This is really mirroring the dot com era. Of course, that was also bigger than just the market. There was a time when businesses went under and companies filed for bankruptcy. Employees were let go as many just tried to survive.
In this video I discuss how none of this is a barometer on the industry. The long term viability is going to improve. It is more of a cleaning out process which is needed. We will see a stronger industry by the time the next bull market kicks off.
▶️ 3Speak
There will definitely be a ton of companies that go bust or get thrown off like Yahoo. I don't even visit Yahoo much anymore and I use to when I was a kid.
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They were quickly passed and out "teched". This is what is happening to Bitcoin as a network in my view. That will have an impact down the road.
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A market crash is a great way to clean the space. As you say there has been a lot of shitty business models in the industry which have thrived during this bull period that were destined to dissapear. Market crashes only make those companies/projects that survive stronger for the next bout. It's going to be interesting to see which projects will still be going strong in the next economic cycle.
The consolidation is not necessarily a bad thing. We can benefit from it since stronger projects will stand out.
Also teams will look to improve upon what failed.
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how do you say in biology NATURAL SELECTION only those that have a healthy economy will be able to survive what is coming many more problems
I agree with that type of analogy. There is a degree of this being a complex organic system and there are "laws" that are followed. We see the weak get washed out simply through the cleansing process that naturally occurs.
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Worst month for crypto june 2022
Puzzled with mass psychology. The market crashes I know are always preceded by euphoria, which I think is missing in the current one.
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I think we saw a very clear euphoria phase before this market crash, there were very obvious signs of extreme greed such as (In the crypto market):
If we talk about the stock market:
Don't you agree?
Though I don't expect of course mainstream adoption to happen all at once, I think prior to the crash, there was a lot of uncertainty already and bashing of the crypto space.
I think the run up to $65K on BTC was pretty strong.
Now we are feeling a painful move from there. Was there a blowoff top like many times? Maybe not but we did not stay elevated too long.
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The 7-month downtrend looks like a healthy pullback for me, though it seems a little overdone.
Agreed, much garbage needs to fail and although everything on paper will go lower to do so for a while it is needed. I hope people who don’t hold own private keys learn a lesson also.
I don’t remember the dot com era since I wasn’t of the working age I don’t think, and my parents didn’t get into it but I know that the recent crazes like ICO and DeFi explosion have certainly thrown some red flags for me. I guess if you can get in and out quick enough for another bag holder then people can make money. I don’t have the tolerance for that lol so I just buy bitcoin and hive.
Either in and out in terms of a quick trade or long term it via strong projects that have a high chance of success.
Of course, as Yahoo shows, there are still major risks.
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Interesting stats