Is crypto era over?

As I said ... far too many people who don't understand finance or money opining on it based entirely on either ideology or ignorance.

Finance is complicated and, macro wise, difficult to fully internalise and understand. It takes at least a decade of full time work in the markets to understand it. I think, because money is something everybody has to deal with in their lives, they too easily believe they understand it in a fundamental sense. Unfortunately that's like thinking you're a dentist because you pulled out your own tooth when you were 7.

I linked this at the start of the year... Pretty much nailed down what's been playing out.

Some folks' unwillingness to hear a bad word said about crypto is bizarre to me. You don't get that kind of cult following with any other asset class. I say this as someone who has bought crypto in the past.

no it's not like that at all actually

it's like saying transubstantiation is a scam and the church that sells it

This really seems like a serious hammer blow to 'the space' (whatever that means) to me but I guess experienced heads might see it as just part and parcel of what's always happened, and it rises again regardless. Atm though I just can't see when people will feel comfortable that all the contagion is out of the system and it's safe to take certain assumptions for granted. It's absolutely mad to me tbh, first time I've really thought it could all go to 0. Maybe a giant collapse would be best to eradicate all the doubt even if a few innocent get taken out? Although what's to stop the psychos coming back again, we like 'em when they're pushing the price up...

I've been a bit surprised at the lack of chatter about this outside of crypto spaces as well tbh. Makes me think 1) Normies are not that affected - so they're out of crypto much more than they were 2020-21ish (so that's bearish), and 2) It's actual big players that the 2 Sams have fucked. Usually those types don't lose surely (and don't accept it) and ultimately that's money needed to make the whole thing work so that may be more damaging? Idk, I never used FTX, might feel differently if I did.

Imo BTC comes out of this looking well. Like it may not be the most exotic of tech but it does what it says reliably and consistently, how many others can really say the same. Personally I bought at 7-8k in April 2020 and hoped it would get to 30k in the near (6mths - 2yrs) term. I still feel certain it's going to be here in 10 years time, it's just such an attractive idea. The rest though, I'm guessing they're suddenly going to be getting a lot more due diligence done on them than they're used to.

Anyway probably go through the whole cycle again in however many years time. Then I'm going all in :) Really, any piece of junk that seems obviously worthless, jpegs, whatever's new, I'm buying :). Spent this whole cycle staring in disbelief as prices rocketed the way they did, not next time...

Christ, what absolute madness. Cover of Forbes 3 months ago, what the absolute fuuuuuuuu

Yeah, I’m thinking you might be right now. None of this makes sense. This doesn’t come across as a case of greed or hubris, there’s just way too much oddness throughout the whole thing.

Where did all the money go? How was a seemingly tiny group of people able to basically never lose a trade and could pretty much liquidate anyone in the world if they set their sights on them? Why is there none of the usual outrage in the press that immediately follows any crypto bad news?

It’s all very off. Did Boris Johnson really just start following Vitalik Buterin on Twitter (Vitalik who just made some very kind “we all make mistakes” tweets about SBF). Haha, wtf is going o

I know conspiracies can be tempting to make sense of complicated events, but surely there’s too much going on here? Am I just ignorant about how small the crypto space is and a handful of people can cobble together a program that allows them to control the market they way they did (while also setting up a massive worldwide exchange)? 17 people in the Bahamas? These same people who bust out and then proceed to act like crackheads, trying to break into people’s bank accounts?

WTAF is going on here, proper madness.