Oh look, vested interests created the illusion of value to make worthless assets acceptable as collateral. In 2008 the vested interests were rating agencies.
People had PTSD already prior to that crash. I just have a very hard time imagining anyone who didn’t have exposure feels like buying alt coins that have such insane risk with fugazi market caps, outside of short term opportunistic traders, and gambling addicts. We all knew it, but it’s now been exposed for everyone to see. The risk that has been exposed is market maker and CEXs have created a total Illusion about the market caps of almost all alt coins. These coins have no floor price. There are no buyers for these coins. The positive news is that this should force even more liquidity to flow to BTC and the top majors over time, as it should. We have maximum 10 coins (probably less) that deserve ongoing flows. This is a good thing. Small cap stocks don’t go up because the Mag7 are going up. Crypto will be exactly the same. There is no reason to feel bearish on good assets. “Protect your downside and the upside will take care of itself.”
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