Buddy sent me this and is quitting crypto. Bottom signal?

Crypto died in 2021 and we have been trading the corpse ever since.

There are no more pigs left to slaughter since everyone became aware that crypto as a whole is a scam.

The belief system that made this industry work has completely collapsed.

At least in 2017 people actually believed in those crazy ICOs or whenever a new chain would come out.

There was genuine excitement, real conviction behind every project.

Nowadays it’s like: “Oh a new chain? Wow another VC backed scam to dump on retail.”

The shift happened fast and it’s permanent.

Nobody believes in anything anymore, I respect the SPX6900 community for trying to change that but sadly they have failed.

Crypto topped in 2021. Everyone I know peaked their NW then and since then it has been down only with no exceptions.

Most of you just aren’t willing to admit to it, respect to gainzy for actually doing so.

Look at Su Zhu, he peaked at billions in 2021 but could barely make $40m this cycle.

People think pump fun is extractive but they have only managed to extract $700m this cycle.

Those are rookie numbers if you compare it to OpenSea in 2021 who extracted BILLIONS.

We have gone from a gold rush to fighting over scraps, the only winners were VCs and exchange founders.

Crypto can be compared to the Japanese stock market in the 1980s. Yes there’s an ever expanding money supply globally, but it doesn’t necessarily have to trickle down to crypto.

When there is an aging population, like there is now in crypto, that doesn’t result in more buyers.

In fact, anyone who would have bought into crypto already has and lost all their money.

There are simply no new buyers and it makes sense, who keeps returning to the same casino that makes them lose every single time?

You need a few big wins occasionally to keep going, but what we have now are just people consistently losing.

Bitcoin is the only exception and will survive since alts/BTC is perma down only and won’t reverse anytime soon. Even Vitalik knows Ethereum is cooked.

I guess everyone knew that BTC maxis were right but our thesis was that we could gamble and outperform BTC with alts.

We were wrong.

Crypto is dead as an industry, pack it up if you’re trying to make money here. Extract whatever you can and leave. ——————————————————————————

So guys.. when Altcoin season??

I agree with what he said for the most part. Bitcoin breaking 100k didn’t give us the Altcoin season we were expecting.. I believe there is still life in this space.. but man it’s damn hard to make it in crypto now.. use to be $100 and a dream, now it seems like you need way more capital to make it big in this space. Unless you’re god tier lucky, catching plays early and hodling out for big gains..

I’m personally taking a break from the space, need to pay down debt and losing money like I have been when I could be paying down debt doesn’t feel good.. hopefully when I’m back in a couple months markets are looking really good and alts are getting love again.

I think we may see one more frenzy in the space like 2021.. question is when..?