Crypto Cleansing Before Adoption
What we have seen in Crypto over the last 12 months highlights the need to sift out all the garbage first before crypto can go mainstream. We don't like to see investors getting hurt with projects collapsing which is part of the collateral damage. If you are dumb enough to invest in projects that have no value or use cases then you are prolonging the time it will take for crypto to take off.
This is not surprising we have all the talk of regulation happening as the crypto community has left a barn door for them to drive through. We should be self regulating this ourselves and if it is by creating death spirals or withdrawing funds then so be it as this has to happen before the big money appears.
We see so many projects that clearly offer no value yet hold value which is having an impact on crypto in general. Whatever has been invested into those projects could have been invested elsewhere and is diluting the entire crypto market. The more projects that collapse and there will be more give off a negativity holding investors who would have invested away from investing.
The sooner this happens the better as having a band aid hiding a project is not helping anyone. We have too many bad actors hiding away scheming on their next trick to pull. This is just too easy for them to pull off and get away with daylight robbery as there doesn't seem to be any consequences for their actions.
The number of projects we see daily being highlighted on social media that we know they are super dodge need to disappear. Once a proper cleansing of the space happens only then can crypto be taken seriously and new investment will pour into the space.
This is why we are too early which is in fact a very good thing as long as you have selected the crypto projects wisely. Having done your research you will know if your project is a genuine risk or an investment. This is the first thing that should happen before you transfer funds as you may make some money short term, but you risk losing the entire investment long term.
I took 4 years before I looked outside of Hive before investing as researching takes months of work as you are investing in your future. My take is being early you need to take advantage of this time as losing it all for nothing would be a wasted opportunity.
We often here crypto is a risk as any investment has a risk involvement, but this is not so if you have studied properly and stay up to date on a daily weekly basis. How many investors know exactly what each investment has done over the last week besides the price action? We all know the answer to that as very few would know.
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So far cleansing is going well in crypto..... Have seen some of projects without Utility are dead....still every once in a while there's always a new hyped coin like nowadays $BONK is trending.... This is a problem in crypto that need to be fix.. project with utility or real value should be investors or vc's etc priority.
Well, after all these FTX and Luna I think so crypto is in way of Getting mature.
$BONK has been everywhere and with a name like that it can $BONK off. There is still so much carnage that needs to happen before we can think of crypto maturing.
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!LOL
Well, hopefully things will get better.
I think anyone who comes into crypto should read about its cycle first. Because newbies always get confused by entry in the bull market. As such, crypto has been steadily falling for the past twelve months. And many people have done damage by selling his coin's. These are mostly people who don't know about crypto at all. A good project in the market will surely get it. In the beer market, one should keep on doing DCA.
I think I will stick with Hive projects from now on. At least you can get to know the people that run them. I'm glad to see the purge of the shit coins. I think Hive will move up to the top 50 again after all of this.
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Nobody knows what will happen in crypto but I do think the cleansing is good. There are just way too many centralized entities and most of them haven't been doing the best business practices. SBF/FTX and Do-Kwon/LUNA just shows how fragile things can be and we just need to learn from them going forward.
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