![]() ![]() In case you were curious about the actual use case of cryptocurrency - it’s literally the foundation of the internet economy. ![]() Crypto is Already the Native Currency of Web3 While the current environment may be a brutal place to be as an investor who accumulated large amounts of crypto throughout 2021, but as a long-term investor lower prices equal an opportunity to accumulate. To borrow a popular phrase that did the rounds at NYT NFC: These enormous capital capitulations clear out the bad actors who’ve built their projects on speculation, massive amounts of risk, ensuring that only the teams with a real vision, solid fundamentals and genuine methodology for future adoption will remain. However, a bear market and the huge market-wide devaluation that comes with it, serves a crucial function of wiping out the opportunistic and exploitative degenerates. One of the most common criticisms is that there are too many “useless” or “scammy” crypto & blockchain projects in the space and, you know what? That’s a fair assessment. Interestingly enough, a lot of the broad brushstroke claims made by the critics are actually correct - just not in the way that they think… The Blessing of a Bear Market There’s simply no denying it.Īside from last month’s relief from “down only” - the past 8 months has seen the blockchain industry as a whole has jettison more than 60% of its total value with nearly US$2 trillion wiped from the space entirely.Īnd so, it becomes all too easy to believe the increasingly loud cries of critics, emboldened in their claims that crypto, NFTs and anything Web3-related has a one way ticket to an early grave. While the price of digital assets may have suffered - the cryptocurrency industry is only just getting warmed up…Ĭrypto has been ripped to shreds by the claws of a bear market. ![]()
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