Survival of the fittest

I mise my whiskey, I no longer get tipsy.
The crypto market is crispy, I knew it was risky.

Bitcoin dropped below the $20K support and right now, it genuinely feels like all is not well with the world. The only consolation from everything is that at least we're all getting rekt together.

Seriously though, the situation is worrying but not in the "panic sell" type of way but more like "Holy shit, I've never seen this before" type of event.

Even for the crypto market that has experienced multiple highs and lows, a market where a 200% drop is scoffed at, this event is still rocking the boat.

When you think about all the things that transpired on the way to this spot, I guess we could say it was expected.

Investor confidence was already dampening, particularly with the looming threat of an economic crunch in the legacy market. Adding the demise of LUNA, Celcius and Coinbase being so shaky, I guess we could say it was pretty obvious, in hind sight.

The crypto industry would like to believe that it's insulated from normies' market but the reality is that we're not.

In fact, how I see it, the crypto market is just a fork of the legacy market. Yes, we're trying to create our own identity but for the most part, we sill retain our normy identity.

When you think about the fact that Central exchanges(banks) hold all the cards and are constantly being manipulated by higher powers(government) and their greed, you find that we're slowly tending right back to where we started.

Builders gonna build

In any case, I still consider this current situation a bump on the road to the ultimate goal and events like these will serve as a lesson for the future.

Every time the crypto market overcomes adversity, it becomes stronger. This never before seen crash will threaten even the most hardened investor out there.

However, if you take an even closer look, you'll find that the market doesn't tell the whole story. In fact, for some projects, the market is just a bunch of numbers and has no correlation with the value that the project intends to create.

In any case, it is still normal that in an economic downturn, patronage and general usage of value creating applications will reduce. @acesontop pointed out that the number of Hive users has dropped significantly, with publications and engagement dropping dramatically.

Despite the reduction in usage, the most important thing to note is that value is constantly being created. Also, if you look at the depressing charts, you'll notice that Hive is fighting valiantly in the circumstance.

Sieving out the useless

Events like these will test the mettle of virtually every crypto project in the land. It's survival of the fittest.

At the end of the day, one thing for sure is that value will migrate from useless projects and flow organically into useful projects.

You will notice that in times like these, you won't see random shittokens spring out of the blues because there's no money in the system for dumb shit.

For example, it is this sort of event where all the useless assets like the variants of Dogecoin, and all that crap get wiped off the face of the earth. It will be like they never existed.

This is a crypto winter like never before. It is a purge and at the end of the day, only the strong will survive.

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