I've been in crypto for years now, I saw it all — the highs, the lows, and the memes. I worked as a designer for two crypto startups in 2022 and even became a journalist for Forbes. I've been invited to attend to multiple crypto conferences all over the world including New York, Paris, and Switzerland.
Last year, I even had the opportunity to speak at an event in Davos during the World Economic Forum. The same event where former Binance CEO Changpeng Zao was also a speaker. It's insane to think that this guy is now facing 18 months in prison. One minute, you're listening to him speak about the future of crypto. Next minute, he's a criminal. Remember that not so long ago, it was Sam Bankman-Fried. Before that, Do Kwon. And many more.
How can people trust crypto again when the so called crypto leaders are getting arrested one after another, and others simply disappear?
The vibe is just different today. Charts are flatlining. Emperor's new clothes. It's Delulu szn for crypto bros. Desperate characters. Isn't it supposed to be recovering by now? Why is crypto is still crashing?
It wasn't just the market. It's just the combination of rug pulls, hacks, Ponzi schemes — the crypto world is like an entire criminal syndicate looking to make money off of new players. Scams were everywhere, stealing millions. Security was a joke.
How are people supposed to navigate this landscape with confidence?
Couple of months ago, a friend of mine reached out to me asking for advice because his friend got scammed and lost nearly half a million in dollars. That made me think. Just when you think people aren't naive enough to get scammed, they actually fall for it. And I couldn't believe it. Now, imagine people who are less technologically savvy. They are the most vulnerable to these crypto scams.
Sure, people fall for scams everyday but that's not exactly a justification on why people should use crypto. You have to show its benefits and why it's a better solution. If it's not 10x better than current solutions, maybe it's not worth it.
On the market side, people thought Bitcoin ETFs would be a magic fix, but things didn't go as planned, and people got bummed. So they sold their Bitcoin and gave up hope. Don't get me wrong, I believe in Bitcoin. It's one of the only few cryptocurrencies out there I truly believe in but Bitcoin doesn't represent an entire industry.
Same goes for blockchain as it has many applications in tech aside from being a backbone for imaginary money ehem cryptocurrencies. The prices don't usually represent the status of the market but in crypto, it's everything.
There's just so many bad players or actors in the game right now that it's just hard for anyone to get invloved. It can get toxic, demeaning, and exhausting. People are trying to flex the NFTs they overpaid on back in 2021 like it's cool and all. Look mate, as far as I'm concerned, you're just flexing the fact that you're bad at spending your money and you probably should get a job right now.
And let's be honest, crypto can be really intimidating. At this point, those who want crypto to get mass appeal are delusional. Then, usability is a nightmare. People preach about Web3 UX in conferences but all they do preach. No one seems to want to walk the walk. And those who do are usually out of the job. Crypto is literally scary place to be at right now and nearly impossible for it return to 2021 levels.
So, is crypto dead? For now, yes.
There will be a lot of purging. A lot of cleaning up. And it will take years. The future is uncertain, but there's hope. People are building, creating real-world uses for blockchain, not just hype. Imagine loans for the unbanked, fraud-free supply chains, or NFTs that actually do something cool.
Crypto needs progress and purpose. It won't be easy. Regulations, tech challenges, and rebuilding trust. But if we focus on building, on making crypto useful for everyone, then maybe, just maybe, the next bull run won't be a fleeting dream, but a journey towards a brighter, more equitable future.
