“The crypto market is dead” has already become an industry consensus. These days, no one talks about anything like Web3 or blockchain, and nobody thinks Bitcoin can make people rich overnight anymore. The once-idealistic souls who used to be in the crypto space are also embarrassed to introduce their crypto credentials. People may not openly admit that it’s just a shell game of drum-beating and passing the parcel, but deep down, everyone has already accepted it. Dutch tulip bubble, Britain’s South Sea Company bubble, the internet bubble, and so on—this time, it’s finally the crypto market’s turn.
Bitcoin has stalled at 65,000, while 99% of the altcoins have completely turned into trash. Some once-popular tokens were cut straight to the floor and declared clinically brain-dead.
The steadfast bulls of Bitcoin—absolute true believers—MicroStrategy’s stock price has fallen from 600 to 100. Beyond selling off its Bitcoin to cover company losses, it has no other way. Beyond praying that Bitcoin climbs back above the 100,000 mark, it has no other choice. But this time, their hopes are dim; they are only one step away from bankruptcy.
Back then, all those spirited young people in the crypto world have now become silent old timers. Exiting the market isn’t the end of the world, but the collapse of belief is beyond cure.
Is there anyone still talking about Web3? No. Is there anyone still discussing blockchain? No.
No one expected Web3’s final mission wasn’t to solve any decentralized payment problem, but to let people worldwide trade stocks 24 hours a day. Virtual currencies staged a “return to reality” farce: people now use virtual coins to buy assets like Apple and Tesla, which deals a fatal blow to the underlying logic of virtual currencies.
So when you look back, what exactly has the crypto market changed? Has it allowed the leaders of scams to launder criminal proceeds overseas? Or has it let the king of pyramid schemes take the funds onto a plane with a USB drive? Has it enabled fallen women to use a USB to pay in order to prevent their uncles from confiscating them? Or has it been that ignorant young men went all-in on contracts and got rich overnight—or lost everything in one night? (Most likely the latter.)
Maybe the president made a fortune issuing coins. Maybe the project team pulled the plug and fled with the money, and you went to zero overnight. The crypto market has left behind no tangible legacy—only endless disillusionment and a string of sorrowful stories.
Maybe I’m wrong—at the end of this year, Bitcoin will rise back to 150,000. But what does that have to do with you and me? #BTC
Bitcoin has stalled at 65,000, while 99% of the altcoins have completely turned into trash. Some once-popular tokens were cut straight to the floor and declared clinically brain-dead.
The steadfast bulls of Bitcoin—absolute true believers—MicroStrategy’s stock price has fallen from 600 to 100. Beyond selling off its Bitcoin to cover company losses, it has no other way. Beyond praying that Bitcoin climbs back above the 100,000 mark, it has no other choice. But this time, their hopes are dim; they are only one step away from bankruptcy.
Back then, all those spirited young people in the crypto world have now become silent old timers. Exiting the market isn’t the end of the world, but the collapse of belief is beyond cure.
Is there anyone still talking about Web3? No. Is there anyone still discussing blockchain? No.
No one expected Web3’s final mission wasn’t to solve any decentralized payment problem, but to let people worldwide trade stocks 24 hours a day. Virtual currencies staged a “return to reality” farce: people now use virtual coins to buy assets like Apple and Tesla, which deals a fatal blow to the underlying logic of virtual currencies.
So when you look back, what exactly has the crypto market changed? Has it allowed the leaders of scams to launder criminal proceeds overseas? Or has it let the king of pyramid schemes take the funds onto a plane with a USB drive? Has it enabled fallen women to use a USB to pay in order to prevent their uncles from confiscating them? Or has it been that ignorant young men went all-in on contracts and got rich overnight—or lost everything in one night? (Most likely the latter.)
Maybe the president made a fortune issuing coins. Maybe the project team pulled the plug and fled with the money, and you went to zero overnight. The crypto market has left behind no tangible legacy—only endless disillusionment and a string of sorrowful stories.
Maybe I’m wrong—at the end of this year, Bitcoin will rise back to 150,000. But what does that have to do with you and me? #BTC