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notsofast @notsofast
, 8 tweets, 2 min read Read on Twitter
I don't think the $crypto/ #Bitcoin space is going to get the capitulation cleansing everyone expects, like 2014-2016 where everyone got bored/jaded and left:
Many 2017 entrants invested >$200, quickly lost it all, but got tied up in following, views, likes, thotness, podcasting, media creation (you can endlessly yap about markets or tech you completely don't understand-- and in this day and age of low bars, it counts as "content"),
These peeps may have $0 in the game, but plenty of reputational, self-esteem, or other skin. To them, $crypto is aspirational just as any other topic that gets them engagement, which gets them the 2 seconds of free dopamine.
I am not exempt, lest you think I'm condescending.
Price is easy to talk about, top 10 lists too, and they both change ALL THE FUCKING TIME. Infinite potential content is up for grabs in $crypto!! The tech/potential/paradigm shift-clueless majority may understand nothing except that there's attention to be earned.
It's so much so, that being "in it for the tech" is a sneering derogation, with an implication that we're all Raccoons, and the only person who'd say that is someone who got #rekt their first time blindly believing a whitepaper they said they read but didn't and went all in on.
Point being: these people didn't lose anything material to make them capitulate, and $crypto is more than markets. Your YouTube persona can be as rich as you say you are with 0 risk of loss. Markets can moon or crash all they want; opportunities for price talk, up & to the left.
Lest you think this is cynicism: it's mindshare based participation, and being around, and attrition and accumulation of people. Many of them are learning, or will learn. Just like I'm doing.
(urgh it's up and to the right but I was typing too fast trying to get it all out)
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