The Crypto Carnage: Bigger Than The Market Crash
This is really mirroring the dot com era. Of course, that was also bigger than just the market. There was a time when businesses went under and companies filed for bankruptcy. Employees were let go as many just tried to survive.
In this video I discuss how none of this is a barometer on the industry. The long term viability is going to improve. It is more of a cleaning out process which is needed. We will see a stronger industry by the time the next bull market kicks off.
▶️ 3Speak
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I don’t remember the dot com era since I wasn’t of the working age I don’t think, and my parents didn’t get into it but I know that the recent crazes like ICO and DeFi explosion have certainly thrown some red flags for me. I guess if you can get in and out quick enough for another bag holder then people can make money. I don’t have the tolerance for that lol so I just buy bitcoin and hive.
Either in and out in terms of a quick trade or long term it via strong projects that have a high chance of success.
Of course, as Yahoo shows, there are still major risks.
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how do you say in biology NATURAL SELECTION only those that have a healthy economy will be able to survive what is coming many more problems
I agree with that type of analogy. There is a degree of this being a complex organic system and there are "laws" that are followed. We see the weak get washed out simply through the cleansing process that naturally occurs.
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Worst month for crypto june 2022
Puzzled with mass psychology. The market crashes I know are always preceded by euphoria, which I think is missing in the current one.
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I think we saw a very clear euphoria phase before this market crash, there were very obvious signs of extreme greed such as (In the crypto market):
If we talk about the stock market:
Don't you agree?
Though I don't expect of course mainstream adoption to happen all at once, I think prior to the crash, there was a lot of uncertainty already and bashing of the crypto space.
I think the run up to $65K on BTC was pretty strong.
Now we are feeling a painful move from there. Was there a blowoff top like many times? Maybe not but we did not stay elevated too long.
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The 7-month downtrend looks like a healthy pullback for me, though it seems a little overdone.
There will definitely be a ton of companies that go bust or get thrown off like Yahoo. I don't even visit Yahoo much anymore and I use to when I was a kid.
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They were quickly passed and out "teched". This is what is happening to Bitcoin as a network in my view. That will have an impact down the road.
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A market crash is a great way to clean the space. As you say there has been a lot of shitty business models in the industry which have thrived during this bull period that were destined to dissapear. Market crashes only make those companies/projects that survive stronger for the next bout. It's going to be interesting to see which projects will still be going strong in the next economic cycle.
The consolidation is not necessarily a bad thing. We can benefit from it since stronger projects will stand out.
Also teams will look to improve upon what failed.
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Interesting stats
Agreed, much garbage needs to fail and although everything on paper will go lower to do so for a while it is needed. I hope people who don’t hold own private keys learn a lesson also.
Watch out for the human traffickers at hivefest. You wont know it until its too late. STAY AWAY! Beware, traffickers can be women or men! They will act nice until they dont. There is human trafficking going on around this type of crypto. I have witnessed it. They literally have attempted my murder and are trying to kill me with V2K and RNM. Five years this has been happening to me, it started here, around people that are still here. Homeland security has done nothing at all, they are not here to protect us. Dont we pay them to stop shit like this? The NSA, CIA, FBI, Police and our Government has done nothing. Just like they did with the Havana Syndrome, nothing. Patriot Act my ass. The American government is completely incompetent. The NSA should be taken over by the military and contained Immediately for investigation. I bet we can get to the sources of V2K and RNM then. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism ..... https://ecency.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem if you run into one of them you may want to immediately shoot them in the face. 187, annihilate, asphyxiate, assassinate, behead, bleed, bludgeon, boil, bomb, bone, burn, bury, butcher, cap, casket, choke, chop, club, crucify, crush, curb, decapitate, decimate, deflesh, demolish, destroy, devein, disembowel, dismember, drown, electrocute, eliminate, end, euthanize, eviscerate, execute, explode, exterminate, extinguish, finish, fry, grind, guillotine, gut, hack, hang, hit, ice, implode, incinerate, kill, liquidate, lynch, massacre, maul, microwave, mutilate, neutralize, obliterate, off, pop, poison, punnish, quarter, ruin, shank, shock, shoot, shred, skin, slay, slaughter, smoke, smother, snipe, snuff, squish, stab, strangle, stone, suffocate, suicide, SWAT, swing, terminate, torture, terrorize, whack, waste, wreck. You better fucking kill me.
Summary:
Task discusses the current state of the cryptocurrency market, likening it to the dot com era with a focus on market crashes and potential failures beyond just market conditions. He highlights the importance of value and sustainable business models in the crypto space, emphasizing the need for research and caution when investing. Task touches on specific projects like Coinbase and USDD, expressing concerns about their sustainability. He concludes by mentioning the inevitable consolidation and growth of the industry in the long term.
Detailed Analysis:
Task begins by drawing parallels between the current state of the cryptocurrency market and the early days of the internet, particularly the dot com era. He stresses that the challenges faced by the cryptocurrency industry are not limited to market crashes but also encompass potential failures of companies and projects due to unsustainable business models.
He mentions the volatility of Bitcoin's price and the need for investors to be prepared for further declines in the market. Task specifically mentions the company Coinbase, hinting at potential difficulties it may encounter if it has to rely on venture capitalists for funding instead of debt markets.
The discussion extends to the importance of building value in projects and companies, noting that overnight successes are rare and sustainable growth requires time and effort. Task references historical examples like Twitter and Netflix to illustrate this point.
Task emphasizes the risks associated with investing in cryptocurrency projects, cautioning against blindly following trends and instead advocating for thorough research and understanding of the underlying business models. He points out the potential pitfalls of projects led by individuals like Justin Sun who rush into introducing new tokens without adequate value creation.
The talk also covers the broader landscape of the cryptocurrency industry, predicting a future where the market will be smaller and more consolidated following a period of cleansing out of unsustainable projects. Task remains optimistic about the long-term growth potential of the industry despite the current challenges, highlighting the success stories that have emerged from past tech booms.
In conclusion, Task acknowledges the painful but necessary process of industry consolidation and emphasizes the importance of being prepared for the ups and downs of the market. He ends on an encouraging note, suggesting that the cryptocurrency industry will continue to grow significantly by 2030.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.