Institutional investors are ashes now (look at GBTC, trading 30% below BTC price). This is not the first time it happened in tech, market or history. Bubbles and euphoria are older than Crypto.
Bitcoin will be back in a few years in a new bubble. Halving in 2 years...
Market corrections are often a good thing. It'd be good for crypto to realign with the actual value it provides so capital centers on things that actually provide value!
That's the only way it will grow.
Betting on investors risk tolerance for cryptos success is a losers game long-term. At least from a technologist perspective. From a finance perspective there's plenty of money to be made if you aren't left holding the cards.
The drug market is estimated at 2 Trillions. I don't know, though, about export controls. That being said, I think the level that crypto is being used for money laundering or drugs is really minimal.
Isn't that what VCs have been doing all the way through Web2?
Now it's just democratized. But at least Web2 led to tech that served a lot of people, until it got commoditized. Crypto doesn't really have great applications yet. (With a few exceptions.)
I seem to remember Softbank propping up companies like WeWork... and spectacularly losing money. Even this year they lost a lot. Uber and many others were basically money-losing unit economics being propped up by ever larger infusions of money until the stocks were dumped on the eager public in an IPO. But at least the corporations serve people.
How were Adam Neumann, Travis Kalanick and Elizabeth Holmes any better than these crypto bros?
The online advertising industry is in a constant race to the bottom. Look at how much Facebook and Google dropped relative to, say, Apple and Verizon.
Throughout all this, the open source community in Web1, Web2, Web3 has been building some amazing stuff, but people like to create business models to dump
Very true. Business used to be about the honest exchange of value. Now almost everything is a scam. I've seen it with my own eyes over the last 30 years. It's horrible.
