Reflections on the Current State of Cryptoland

It's obviously impossible to ignore the current deterioration of the crypto markets. I can't deny that I am disheartened, to put it mildly. It almost seems surreal that this time last year we were just about to enter the greatest boom period in the history of crypto. Great days. Don't think they're going to be repeated anytime soon. If ever.

I don't mean to be cynical in any way but it's hard to convince yourself that things are going to significantly change in the short term. Is the current devaluation of BTC to be blamed on the hardfork of Bitcoin Cash? It might be a factor but I'm not sure it fully explains the current price. What I do know is that we have witnessed a long period of market stagnation, which in some senses hasn't been a bad thing and has provided stability. But on the other hand has it just masked the calm before the storm? Perhaps it has and now we are in the storm itself.

Some are likening what happened to the value of BTC and crypto currencies in the boom last year to the dotcom explosion, and now draw parallels with the current crypto devaluation with the dotcom bubble burst of 2000. On the surface this might be a valid parallel to draw but I'm not fully convinced. There is still so much unexplored ground to cover in the cryptosphere and we have not seen the mass adoption anywhere near the likes of internet usage around 2000, when millions of people across the world were going online for the first time.

If regulation is ever introduced for crypto currencies will that have the stimulating effect that many hope for? It may but it's a bitter sweet hope in my opinion. If regulation comes crypto's way then you can bet your bottom dollar that the banking elites will have smiles on their faces, which should concern us all.

In need of some hope of my own last night I messaged a crypto expert who goes by the name of @officialfuzzy - you may know him! He said that what is happening to the current state of the crypto markets will probably finish off many of the shitcoins, so make sure whatever you're holding is scalable. He also reminded me that the next pump probably isn't that far away. Now that is something I can live for!