When I went to bed at around 10 o'clock last night, I saw that the number of varieties turning green in my own selection was increasing. I thought that there would be a high probability that it would stabilize tomorrow, and if I was optimistic, it might even rise a little.
After getting up in the morning, I saw that most of the 📉 were 2 to 4 points. I was disappointed. This kind of pattern that is difficult to rise but relatively easy to fall is likely to not hold back well. Sure enough, around 9 or 10 in the morning, as $BTC quickly fell by more than 2 points, the copycats collapsed and started another wave of 5 to 12 points of killing. Many varieties directly broke through the starting point of this bull market, and "faith collapse" became the most ridiculed word in many cryptocurrency trading groups.
This kind of decline without obvious negative factors is the most fatal. The endless collapse makes people unable to see the bottom and hope. Especially under the premise that funds are still flowing into the big cake ETF. Imagine if there is a pond with water continuously injected from the upstream, but the water level of the pond keeps dropping, and there is no obvious leakage, then there must be a big problem with the entire foundation of the pond. This kind of structural problem, if there is no fundamental remedial measure, it is difficult to reverse the entire trend.
What are the benefits behind cryptocurrency? Is eth’s ETF passed? Fed cuts interest rates? At first glance, these two events are indeed great benefits, but if you think about it carefully, they reveal a sense of helplessness and self-deprecation. Blockchain/cryptocurrency, which claims to be decentralized and subverts the existing financial system, relies on The centralized financial market approval relies on the financial institutions they want to subvert to bring popularity and even extend their lives, which is quite a bit of black humor.
This in turn exposes the biggest problem currently facing the blockchain industry/cryptocurrency circle: there is no external source of income.
A piece of land, planted with seeds and sprinkled with water, can absorb the sunlight and rain outside, then bloom and bear fruit, then wither and fall leaves, and then nourish the land. This is a healthy, recyclable ecology that can interact well with the outside world. In contrast, the development of blockchain has almost no external benefits except for the self-circulation within the market. Dex, socialfi, gamefi, all of them are cuts within the market, and they are all the model of issuing/locking/releasing their own tokens. There is no fundamental innovation, and it is almost impossible to get benefits from outside the blockchain. When VC is gone, institutions are harvesting, and hackers are eyeing, how can such a large pool not slowly lose its vitality and tend to dry up?
Mass adoption is the solution to the problem, especially real mass adoption that is free from Ponzi schemes. But the problem is that almost all innovations on the chain are for speculation and gambling, and they are all for who can gamble the smoothest, most seamless process with the lowest fees and the most bells and whistles.
Apart from cryptocurrency speculation, there doesn’t seem to be much left in the blockchain.
The above remarks tend to be negative, and the potential of blockchain is by no means limited to this one application prospect. However, the development of the previous rounds of the market has caused project parties that issue coins and retail investors who speculate in coins to form a path dependence that they can get rich by speculating in coins. All other things are inferior, only speculation in coins is high, so today, the backlash is slowly coming.
The money earned in the bear market was finally lost in this bull market-----the most vivid, yet most true and helpless sentence I saw in the cryptocurrency trading group today. If this bull market is still a so-called bull market, it is really disappointing.
