead as an industry, pack it up if you're trying to make money here. Extract whatever you can and leave.
Luckily if you accumulated skills in crypto like running a start-up, you can apply that to other industries like AI easily.
The entrepreneurial experience transfers, even if the money doesn't.
Almost every founder I’m speaking to is planning their token launch in Q4 24, latest Q1 25. Many delayed from months ago and still holding on.
A lot is hinging on this critical period where everyone has the same plan at the same time, praying for that banana zone.
Most have cliffs of 6-12 months, so investors and KOLs are pressuring for unlocks in time for some profit taking before the presumed cycle end.
The battle for mindshare and new blood will be stiff.
I have been told that I need to "do less philosophizing and do more ethereum bullposting". Hence, here is an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp.
Just minted Day 366 on @basepaint_xyz! Hundreds of pixel artists made this together on the blockchain. Minting is open only for 24h https://t.co/x3a5BIXG7E