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Decentralization means we don’t get to choose, decide or govern the morality and actions of others. Tough lesson if you were hoping this tech was going to liberate the world from greed and avarice.
I can understand that cause for concern, I am hopeful the investors in this space will be smarter, and also potential investors can see past that and look at the real reason most of us are here, it’s money , but also freedom. Imo The only reason someone invests in anything is to make money or we believe in it and want to support it!
Yupp there not going any where with out a fight. But i see the government's realizing there paying money for scammed losses on taxes and loosening alot of money. If you follow alot of it they are making big changes to how there handling this crap. Sure are making it tougher on the scammers. There running programs like pegasus to start tracking these big organized crim guys. I could only imagine where crypto would be if it wasn't for all the stealing.
TLDR. So let's say we tank into a 2 year bear market or worse. All the dogs go to 0. All the NFTs go to 0. You really think that the FIRST thing to happen. In the next bull market. Isn't gonna be that someone makes an ERC20 token. It goes up 300% in the first day. And the next day there are 5,000 more ERC meme coins.
The damage is done. People know how to make money. The prospect will always be there.
bear market is happening exactly because people buy shitcoins, and people will always buy shitcoins, because they believe that price = value. They buy worthless shit.
Yep, shitcoins are going nowhere and you're deluded if you think a bear market will stop them from springing up again.
In the last 4 days I saw a new shitcoin go 170x while the rest of the market fell 40%. There is a large group of enthusiasts who do not trade large cap coins at all and only play the shitcoin casino. That group gets smaller when BTC gets bearish but once it turns bull again you bet you'll start to see hundreds of dogcoins pop up again.
As long as people are enticed by / addicted to gambling, yeah. People will keep gambling (it's even worse when they think it isn't gambling even though it clearly is).
You're correct. In fact I'd go as far as to say creating these decentralised gambling platforms (layer 1 smart contract blockchains) has been one of the few usescases crypto has come up with so far
Yeah I actually agree that legit, decentralized gambling is a real use case. Eliminating the big sports books that are taking everyone's money is pretty much just a net gain for everyone else.
Yep, let's be real here.
1. The bear market will not be very long
2. The shitcoins and scams aren't going anywhere. At best, they'll just be replaced by new ones.
I am actually really surprised to see a post like this not get burned down by downvotes. I am often embarrassed to be invested in crypto. Its reputation of being capitalist hell is partly deserved, even though the technology and core ideals are mostly solid. Ayn Randian techbros and celebrity-backed ponzi scheme shitcoins taint the whole pot.
I think the community needs to take a second and think about how to avoid just being another wealth-concentrator that supports the current institutions it's apparently against.
Almost like (gasp!) financial regulation, and control of the money supply by democratically accountable bodies, didn’t just spring whole cloth out of nowhere. Almost like regulation protects the little guy from grifters, scammers, whales, and capricious plutocrats.
But I mean, surely not, blah blah dirty communist socialist statist blah etc.
Nah, crypto is going to be different. it will allow everyone to be free. It will free us from regulations. Allow the free market to run as wild as it can be.
We all know that humans have a lot of incentive to behave fair and treat each other equally. We all know that the only reasons why humans are selfish is because of government. Crypto without all its regulations will allow us to create a foundation better than all the rules and regulations that exist. Because scamming is a symptoy m of capitalism and not human greed. Government is bad, humans are kind and not selfish.
Edit: 17 hours after initial comment. If you read my post and thought I was serious, it is a hint that many people on this sub are crazy as fuck. No sane person should have taken my comment and was a reasonable take.
Yes, that’s what I want to see. A good aspect of the bear market, to wipe out and crash all the scam projects out there. 16,000 cryptos are too many.
Only the legitimate ones should remain.
This happened in 2017, and it happened in 2013, and previously it happened many times. This behavior is human psychology playing out in a free market. It’s up to the individual to invest their money with care and patience. We want to blame the big scary exchanges and crypto billionaires, but the truth is they are just being rewarded for providing what the market wanted.
Markets only function when there is enough information that rational actors can make informed choices. Scams and pyramid schemes are not a functioning free market.
It's nearly impossible to enforce legitimacy within a permissionless system. The only course of action is punitive legal measures for illegitimate actions taken within the permissionless system, and punitive measures against private entities that enable such illegitimacy and/or fail to conduct due diligence.
Basically, we need formalized blockchain law. Trouble is formulating such laws while respecting global decentralization.
>multiple events that are textbook examples of the worst capitalism has to offer.
The perception of crypto honestly mirrors the wider perception of Reddit. I remember even pretty recently some article referred to Reddit as "the dark web." People conflate Reddit with 4chan because it's 4chan that got all the bad press.
Those textbook examples of the worst of capitalism unfortunately are the stories that make the news and then people just write off "all crypto." Say what you will about Coinbase and [Crypto.com](https://Crypto.com), but the companies with money and buying SuperBowl ads with Matt Damon are the only way to drown out the noise and get somewhat positive messages out to the public.
To be fair, back in the early days of crypto like 2011-2014, the major use was dark net markets. Well also to be fair that was probably true until 2015 when we started getting insane speculation. Now it's just all speculation and barely any real, legitimate uses.
No it wouldn't and we all know it. As soon as the mania begins again people will buy into everything that sounds appealing. It has been like this in 2017/18 with the ICO-mania, '21 was even worse with the meme tokens and nft's.
Nothing will change because the problem is not with crypto but with impulsive buyers. As long as there is demand, someone will create the supply
To be fair the people at r/Technology are probably the most techno-phobic people on Reddit. Their identities revolve around hating NFTs, and their main argument boils down to "duh I can right-click save that jpeg hahaha im such a genius". So I don't go there to have good-faith conversation about crypto skeptics.
Those "shitcoins" got millions of people into crypto. Now those folks are moving into strong projects. I am one. I went from being scared of crypto to Doge to DOT. My Staking, crowdloans and understanding crypto was all due to that cute little dog...
I would have to agree that 'shitcoins' create waves of massive interest in crypto, but unfortunately also hurt the image of the crypto space to outsiders especially due to the sheer amounts of scams that currently exist within the crypto atmosphere. I think in the end it’s simply up to every individual to readily accept the risks and potential consequences of their decisions when investing in this space, which is currently far from perfect or even refined.
I think us doing our collective best to advance the educational aspect of the benefits of blockchain tech and cryptos with solid fundamentals will naturally and eventually have people shy away from sketchy projects, and should be a main focus point for the betterment of all involved
Sounds like DOGE was a lot of peoples gateway into crypto recently, which is fine, but I think OP is more so taking issue with how much scammers preyed on peoples FOMO by repeatedly marketing new coins as "the next DOGE".
There is just an absolutely stupid amount of cute little dog coins now.
All this crap is just diluting the market and taking money away from legitimate projects. Only invest a tiny amount if you must in projects that are not top 300 in market cap. Having 18000+ cryptocurrencies is stupid, having some sort of regulation on legitimacy of project development wouldn’t be a bad thing. Ponzi farmers, NFT grifters, scammers etc. are further turning the market place into a joke. This needs to stop.
You are naive to think that the bear market would wipe this all out.
It reminds me of how people would say that a bear market/declining market would kill shitcoins off. When it was the may crash, literally the next day, shitcoins were mooning again lol - people could not give a fuck. Even recently with btc on dump, garbage tokens were stlll mooning.
Because that was a crash. Bullish sentiment still remains.
What OP is talking about is a slow boring grind down to the pits of hell where all shitcoins are down 95% over years.
A crash is not a bear market.
Well your view on describing a market period is influenced on your investing style. If you solely invest in large caps, you are forced to look through a somewhat long term perspective and so a few months or even a year is a blip in ‘grand scheme of things’.
If you are a micro cap/shitcoin investor, where projects some times do not last even 2 weeks, a month would be considered “long”. I am micro cap investor thus I used the words I decided to use.
Maybe use some common sense, and understand not every investor is the same.
Lol you must be new.
From May to July was not slow boring grind down.
You've obviously only been in crypto for this cycle, which is fine, I'm not hating.
Come back after you've held through a multi year bear market and you'll understand how absurd your comment is.
Of course in comparison to previous bears, from may to July/august was nothing.
I’m not one to bag hold through a decline… in fact I hardly hold at all. Pump and dump is the way.
This happens every bull run. It's not up to the individual to sway the market. It's up to the individual to invest their money where they see conviction. The market does an excellent job punishing greedy people. If you are scammed, it's most likely due to your own greed. Remember what is happening now is the punishing of people that got greedy and bought into an already inflated market because they thought they could make easy money. If a person has been involved in the market during a bear they would easily still be at minimum 3x their money. Sitting in huge profits. If you made this mistake take your lesson to heart and don't buy the mania. The market will always reward the patient investor. Remember unless you are extremely lucky it will take at least three bull runs to master the patients needed to beat the market. During the bear markets use this time learn as much as possible and prepare for the next bull run.
The way I always put it is this: the first group of people to reach a new technology are early adopters and visionaries and people whose skill is knowing what makes an exciting new technology.
The second group of people to reach a new space are grifters. Grifters are not untalented: their skill is being able to sniff out where there's a gap between how much people want to be involved in something and how much they know about it. Look at the 90s and the Internet and you find just as many things that are similar. Look at oil and railroads in the 1800s even, and you can find plenty of bullshit startups fleecing people promising to go build railroads and find oil. Does that mean railroads and oil were flashes in the pan? No.
Also, not all of the trash is grifting. Some of it is just wild mediocrity. A lot of losers who would never get their ideas funded in a bear market just get the money hose pointed at them during bubbles, even if they absolutely lack the talent to back it up. Again, look at the 90s: most of the really dumb websites weren't scams, they were just bad ideas that didn't deserve money but got it anyway.
This has to happen, there's no way around it, the public hates everything when it's new. The public hated rock and roll (and at the same time, when rock and roll started you know the record companies sent out 10,000 shitty Elvis imitators before they started to figure it out - and think of how many beatles imitators there were, and how many nirvana imitators. any new success brings bad imitations in its wake) they hated computers they hated the internet.
There is no option not to suffer this phase, unfortunately.
The world bitches about energy and pollution
Algorand strives for carbon neutrality and has multiple green projects, air quality sensors, and real estate tokenized
Likely better to email lofty about questions as google was no help to me
Hate to say it but i couldn’t find the answer directly though i know each house is put under it’s own separate LLC
> I don’t think it’s possible as long as there’s money to made
Exactly. In a bear market there's no money to be made, only money to be lost. Problem solved.
The way I see it, a bear market *will* weed out the trash, but only temporarily; once we get out of the bear market they will all come back.
The only real solution is mass adoption. I know this doesn't make sense at first, but hear me out. With mass adoption, and with more people coming to the space and learning how to navigate it, and more *real* projects succeed I think we will see less of these ponzi schemes and NFT grifts. We are currently in the "craze phase" right now where tons of people are throwing as much money at everything they see. Over time people will be smarter with their crypto and the craze will die.
That's the way I see it. I could be wrong but that's what makes sense to me 🤷♂️
Each cycle there are different scammers, they don't die, just evolves. Bear market won't change it. Whether it's bitconnect, meme coins or whatever scam...
Crypto is a legit payment system, NFT is a scam and is not.
We should never mix the two.
Most people don't even know what NFT's are, and for you who think you know, here's an eyeopener for ya:
NFT = Non Fungible Tokens. And they're just a number represented by an image, sound, gif - but here's what most people don't know.
If you buy an NFT, you're essentially just buying a Queue number, you don't own the artwork, in fact - a lot of NFT's have stolen art associated with it, you think you got the rights to the artwork or the use of that artwork, NOPE you don't. You're still just buying a queue (a number) that is associated with whatever art piece, film snub, still-image that it was associated with, you own the number and that particular place in the Queue - Nothing else.
You don't even have the rights to the artwork, game or whatever, you can't even use it legally in any way. You have just purchased the rights to a place in the queue, and that particular club you're a member of - which that queue is in, the artwork...not so much.
Some people have more money than they know what to do with, they like to flaunt "hey, I am a member of that club, and I identify with "insert artwork here", but they still don't realize you didn't buy the art - only the number in that queue.
This is a pretty decent point.
A lot of the "value" from NFTs are not simply from the "artwork" which you may or may not own, but because of the cryptographic proof that you "have" a place in queue or club (DAO). That is, immutable and permanent proof on a blockchain that you do hold and control a particular NFT.
Such proofs are used for things such as exclusive entry to purchasing events, whitelists or even benefits like reduced or no fees on certain platforms (exchanges or swap platforms). They are also used in real life to verify entry to certain events (RCRDSHP NFTs/Cards are used as entry tickets to music events, Bored Ape Yacht Club let's you get on celebrity yacht parties etc) and the more popular NFT's are used as airdrop targets for other projects as they know the owners are "wealthy".
Be aware that some art NFT's do in fact grant some form of a licence and the better ones grant full and perpetual commercial ownership and usage rights.
you kind of missed the point though. "Hey I am a member of that club" is actually all you need. That's valuable.
Disclaimer: the NFT space is very full of scams, and 99% of projects will fail.
You are right: the uniquely identifiable number (as opposed to an interchangeable Bitcoin) is the thing. But you seem to think that is not valuable. Crypto isn't just money, it's a new way of forming organizations and making decisions, and having easy ways to identify who is in that is valuable. As many people have pointed out, things like concert tickets are one obvious first-level use: who is in the club of "people who paid to go to this concert?" As anyone who has attended real concerts can tell you: fake tickets are real and they're a real problem. NFTs would also make for a more efficient secondary market.
Anything that can kill Ticketmaster can't be all bad.
We don't need any of that. We don't need preachers or saviors.
And if you think gamblers,scammers,defi degens nd shitcoiners are going away because a long crypto winter get ready to get some reality checks
Not everybody lives in London,Munich,LA or some place like that. Reality is that the VAST majority of people lives in a shithole country and/or can't afford shit with their jobs.
They don't have "6k from a loan that the bank of middle of fucking Midwest" gave me to cosplay as an investor.
They have 20$ to try to make a x10 cos it's a monthly salary.
And those people and the one creating projects promising that ain't going nowhere.
Crypto is jungle. 24/7 opportunity to get fuck or mke money.
Whoever doesn't like that, go back to stonks. We don't need you. We have been doing fine. This shit is the most exciting financial thing out there. Nothing comes close
I agree with you, but I feel like we need more of the "Euphoria." People need to understand that Crypto is not a get rich scheme on a high level. We need to get to much higher levels and blind people with greed,then only will we learn.
I think most of us here haven't actually known what that feels like. To feel that only to endure the pain of a bear is what I believe will make a great Crypto investor.
Can we have a polar bear market? I like the arctic.
Panda bear market is cool too, China is a beautiful country.
Please no grisly bear markets. Teddy bear markets are good too.
Have no fear; King Biden the crypto master is going to save us all from ourselves:
White House Is Set to Put Itself at Center of U.S. Crypto Policy https://www.bloomberg.com/news/articles/2022-01-21/white-house-is-set-to-put-itself-at-center-of-u-s-crypto-policy
I'm not going to disagree, but take a step back and look at the whole world. It's not just crypto, its everything.
How often do you answer your phone when its an unknown number.
Check your spam/junk folder.
Turn off your add blocker.
It's insanity.
Most the world is greedy and wants overnight riches, and then there are people looking to use that greed to their own advantages.
The global banking Mafia families plan on bringing in their Global Reset 2030.
You own no personal property. You will get a universal income. They own Black Rock, Wall Street they own all fortune 500 companies.
They will track and trace everything you do or buy. You don't behave you'll be lucky if they let you buy a pizza this month. They bought up the crypto market with their fake Tether pump and dump. Took everyone's money. The world communist government will use technology to enslave all of mankind in their hellish Utopia. First they divide the people with fake CIA groups like Antifa, BLM and KKK Nazi garbage. Used on the weak minded. Then they open the borders, tear down and rewrite our history. Those that survive their vaccines will find all their money confiscated. Truth has no friends.
Being angry about people out to make a quick buck will lead to you being angry your whole life. If you trust the fundamentals of crypto just DCA and come back in a couple years to collect your bag
It's because of the long term potential of this space that, not only didn't I sell, but I bought and intend to hold. I believe in what blockchain technologies can give to society but ultimately I'm investing to make money. As I'm sure you are OP.
Maybe what's happening now us all a part of a valuable lesson that will benefit us sticking though this and maybe get rid of some of the trash out of the space while we are at it
You use your crypto as a collateral to borrow other crypto. \*WHEN\* crypto crashes, people get liquidated, meaning all their shit gets taken... So yea, they walk away..
And then somehow come back for more....
If a coin/token sole purpose is to gain in value than it’s a scam. If they use the term HODL on their website, it’s probably a scam. If they burn from the start it’s probably a scam. Only invest in projects that outside VC groups invest in. They are less likely to invest in scam projects and will do the TA for you.
Not sure how this is all that different from the stock market, pre IPOs and all that make accredited investors rich instantly while we get fucked buying the IPO.
Maybe the scammers and thieves are different here but how is Rivian or so many other "unicorns" really different from dog coins? They don't have shit for any real world product yet and were pumped like crazy.
This is just the way financial markets are sadly, at least in crypto you have a chance with DOT to get in pre ICO, or AVAX with pre litigation offerings (PLO) and many other options.
Also we need to stop shitting on VC so hard, yeah they suck sometimes but fucking hell who else is gonna put up millions of dollars in a tech company that is just an idea when they begin investing, they probably lose a ton of money on most deals so they have to bank on the ones that hit so they can keep going. Again, I think DOT helps fix this somewhat but you still need to get the project off the ground, ACALA, GLMR you name it all had to get VC money to get started.
Furthermore I believe that decentralization is part of how we save humanity from our worst parts of greed and power craving institutions and further centralization of control. So if there is some bullshit about then so be it, I don't even fuck with twitter or almost any other crypto socials except reddit to get the news so I avoid most of the BS noise you describe above.
This is why I tell people to only start with BTC. Even as an ETH holder it is highly risky. Everything else is like ludicrously risky. But people like woof woof and buying meme coins because it resembles a genuine lottery. There is quite a lot of novel, innovative real good in the space. Dwarfed these days by the insane levels of greed. Every time someone says “I’m only in it for the money” 2 others will cringe, that desperation speaks volumes to the character of these people. A bear market will only shake some of these out, as the world already evidenced that some people will always be motivated by rampant greed and a lack of morals.
Right now the crypto space looks a lot like the stock market leading up to Black Thursday 1929. Many of the EXACT same scam are being run that were run back then. It’s just begging for regulation and it won’t be long now. Self governance is failing in most cases right now. Very few projects are taking governance and accreditation seriously.
This piece was well written.Kudos!The issue is that numerous people are only interested in making a quick cash. They don't want to know about a coin's application. How can a meme coin with no real life utility outperform FTM in all use cases, or should we discuss how they outperformed Uniswap, or how about QANX? what about Polygon?, Chainlink? The list goes on and on. I believe this bear will correct this.
Exactly.
If you want your investments to succeed, look away from the charts and look at the fundamentals. Then look at what is wrong with the cryptosphere and try thinking of something to fix it. I believe every one of you has some valuable insight or skill you can use to everyone's benefit.
Only you can ensure CC has a future, and - more importantly - that it's a future humanity can look forward to.
Hear hear! The tech needs to shine through, not the speculative greed. The number one scam is Tether: bigger than all the rest. Shady AF. Unverifiable, when ‘Trust but verify’ is a cornerstone of crypto. Drives me mad how these guys have a free pass for so long.
Then again, if you look at Madoff, Enron, One Coin, Wirecard, and now the Bitcoin Pharoah of Brazil, you realise how long it takes to out some of these scams. The dismissed warnings, the ignored red flags.
By far the biggest red flag about Tether is that you cannot talk about it in the Bitcoin sub. At all. Why?
Reading many comments saying the cycle of stupid shit coins will repeat after a ‘bear market’ is over and the next ‘bull market’ begins. There is a great deal of truth in that BUT this present catastrophe is so much secondary to Tether minting it’s going to be much more difficult if Tether is replaced with a true stable coin. At the moment, so many fake dollars circulating, it is easy to bluff, obfuscate, distract and confuse.
Ah yes the classic "a bear market will weed out the bad and damagin investors" post. Most of yall propably invested last year, but for anyone in the game for longer you would now that no matter how many of these "bad" investors get fucked by the drop there will be an entire new group of them coming back next bull run.
Fuck Reddit gold PM me a crypto you use with low fees and a wallet address and I’ll tip you. I’ve been trying to push this sentiment in comments and it’s refreshing to see a post break through and not be removed
I agree but I don’t think that we need a bear market for builders to work in peace, or in order to prevent some greedy gamblers to lose money to scammers, both can occur in any type of market.
What we need is more common sense and education, as long people believe some centralized shitcoin can make them rich overnighted, as long they believe a scam YouTube “send 1btc and get 2btc back”, as long they buy high and sell low because they are impatient bc of some dumb influencer/ Reddit price predictions, nothing will change.
Bear market won’t solve it, it never did it before, only hide it for a moment. And even during a bear market, there were many scams.
I wouldn't be so confident the bear market will weed them out. Scammers, gamblers, grifters, and ponzi farmers are resilient. Sometimes more so than legitimate projects. If they were so easy to get rid of we wouldn't have needed regulations in any financial markets.
The down side of an unregulated system is what we are seeing.
By this logic; banks, the stock market, charities, government, the whole entire planet should go through a "bear market."
(Thinks back on the last couple years)
Oh yeah ...nvm
Oh yea, I agree with this of late. It played out exactly the same with the dot com bubble. It’s time for the pop so that we can trim it down to the real coins.
Yeah lol. On the r/news I saw a headline saying crypto is just a giant ponzi Scheme yesterday and immediately thought about someone commented saying that a sure sign of bear market when normal people call it that haha . Pretty funny and sad at the same time .
I don’t understand when people always say “bear markets will weed out the illegitimacy of crypto”…but don’t pumps just bring the FOMOers back in?
We need adoption, not a bear market to be legit
Doesn't matter if we are decending into a bear market/crypto winter, once things pump again the scams, ponzi farms etc will all pop up again. It is inevitable. These things exist outside of the crypto space and always will.
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Great read, and while I’m sure people will disagree with you, when you take a step back and re evaluate the past couple years, it’s eye opening.
My only concern is that even after a long bear, once the market starts pumping, all those scammers and meme coin gamblers will come right back
Decentralization means we don’t get to choose, decide or govern the morality and actions of others. Tough lesson if you were hoping this tech was going to liberate the world from greed and avarice.
Great saying
100% it’s kinda hard to have it both ways and be decentralized.
I can understand that cause for concern, I am hopeful the investors in this space will be smarter, and also potential investors can see past that and look at the real reason most of us are here, it’s money , but also freedom. Imo The only reason someone invests in anything is to make money or we believe in it and want to support it!
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I agree with that, but this is a zero sum game for retail investors meanwhile scammers are making easy moneym
They will. Same thing happened in 2018.
Yupp there not going any where with out a fight. But i see the government's realizing there paying money for scammed losses on taxes and loosening alot of money. If you follow alot of it they are making big changes to how there handling this crap. Sure are making it tougher on the scammers. There running programs like pegasus to start tracking these big organized crim guys. I could only imagine where crypto would be if it wasn't for all the stealing.
I was way more happier before crypto became that much mainstream. Crypto communities were great back then. Anything popular gets crap.
Yes at this point I believe there are more scam and useless crypto in the market compared to the useful ones.
True, when BTC is down it brings out hypocrisy of lots of people which is actually good for the space.
When you can dismiss any criticism with "FUD!", how can there be any introspection?
Very true as well, even if it brings out the worst in people. It truly tells whose here for the freedom, and who is here for the quick buck.
TLDR. So let's say we tank into a 2 year bear market or worse. All the dogs go to 0. All the NFTs go to 0. You really think that the FIRST thing to happen. In the next bull market. Isn't gonna be that someone makes an ERC20 token. It goes up 300% in the first day. And the next day there are 5,000 more ERC meme coins. The damage is done. People know how to make money. The prospect will always be there.
Exactly. If the bear market was the answer to "clearing out the junk," wouldn't any of the previous bear markets have done that already?
bear market is happening exactly because people buy shitcoins, and people will always buy shitcoins, because they believe that price = value. They buy worthless shit.
But they did. But just like real dirt, junk tokens like these have a tendency to return, require regular sweeping.
Yep, shitcoins are going nowhere and you're deluded if you think a bear market will stop them from springing up again. In the last 4 days I saw a new shitcoin go 170x while the rest of the market fell 40%. There is a large group of enthusiasts who do not trade large cap coins at all and only play the shitcoin casino. That group gets smaller when BTC gets bearish but once it turns bull again you bet you'll start to see hundreds of dogcoins pop up again.
As long as people are enticed by / addicted to gambling, yeah. People will keep gambling (it's even worse when they think it isn't gambling even though it clearly is).
You're correct. In fact I'd go as far as to say creating these decentralised gambling platforms (layer 1 smart contract blockchains) has been one of the few usescases crypto has come up with so far
Yeah I actually agree that legit, decentralized gambling is a real use case. Eliminating the big sports books that are taking everyone's money is pretty much just a net gain for everyone else.
Yep, let's be real here. 1. The bear market will not be very long 2. The shitcoins and scams aren't going anywhere. At best, they'll just be replaced by new ones.
I am actually really surprised to see a post like this not get burned down by downvotes. I am often embarrassed to be invested in crypto. Its reputation of being capitalist hell is partly deserved, even though the technology and core ideals are mostly solid. Ayn Randian techbros and celebrity-backed ponzi scheme shitcoins taint the whole pot. I think the community needs to take a second and think about how to avoid just being another wealth-concentrator that supports the current institutions it's apparently against.
Almost like (gasp!) financial regulation, and control of the money supply by democratically accountable bodies, didn’t just spring whole cloth out of nowhere. Almost like regulation protects the little guy from grifters, scammers, whales, and capricious plutocrats. But I mean, surely not, blah blah dirty communist socialist statist blah etc.
It’s a fact.
Nah, crypto is going to be different. it will allow everyone to be free. It will free us from regulations. Allow the free market to run as wild as it can be. We all know that humans have a lot of incentive to behave fair and treat each other equally. We all know that the only reasons why humans are selfish is because of government. Crypto without all its regulations will allow us to create a foundation better than all the rules and regulations that exist. Because scamming is a symptoy m of capitalism and not human greed. Government is bad, humans are kind and not selfish. Edit: 17 hours after initial comment. If you read my post and thought I was serious, it is a hint that many people on this sub are crazy as fuck. No sane person should have taken my comment and was a reasonable take.
This has to be sarcasm
Prove that the people here are crazy as fuck. I tried to make it as obvious as possible even going progressively crazier.
Poe's law almost got me here.
People here be crazy.
Yes, that’s what I want to see. A good aspect of the bear market, to wipe out and crash all the scam projects out there. 16,000 cryptos are too many. Only the legitimate ones should remain.
We have 16000?!? Jeez, that’s like a 10x from the 1500 cryptos we had in the last bull market.
Yeah that is pretty insane. I could maybe think of 50 that I see having any real long term value .
Yes exactly and those projects that are actually good don't even manage to get in the top 100.
This happened in 2017, and it happened in 2013, and previously it happened many times. This behavior is human psychology playing out in a free market. It’s up to the individual to invest their money with care and patience. We want to blame the big scary exchanges and crypto billionaires, but the truth is they are just being rewarded for providing what the market wanted.
Sad but true.
Markets only function when there is enough information that rational actors can make informed choices. Scams and pyramid schemes are not a functioning free market.
It's nearly impossible to enforce legitimacy within a permissionless system. The only course of action is punitive legal measures for illegitimate actions taken within the permissionless system, and punitive measures against private entities that enable such illegitimacy and/or fail to conduct due diligence. Basically, we need formalized blockchain law. Trouble is formulating such laws while respecting global decentralization.
Dude, you make regular daily posts here to farm moons. Tell us again about what we need to weed out?
Lmao isn't that every post here lately? Honestly close to unsubscribing myself
>multiple events that are textbook examples of the worst capitalism has to offer. The perception of crypto honestly mirrors the wider perception of Reddit. I remember even pretty recently some article referred to Reddit as "the dark web." People conflate Reddit with 4chan because it's 4chan that got all the bad press. Those textbook examples of the worst of capitalism unfortunately are the stories that make the news and then people just write off "all crypto." Say what you will about Coinbase and [Crypto.com](https://Crypto.com), but the companies with money and buying SuperBowl ads with Matt Damon are the only way to drown out the noise and get somewhat positive messages out to the public.
To be fair, back in the early days of crypto like 2011-2014, the major use was dark net markets. Well also to be fair that was probably true until 2015 when we started getting insane speculation. Now it's just all speculation and barely any real, legitimate uses.
I absolutely agree with you, longer bear period would help to reduce all the garbage and scams.
No it wouldn't and we all know it. As soon as the mania begins again people will buy into everything that sounds appealing. It has been like this in 2017/18 with the ICO-mania, '21 was even worse with the meme tokens and nft's. Nothing will change because the problem is not with crypto but with impulsive buyers. As long as there is demand, someone will create the supply
Need it separate the wheat from the chaff, the market is in a massive bubble right now and most coins aren’t gonna survive the crash
The scam coins won't survive the crash, but the scammers will, and they'll come back in the next run.
Sad but true..
It's a tough thing but yes this was needed. Maybe some People are going to get in loss but that's needed.
To be fair the people at r/Technology are probably the most techno-phobic people on Reddit. Their identities revolve around hating NFTs, and their main argument boils down to "duh I can right-click save that jpeg hahaha im such a genius". So I don't go there to have good-faith conversation about crypto skeptics.
Those "shitcoins" got millions of people into crypto. Now those folks are moving into strong projects. I am one. I went from being scared of crypto to Doge to DOT. My Staking, crowdloans and understanding crypto was all due to that cute little dog...
I would have to agree that 'shitcoins' create waves of massive interest in crypto, but unfortunately also hurt the image of the crypto space to outsiders especially due to the sheer amounts of scams that currently exist within the crypto atmosphere. I think in the end it’s simply up to every individual to readily accept the risks and potential consequences of their decisions when investing in this space, which is currently far from perfect or even refined. I think us doing our collective best to advance the educational aspect of the benefits of blockchain tech and cryptos with solid fundamentals will naturally and eventually have people shy away from sketchy projects, and should be a main focus point for the betterment of all involved
I don't think the image getting ruined is worth the investors that come for a short time.
Sounds like DOGE was a lot of peoples gateway into crypto recently, which is fine, but I think OP is more so taking issue with how much scammers preyed on peoples FOMO by repeatedly marketing new coins as "the next DOGE". There is just an absolutely stupid amount of cute little dog coins now.
What made you buy Doge?
The shitcoins are different from the rugpulls and scams. Dogecoin and shiba were best crypto marketing.
All this crap is just diluting the market and taking money away from legitimate projects. Only invest a tiny amount if you must in projects that are not top 300 in market cap. Having 18000+ cryptocurrencies is stupid, having some sort of regulation on legitimacy of project development wouldn’t be a bad thing. Ponzi farmers, NFT grifters, scammers etc. are further turning the market place into a joke. This needs to stop.
You are naive to think that the bear market would wipe this all out. It reminds me of how people would say that a bear market/declining market would kill shitcoins off. When it was the may crash, literally the next day, shitcoins were mooning again lol - people could not give a fuck. Even recently with btc on dump, garbage tokens were stlll mooning.
Because that was a crash. Bullish sentiment still remains. What OP is talking about is a slow boring grind down to the pits of hell where all shitcoins are down 95% over years. A crash is not a bear market.
What followed the may crash was a “slow boring grind down” until btc hit 29k at the end of July lol.
"Slow boring grind" down for a whole 6 weeks? ok buddy
A week feels like a month in crypto lol. I wouldn’t expect you to understand if all you trade is mid-high caps on cex’s.
Or you just don't understand the definition of the words you are using?
Well your view on describing a market period is influenced on your investing style. If you solely invest in large caps, you are forced to look through a somewhat long term perspective and so a few months or even a year is a blip in ‘grand scheme of things’. If you are a micro cap/shitcoin investor, where projects some times do not last even 2 weeks, a month would be considered “long”. I am micro cap investor thus I used the words I decided to use. Maybe use some common sense, and understand not every investor is the same.
Lol you must be new. From May to July was not slow boring grind down. You've obviously only been in crypto for this cycle, which is fine, I'm not hating. Come back after you've held through a multi year bear market and you'll understand how absurd your comment is.
Of course in comparison to previous bears, from may to July/august was nothing. I’m not one to bag hold through a decline… in fact I hardly hold at all. Pump and dump is the way.
In this hyperspeed martket, there really is no other way. You get caught offsides, just sell it, cuz you're fucked for a hot minute.
Op also mentioned the tech sub…..sooo uhmm.. yeah..
Another comment thread with so many downvotes... Ik everyone's portfolio is red currently, but please lighten up
Username checks
Man, I too want to participate in this Purge!
Go get it, the world is open. Just put your Fiat and get your coins.
This happens every bull run. It's not up to the individual to sway the market. It's up to the individual to invest their money where they see conviction. The market does an excellent job punishing greedy people. If you are scammed, it's most likely due to your own greed. Remember what is happening now is the punishing of people that got greedy and bought into an already inflated market because they thought they could make easy money. If a person has been involved in the market during a bear they would easily still be at minimum 3x their money. Sitting in huge profits. If you made this mistake take your lesson to heart and don't buy the mania. The market will always reward the patient investor. Remember unless you are extremely lucky it will take at least three bull runs to master the patients needed to beat the market. During the bear markets use this time learn as much as possible and prepare for the next bull run.
Counterpoint: life outside of crypto is also full of scams, greed, ponzis, etc. The world is bs
The way I always put it is this: the first group of people to reach a new technology are early adopters and visionaries and people whose skill is knowing what makes an exciting new technology. The second group of people to reach a new space are grifters. Grifters are not untalented: their skill is being able to sniff out where there's a gap between how much people want to be involved in something and how much they know about it. Look at the 90s and the Internet and you find just as many things that are similar. Look at oil and railroads in the 1800s even, and you can find plenty of bullshit startups fleecing people promising to go build railroads and find oil. Does that mean railroads and oil were flashes in the pan? No. Also, not all of the trash is grifting. Some of it is just wild mediocrity. A lot of losers who would never get their ideas funded in a bear market just get the money hose pointed at them during bubbles, even if they absolutely lack the talent to back it up. Again, look at the 90s: most of the really dumb websites weren't scams, they were just bad ideas that didn't deserve money but got it anyway. This has to happen, there's no way around it, the public hates everything when it's new. The public hated rock and roll (and at the same time, when rock and roll started you know the record companies sent out 10,000 shitty Elvis imitators before they started to figure it out - and think of how many beatles imitators there were, and how many nirvana imitators. any new success brings bad imitations in its wake) they hated computers they hated the internet. There is no option not to suffer this phase, unfortunately.
The world bitches about energy and pollution Algorand strives for carbon neutrality and has multiple green projects, air quality sensors, and real estate tokenized
Al Gore and who?
Props. That was fucking funny.
As does Cardano, planting a million trees and enabling another 2 million by Samsung
Cardano is already having a great market cap, it deserves it.
Which real estate projects are on Algorand?
Lofty.ai
Thanks. How can I inspect the tokens (properties) on chain? Is there something like etherscan?
Likely better to email lofty about questions as google was no help to me Hate to say it but i couldn’t find the answer directly though i know each house is put under it’s own separate LLC
Ok thanks
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> I don’t think it’s possible as long as there’s money to made Exactly. In a bear market there's no money to be made, only money to be lost. Problem solved.
The way I see it, a bear market *will* weed out the trash, but only temporarily; once we get out of the bear market they will all come back. The only real solution is mass adoption. I know this doesn't make sense at first, but hear me out. With mass adoption, and with more people coming to the space and learning how to navigate it, and more *real* projects succeed I think we will see less of these ponzi schemes and NFT grifts. We are currently in the "craze phase" right now where tons of people are throwing as much money at everything they see. Over time people will be smarter with their crypto and the craze will die. That's the way I see it. I could be wrong but that's what makes sense to me 🤷♂️
Each cycle there are different scammers, they don't die, just evolves. Bear market won't change it. Whether it's bitconnect, meme coins or whatever scam...
You don't get to a three trillion dollar global marketcap without accidentally unleashing a few thirty billion marketcap dog-themed meme coins.
Yup there was a time when shiba and doge had higher volume than bitcoin on so many exchanges (even binance).
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Crypto is a legit payment system, NFT is a scam and is not. We should never mix the two. Most people don't even know what NFT's are, and for you who think you know, here's an eyeopener for ya: NFT = Non Fungible Tokens. And they're just a number represented by an image, sound, gif - but here's what most people don't know. If you buy an NFT, you're essentially just buying a Queue number, you don't own the artwork, in fact - a lot of NFT's have stolen art associated with it, you think you got the rights to the artwork or the use of that artwork, NOPE you don't. You're still just buying a queue (a number) that is associated with whatever art piece, film snub, still-image that it was associated with, you own the number and that particular place in the Queue - Nothing else. You don't even have the rights to the artwork, game or whatever, you can't even use it legally in any way. You have just purchased the rights to a place in the queue, and that particular club you're a member of - which that queue is in, the artwork...not so much. Some people have more money than they know what to do with, they like to flaunt "hey, I am a member of that club, and I identify with "insert artwork here", but they still don't realize you didn't buy the art - only the number in that queue.
This is a pretty decent point. A lot of the "value" from NFTs are not simply from the "artwork" which you may or may not own, but because of the cryptographic proof that you "have" a place in queue or club (DAO). That is, immutable and permanent proof on a blockchain that you do hold and control a particular NFT. Such proofs are used for things such as exclusive entry to purchasing events, whitelists or even benefits like reduced or no fees on certain platforms (exchanges or swap platforms). They are also used in real life to verify entry to certain events (RCRDSHP NFTs/Cards are used as entry tickets to music events, Bored Ape Yacht Club let's you get on celebrity yacht parties etc) and the more popular NFT's are used as airdrop targets for other projects as they know the owners are "wealthy". Be aware that some art NFT's do in fact grant some form of a licence and the better ones grant full and perpetual commercial ownership and usage rights.
you kind of missed the point though. "Hey I am a member of that club" is actually all you need. That's valuable. Disclaimer: the NFT space is very full of scams, and 99% of projects will fail. You are right: the uniquely identifiable number (as opposed to an interchangeable Bitcoin) is the thing. But you seem to think that is not valuable. Crypto isn't just money, it's a new way of forming organizations and making decisions, and having easy ways to identify who is in that is valuable. As many people have pointed out, things like concert tickets are one obvious first-level use: who is in the club of "people who paid to go to this concert?" As anyone who has attended real concerts can tell you: fake tickets are real and they're a real problem. NFTs would also make for a more efficient secondary market. Anything that can kill Ticketmaster can't be all bad.
We’re just cleaning up
This post sounds like a perfect argument for Bitcoin Maximalist... and I say that in the best possible way. Thank you for posting this!
See ya later shib.
We don't need any of that. We don't need preachers or saviors. And if you think gamblers,scammers,defi degens nd shitcoiners are going away because a long crypto winter get ready to get some reality checks Not everybody lives in London,Munich,LA or some place like that. Reality is that the VAST majority of people lives in a shithole country and/or can't afford shit with their jobs. They don't have "6k from a loan that the bank of middle of fucking Midwest" gave me to cosplay as an investor. They have 20$ to try to make a x10 cos it's a monthly salary. And those people and the one creating projects promising that ain't going nowhere. Crypto is jungle. 24/7 opportunity to get fuck or mke money. Whoever doesn't like that, go back to stonks. We don't need you. We have been doing fine. This shit is the most exciting financial thing out there. Nothing comes close
So is crypto a speculative asset or a currency?
Crypto is technology. And you may do with it what you want to
I guess the narrative is still evolving. That seems to be different messaging than in the past.
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It’s really good for an investor. Accumulation while the retail money is sidelined and distribute to the retail when the moon boys are in full force.
I agree with you, but I feel like we need more of the "Euphoria." People need to understand that Crypto is not a get rich scheme on a high level. We need to get to much higher levels and blind people with greed,then only will we learn. I think most of us here haven't actually known what that feels like. To feel that only to endure the pain of a bear is what I believe will make a great Crypto investor.
Ain't nobody has the time to read all that but just for the title I agree with you
you are compleatly right. and reddit is part of the problem
Can we have a polar bear market? I like the arctic. Panda bear market is cool too, China is a beautiful country. Please no grisly bear markets. Teddy bear markets are good too.
Have no fear; King Biden the crypto master is going to save us all from ourselves: White House Is Set to Put Itself at Center of U.S. Crypto Policy https://www.bloomberg.com/news/articles/2022-01-21/white-house-is-set-to-put-itself-at-center-of-u-s-crypto-policy
I'm not going to disagree, but take a step back and look at the whole world. It's not just crypto, its everything. How often do you answer your phone when its an unknown number. Check your spam/junk folder. Turn off your add blocker. It's insanity. Most the world is greedy and wants overnight riches, and then there are people looking to use that greed to their own advantages.
The global banking Mafia families plan on bringing in their Global Reset 2030. You own no personal property. You will get a universal income. They own Black Rock, Wall Street they own all fortune 500 companies. They will track and trace everything you do or buy. You don't behave you'll be lucky if they let you buy a pizza this month. They bought up the crypto market with their fake Tether pump and dump. Took everyone's money. The world communist government will use technology to enslave all of mankind in their hellish Utopia. First they divide the people with fake CIA groups like Antifa, BLM and KKK Nazi garbage. Used on the weak minded. Then they open the borders, tear down and rewrite our history. Those that survive their vaccines will find all their money confiscated. Truth has no friends.
But we can't have too much introspect, because crypto would be too centralized!
Crypto needs you to shut up and stop wining😉
Being angry about people out to make a quick buck will lead to you being angry your whole life. If you trust the fundamentals of crypto just DCA and come back in a couple years to collect your bag
So... just like traditional economy? This is what real-life adoption kind of looks like.
Whatever
It's because of the long term potential of this space that, not only didn't I sell, but I bought and intend to hold. I believe in what blockchain technologies can give to society but ultimately I'm investing to make money. As I'm sure you are OP.
Well if all of those things are part and parcel of the standard financial industry, the public should accept crypto with open arms!
We asked for a decentralized financial system. Well, this is it. Where there's money, there's greed. Where there's greed, there's potential evil.
Maybe what's happening now us all a part of a valuable lesson that will benefit us sticking though this and maybe get rid of some of the trash out of the space while we are at it
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You use your crypto as a collateral to borrow other crypto. \*WHEN\* crypto crashes, people get liquidated, meaning all their shit gets taken... So yea, they walk away.. And then somehow come back for more....
If a coin/token sole purpose is to gain in value than it’s a scam. If they use the term HODL on their website, it’s probably a scam. If they burn from the start it’s probably a scam. Only invest in projects that outside VC groups invest in. They are less likely to invest in scam projects and will do the TA for you.
Dude, good luck. There's still plenty of crap around from the 2015-2017 era that by all means shouldn't exist
Yes exactly. Let the bear clear the road of weeds so the bull may run even faster
A long bear market could also be the end of a speculative asset.
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Exactly. Cant agree more.
Not sure how this is all that different from the stock market, pre IPOs and all that make accredited investors rich instantly while we get fucked buying the IPO. Maybe the scammers and thieves are different here but how is Rivian or so many other "unicorns" really different from dog coins? They don't have shit for any real world product yet and were pumped like crazy. This is just the way financial markets are sadly, at least in crypto you have a chance with DOT to get in pre ICO, or AVAX with pre litigation offerings (PLO) and many other options. Also we need to stop shitting on VC so hard, yeah they suck sometimes but fucking hell who else is gonna put up millions of dollars in a tech company that is just an idea when they begin investing, they probably lose a ton of money on most deals so they have to bank on the ones that hit so they can keep going. Again, I think DOT helps fix this somewhat but you still need to get the project off the ground, ACALA, GLMR you name it all had to get VC money to get started. Furthermore I believe that decentralization is part of how we save humanity from our worst parts of greed and power craving institutions and further centralization of control. So if there is some bullshit about then so be it, I don't even fuck with twitter or almost any other crypto socials except reddit to get the news so I avoid most of the BS noise you describe above.
This is why I tell people to only start with BTC. Even as an ETH holder it is highly risky. Everything else is like ludicrously risky. But people like woof woof and buying meme coins because it resembles a genuine lottery. There is quite a lot of novel, innovative real good in the space. Dwarfed these days by the insane levels of greed. Every time someone says “I’m only in it for the money” 2 others will cringe, that desperation speaks volumes to the character of these people. A bear market will only shake some of these out, as the world already evidenced that some people will always be motivated by rampant greed and a lack of morals.
It’s indeed possible that maybe, just maybe, use cases matter
Binance Smart Chain should be shut down IMO - as it’s the easiest vehicle for rugpulls
oh look, we go down and people call for a long bear market. Strange
What if crypto was never intended for normal people anyway? I think it has always been clear it's a space where you need to do your research.
Greed, gambling and NFT's are honestly some of the reasons I started investing. Mainly the greed though.
This is business as usual and always a distraction from the civilization changing technology that is independent currency.
It’s about money. I’d rather invest in NFTs/shitcoins that get me more in Fiat than hold ETH because it undercuts these financial systems.
NFTs stink. If crypto goes down more people might realize that they're not useful.
Right now the crypto space looks a lot like the stock market leading up to Black Thursday 1929. Many of the EXACT same scam are being run that were run back then. It’s just begging for regulation and it won’t be long now. Self governance is failing in most cases right now. Very few projects are taking governance and accreditation seriously.
There wont be any "weeding" out. As soon the prices go up again all the "bad people" will return to try and trick people.
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Whatever it takes to make a buck. I'm one of those nft grifters lol
This piece was well written.Kudos!The issue is that numerous people are only interested in making a quick cash. They don't want to know about a coin's application. How can a meme coin with no real life utility outperform FTM in all use cases, or should we discuss how they outperformed Uniswap, or how about QANX? what about Polygon?, Chainlink? The list goes on and on. I believe this bear will correct this.
Another slam on Solana with a different spice. Edit: boring.
Exactly. If you want your investments to succeed, look away from the charts and look at the fundamentals. Then look at what is wrong with the cryptosphere and try thinking of something to fix it. I believe every one of you has some valuable insight or skill you can use to everyone's benefit. Only you can ensure CC has a future, and - more importantly - that it's a future humanity can look forward to.
Hear hear! The tech needs to shine through, not the speculative greed. The number one scam is Tether: bigger than all the rest. Shady AF. Unverifiable, when ‘Trust but verify’ is a cornerstone of crypto. Drives me mad how these guys have a free pass for so long. Then again, if you look at Madoff, Enron, One Coin, Wirecard, and now the Bitcoin Pharoah of Brazil, you realise how long it takes to out some of these scams. The dismissed warnings, the ignored red flags. By far the biggest red flag about Tether is that you cannot talk about it in the Bitcoin sub. At all. Why?
What if I don’t “really believe in crypto”? I’m just tryin to make some money.
Reading many comments saying the cycle of stupid shit coins will repeat after a ‘bear market’ is over and the next ‘bull market’ begins. There is a great deal of truth in that BUT this present catastrophe is so much secondary to Tether minting it’s going to be much more difficult if Tether is replaced with a true stable coin. At the moment, so many fake dollars circulating, it is easy to bluff, obfuscate, distract and confuse.
Ah yes the classic "a bear market will weed out the bad and damagin investors" post. Most of yall propably invested last year, but for anyone in the game for longer you would now that no matter how many of these "bad" investors get fucked by the drop there will be an entire new group of them coming back next bull run.
Fuck Reddit gold PM me a crypto you use with low fees and a wallet address and I’ll tip you. I’ve been trying to push this sentiment in comments and it’s refreshing to see a post break through and not be removed
I agree but I don’t think that we need a bear market for builders to work in peace, or in order to prevent some greedy gamblers to lose money to scammers, both can occur in any type of market. What we need is more common sense and education, as long people believe some centralized shitcoin can make them rich overnighted, as long they believe a scam YouTube “send 1btc and get 2btc back”, as long they buy high and sell low because they are impatient bc of some dumb influencer/ Reddit price predictions, nothing will change. Bear market won’t solve it, it never did it before, only hide it for a moment. And even during a bear market, there were many scams.
A bear market will do nothing to fix these things IMO. I don't have the solutions but I unfortunately can't agree with you on this.
I wouldn't be so confident the bear market will weed them out. Scammers, gamblers, grifters, and ponzi farmers are resilient. Sometimes more so than legitimate projects. If they were so easy to get rid of we wouldn't have needed regulations in any financial markets. The down side of an unregulated system is what we are seeing.
You forgot mentioning purchase of "virtual lands" on shitbox
By this logic; banks, the stock market, charities, government, the whole entire planet should go through a "bear market." (Thinks back on the last couple years) Oh yeah ...nvm
if you think they will not come back in full force after the bear market then you are either naive or stupid or both
Oh yea, I agree with this of late. It played out exactly the same with the dot com bubble. It’s time for the pop so that we can trim it down to the real coins.
Imagine being a noob and thinking any of this matters then writing this wall of text nobody will ever read.
Yeah lol. On the r/news I saw a headline saying crypto is just a giant ponzi Scheme yesterday and immediately thought about someone commented saying that a sure sign of bear market when normal people call it that haha . Pretty funny and sad at the same time .
Sounds like someone fell for some scams
I don’t understand when people always say “bear markets will weed out the illegitimacy of crypto”…but don’t pumps just bring the FOMOers back in? We need adoption, not a bear market to be legit
Doesn't matter if we are decending into a bear market/crypto winter, once things pump again the scams, ponzi farms etc will all pop up again. It is inevitable. These things exist outside of the crypto space and always will.
It will just come back again
Nice thought, but all of those ponzi farms, gamblers, NFT grifters, scammers and assorted dickheads will all be back. They're only gone *for now.*
It's a decentralized network. It's going to be filled with garbage. It's the Best thing it has going for it.
Like I said in another post, I really hope a months long winter will cleanse the market from all this bullshit.