thomas

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

Aviator, diver, Etherean, nexialist, PhD in aviation and climate science, host of /diving /ethfinance /forteantimes /geopolitics /science /singapore /thomas

Ethereum

building /quidli, casting in /justinahn, daoing in /orange-dao & /purple

>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 🤣

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

dr, i know this isn't your first or second cycle 🤣

This is why cycles repeat themselves.

Violent delights beget violent ends.
Violent ends beget cautious minds.
Cautious minds beget gentle times.
Gentle times beget violent delights.

"One thing we learn from history is that people don’t learn from history"

We can only hope for the best. Unfortunately, humans forget too quickly.

yes please, let this event sift the grift away

Absolutely couldn’t agree more. This kind of shakeout is overdue. The market thrives when capital flows toward projects that actually build rather than just hype. Hopefully, this clears the noise and lets the real innovators shine. More code, less FOMO