alantheengineer

Sundays are for…?

It's been an extremely frustrating cycle for anyone who's genuinely passionate about the industry and its technology (myself included). There are so many game-changing use cases for the blockchain (payments, tokenisation, AI, gaming etc), but the industry is constantly given a bad name despite the amazing products that are being built. "Crime season" is quite possibly the worst marketing for an industry that thrives on belief. Even though the "good" projects and the "bad" projects are seperate entities, it all gets intertwined. LUNA & FTX already screwed retail. We slowly built the belief back over 2 years, only for politicians/celebrities/scammers to take advantage and extract billions. Decentralisation maxis will say it's a free market, and the blockchain can be used for whatever purpose people see fit. And I agree fundamentally. But it's a double edged sword, because without proper regulation the tech will continue to be used for exploitation. And the big players in the market (certain exchanges, VCs, MMs etc.) are also enabling this (not all, I know some amazing VCs/exchanges - but all it takes is a few enablers to do damage). And yeah, you can make a lot of money from playing these short-term games, and I personally have made money trading this stuff (as we're essentially forced to as traders in the pursuit of gains), but it comes at a cost. It's fundamentally the reason why alts overall are performing so poorly. People don't believe anymore, they're jaded and feel like the game is rigged against them. Eventually, I believe that nature is healing and the market will course-correct, but until then we might have to deal with a little more pain. Unfortunately, it feels like: 2021 = the belief cycle 2025 = the scam cycle