A few months ago, as I was having a conversation with another crypto advocate, these words escaped my lips: “I hate to say it, but maybe we need a price crash.” As I said them, I had a slightly sick feeling of “Be careful what you wish for.”
Now, the price has crashed. But in spite of all the pain that has caused, it was probably necessary. Why? Because it chased away the scammers and the people who were only in cryptos for a fast buck. “Bitcoin will get you a Lambo” was a pretty damned juvenile idea, after all. It was certainly nothing worth building upon.
So, whether we’ve enjoyed it or not, the fire has raged, the forest has been pretty well cleansed, and those who remain can build without ridiculous distractions.
A few days ago I reran the numbers on the market cap of world currency (about $200 trillion) and all cryptocurrencies (about $400 billion). So, crypto = 0.2% of government currencies… meaning that fiat currencies are worth 500 times what cryptos are worth. And that makes the choice in front of us nice and clear:
If you think cryptocurrencies aren’t worth one five-hundredth of fiat, sell now and go back to your Life Before Bitcoin.
If you think cryptos are worth more than one five-hundredth of fiat, get back to work.
We have a full crypto economy to build, and the worst obstacles have just been removed. Let’s get busy.
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A book that generates comments like these, from actual readers, might be worth your time:
- I just finished reading The Breaking Dawn and found it to be one of the most thought-provoking, amazing books I have ever read… It will be hard to read another book now that I’ve read this book… I want everyone to read it.
- Such a tour de force, so many ideas. And I am amazed at the courage to write such a book, that challenges so many people’s conceptions.
- There were so many points where it was hard to read, I was so choked up.
- Holy moly! I was familiar with most of the themes presented in A Lodging of Wayfaring Men, but I am still trying to wrap my head around the concepts you presented at the end of this one.
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