Welcome To Disillusionment
AI summary of the linked articleThe essay argues that crypto is entering a disillusionment phase comparable to the Dotcom bubble, with the 2020-2025 period forming one extended cycle propped up by excess capital and ETF and Microstrategy inflows rather than real cash flows or innovation. It says VC-style private-to-public arbitrage has shrunk as everyone has adopted the same playbook, and that crypto has relied on "degen" speculative liquidity and tradfi adoption, neither of which it describes as durable user growth. It lists DeFi's resilience under volatility, stablecoin activity that has decoupled from crypto cycles, and Stripe's acquisition of Bridge as positives to build on. |
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3 comments   naomiii.ethSubmitter I should have checked. I found it a good read - and it captures the sentiment quite well. I am always happy when someone points out the obvious that catering to degens is not a sustainable choice "it invites compromising on a product with potential to cater to a non-existent group of people at the expense of real users. This is counterproductive in a search for the actual PMF." Have seen this happen first hand. Good article, actually I have read similar stuff recently on social arguing this perspective. What is a comforting idea maybe to keep in mind is that after the Dotcom era the internet did not die. It evolved as crypto will evolve. Sometimes I think it would be great to not have to use the word crypto anymore, that it would just be a normal integrated layer of the open web. Same for the word NFT - at some point every concert ticket would be an NFT by default, the technology obvious. |
