Why We Cannot Afford Another Crypto Saga
A lot of people I know are hoping they can change their lives forever when the next bull run comes. Some of them had already seen two bull markets, full of mistakes, lessons and experiences, but having equipped themselves with the right experience, they're hoping to make this one count, but then, a major spanner in the wheel.
The LUNA and FTX saga, with the not so positive vibes externally who knows what's next, maybe Solana? I think the crypto space is going through turbulent times, and at the moment and a lot of people are making hasty decision and panicky moves in other to reduce the losses they might potentially incur. I think, this potentially unsettles the bear market, which could be a period where people are hodling and accumulating.
It dents The Confidence To BUIDL
For the bear market to transcend to the bull market, the space has got to be in its right sense, new money has to come in and there has to be the right mentality too. It's the first time that People in the space are panicking over dying projects and this is more disadvantageous because it's in the bear market.
The reason why it's so is that, normally, people are always skeptical of crypto during the bear market, but this skepticism is mainly by outsiders, people who are insiders, know the drill, "buy more while it dips further" which inevitably works.
Government Scrutiny, Bags More Leverage
Recently, we all know there's been external scrutiny from the most government about Crypto, heavily regulation plans are going on in most countries and I think it's become even more rampant because crypto is becoming inevitable, (a stubborn fly that refuses to die) and the news of these regulations creates media outcry which is slowing down adoption in general, now having the capitulation of Crypto projects inwardly is like Crypto having to fight two wars on different fronts.
I think these two challenges might delay the next bull run as potential investors might be looking for safety rather than returns at the moment. My point is that we need clear waters for people to see the opportunities that crypto presents, I think the drama is really not good at all.
Logic Over Sentiments & Ego
Regulatory Agencies, might not double down
I think we can potentially weather the storm of SEC and other regulatory agencies, but having projects dying here and there as a result of people who don't know their onion is just too crazy. DO KWON, was one egotistic dude and his baseless oversight left a huge dent. I don't know if this is a learning phase that might eventually set everything straight in the future.
But one thing I know is that to be guaranteed a future, we also have to take a look at the present, or else there might be no technology or money to transcend. Going forward, I think some of the most influential crypto projects needs to do better. The FTX case raises further concerns about the "not your key, not your coin" statement.
CEX are becoming Our Achilles Heel
I think before now, people vehemently trust centralized exchanges, even when they know they'd relinquished true ownership immediately they dump their coins there, but this isn't the same anymore as the events of the last week, which might create a need or curiosity towards DEX.
I think this is a time of awareness and cleansing, will we rise from the ashes like a phoenix? I don't know, somehow it feels like another major event might hit, or this might just be from the fear of the sad events throughout this year alone. It's been a crazy year Indeed, and there are no expectations for anything anymore this year.
Bankrupt Or Recuperating?
But generally, I feel the dust needs to settle, a lot of people went through loss due to LUNA and FTX. I think these people form a substantial amount of people heavily vested in crypto. This might inevitably affect some new cash inflow, it's saddening this is happening now as it might delay the market from booming.
I think we need a stinct of stability for like six months. No new saga, no project crash, and all that, just slow recovery and positive vibes once again. I am counting on the next bull market because I think it'll be crucial, a lot of people are doing so too, but it just generally feels like we'd have to wait a while longer.
Small steps, Big Awareness
These are crazy storms in front of us that we have to weather, we need that trust again and have people believe in the future of what crypto is building. However, the main aim is to prevent and big issue, because this next one might be checkmate, hoping we don't get to this. Hive isn't doing badly, we're gradually getting there and I'm glad most of us are choosing to see this period as a time to accumulate and buy cheaper hive.
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