Discussion

• @nic_carter Nic Carter on x

  karma doesn't drive markets, but bitcoiners surely deserve it for - embracing DATs - idolizing a guy that sells $1 of Bitcoin for $1.50 to retail - believing in fantasies like “the four year cycle” and “stock to flow” or an ever growing MSTR premium - embracing apocalyptic

• @an10nev @an10nev on x

  Very good. Last two bullets important.

• @mert @mert on x

  @TheStalwart lol it's none of these it's simply the spot:derivative ratios being out of whack due to colossal leverage

• @zavcorin Zav Corin on x

  @TheStalwart Crypto's main legacy : it accidentally gave the U.S. an edge in AI deployment. An entire “web3” industry quietly pivoted to AI—and delivered. A few who stayed to push “adoption” got rich.The Plebs got smoked In the meantime China caught up with AI. The rest is just s…

• @donalt @donalt on x

  My gut feeling is that we'll get out of this bear market sideways There will be a bunch of bigger bounce plays but you'll probably have a while to buy around the bottom this time round Get comfortable with the pain bros, it'll last a while IMO

• @nic_carter Nic Carter on x

  A few days ago I told myself $55k would be a generational entry and I would back up the truck there. I expect my limit orders will be filled in an hour or two

• @arthurb Arthur B. on x

  The technical solution to Bitcoin's quantum woes is actually straightforward: 1/ support an opcode to verify SPHINCS+, it's not the most efficient but it's the most conservative choice and you won't have to debate forever about whether it's safe enough. Soft fork or hard fork it

• @nic_carter Nic Carter on x

  @Galois_Capital I think we're digesting a rock or maybe a gigantic piece of coach foam and it's stuck

• @thestalwart Joe Weisenthal on x

  Crypto has had bigger drawdowns before. But this is definitely the worst crypto winter ever. Writing about it for today's newsletter, which you can sub to here. https://www.bloomberg.com/...

• @cmilakgun @cmilakgun on x

  TL;DR Why this might be the worst crypto winter, even worse than FTX or 10/10? Author's thesis: This may not be the biggest drawdown ever, but it's the most structurally negative environment crypto has faced because multiple support narratives are breaking at once. Main

• @covered_call Mario S. on x

  According to Artemis data DATs are down ~$25B cumulatively, with zero above their cost basis. https://app.artemisanalytics.com/ ... [image]

• @thestalwart Joe Weisenthal on x

  no [image]

• @cryptopathic @cryptopathic on x

  A lot of older coin charts look done forever eg. dogecoin, ltc, ada Bitcoin failed its use case by underperforming gold so severely. Most other projects are not meeting their growth expectations. So institutions are now coming to collect their liquidity

• @crypto_mckenna McKenna on x

  It may be the worst sentiment I've seen since FTX.

• @bykatherineross Katherine Ross on x

  i don't think it was necessarily a “last gasp” for the entire industry, but it definitely seems to have marked the ending of a chapter. i'd argue crypto's now in an institutional era and that means there's a lot of uncomfortable change taking place

• @muyaoshen @muyaoshen on x

  @TheStalwart @Crypto_McKenna I think this is worse than FTX because crypto was saying back then that FTX wasn't a crypto specific scam. But now feels more like a real identity crisis for crypto

• @thestalwart Joe Weisenthal on x

  This is the key thing. It's not about price. It's about loss of faith and industry demoralization.

• @zherbert Zach Herbert on x

  Epstein? Quantum? AI (which is beautifully synergistic with Bitcoin)? FUD is off the charts and not even close to rational.

• @ljkawa Luke Kawa on x

  TL;DR: you've run out of baggies

• @amandalfischer Amanda Fischer on x

  We're lucky this crypto winter is happening before it got too entangled with real finance. Remember in December when @cftc announced that BTC was eligible to be margin in derivatives trades? Thankfully that hasn't had time to take off.

• @cobie @cobie on x

  @Crypto_McKenna In some ways worse tbh. More like 2015

• @blknoiz06 @blknoiz06 on x

  @TheStalwart definitely agree with most of these esp the ai risk for tech talent & hardware, but there's definitely still a ton of ppl online on crypto twitter, bitcoin & ethereum are pretty fragmented but hyperliquid & solana are likely the most close knit communities atm

• @tomlefevre Tom Lefevre on x

  @TheStalwart Think a part of it is that “the crypto president” is increasingly a liability

• @jyarow Jay Yarow on x

  You know the bottom is in when the most square MSM people are talking about it

• @thestalwart Joe Weisenthal on x

  This crypto winter is hitting different

• @thestalwart Joe Weisenthal on x

  This is the most brutal crypto winter ever. Nobody's even joking about it in a self effacing way. And if there were anyone doing the meme, you wouldn't see it because there's no crypto twitter anymore.

• @marypcbuk Mary Branscombe on bluesky

  turns out the ‘future of money’ isn't useful enough to deliver any of what it promised [embedded post]

• @thestalwart Joe Weisenthal on x

  It's hard not to think that the explosion of DAT companies last year, where various crypto holders exchanged their tokens for inflated equity, was a big last gasp for this industry

• @camiinthisthang Cami on x

  I'm telling you guys the next 3 months are about to get wild All the smart people will either try to go to one of the few crypto projects with sustainable revenue & growth or will leave crypto completely We saw 3 of the smartest ppl outright leave crypto in the last 48 hours

• @balajis Balaji on x

  I have never been more bullish on crypto. Because the rules-based order is collapsing and the code-based order is rising. So the short term price doesn't matter. As international law breaks down, we will need not just onchain currencies, but onchain companies. As the post-war

• @mert @mert on x

  @balajis this is the year we evolve web 3.0 to capitalism 2.0

• @thestalwart Joe Weisenthal on x

  10 REASONS WHY THIS IS THE WORST CRYPTO WINTER EVER In today's newsletter, I wrote about how there are just numerous dynamics all happening at once — from Epstein to quantum to AI to the death of crypto twitter — clobbering the coins [image]

• @thestalwart Joe Weisenthal on x

  The fact that crypto and silver are getting clobbered at the same time as the SaaS stocks makes me think that the “AI disruption” story is a little too pat of an explanation for what's going on.