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Thomas
@aviationdoctor.eth
Hopefully, the past 24 hours in crypto will motivate a flight to quality. This industry doesn’t need the long tail of griftcoins; just a handful of blue chips with utility. It doesn’t need shady CEXes and DEXes that fold under stress; only credible players that have shown Lindyness. And it certainly doesn’t need zero-sum PvP games, but instead positive-sum attitudes toward building responsibly. I see a silver lining to this flash crash, in the form of garbage collection. I low-key wish the altcoin market doesn’t recover and that we can move on without it. May we come out of this with more computer and less casino
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justin.ahn.eth
@ahn.eth
dr, i know this isn't your first or second cycle 🤣
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Thomas
@aviationdoctor.eth
It certainly isn’t! But I also observe that altcoins from 2015–2017 are all well and truly dead, that the ICO fad is gone for good, that even NFTs are mostly a historical artefact. So there’s hope that alts that have nuked 70–99% won’t recover at all, because too many regulars have been burned and too few newbies will want to touch that crap. And new alt projects may not attract the same volume of capital as they did
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justin.ahn.eth
@ahn.eth
>But I also observe that altcoins from 2015–2017 are all well and truly dead, that the ICO fad is gone for good, that even NFTs are mostly a historical artefact. so many of these projects raised not negligible amounts and manage to still have treasuries that enable them to continue as zombie chains and tokens with not negligible runways so not sure i'd consider them truly dead until the foundations are completely out! and personally i think we'll see even more hyper tokenization, so perhaps these shitcoins won't reach the same level of insane market caps as their ancestors, but don't think we've seen the end of GIGO 🤣
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