Is this the end of crypto?
Fundamental issues of cryptocurrency economy:<p>1. Biggest pushers are seemingly tech-bros from FANG companies. These companies are laying off staff in record numbers. The biggest cryptocoin believers therefore, will have less income than ever before (in ~3 months or so, after their severance is paid, they&#x27;ll have to start drawing on savings if they didn&#x27;t get a job yet... and getting a job in this economy is going to be harder)<p>2. Fed Rate hikes. Cryptocoins and stablecoins (especially &quot;staking&quot; concepts) were rationally attractive when your savings account returned 0% and when Treasury Bonds were 0.1% to 1.5%. A risky yield-earning instrument may have been... erm... risky, but it seemed like even with the risks you&#x27;d beat a savings account. Today, HYSA savings accounts are 3% and the St. Louis Fed President argues they&#x27;re going to 5%. Its a much more difficult to sell yield-making instruments (such as &quot;staking&quot; Ethereum) when the &quot;safe&quot; risk-free rate is at 5%.<p>3. Inflation. Instead of being a hedge on inflation, cryptocoins collapsed in the face of it. There are still inflation worries in the economy.<p>4. Mainstream awareness. Earlier this year, Cryptocoins bombarded the typical normie with advertisements. Matt Daemon said &quot;Fortune favors the bold&quot; for Crypto.com. FTX had Larry David do ads for them. FTX bought out the Miami Heat stadium naming rights. NFTs were on talk-shows, being shilled by Jimmy Fallon and Paris Hilton. Cryptocoin&#x27;s era of growth is over, everyone is now &quot;aware&quot; of cryptocoins and adjacently NFTs. Entering the public consciousness only happens once, from now and forever more, people are &quot;aware&quot; of cryptocoins and have formed opinions on it. It will not happen again.<p>5. Scammy reputation. The Celsius and FTX bankruptcies are in the public consciousness. (See #4: for many people, FTX was the public face of cryptocoins thanks to their superbowl ads). That these institutions couldn&#x27;t even last 1 year after their commercial will forever damage cryptocoin reputation. Sure, Mt. Gox had similar issues back in 2014, but Mt. Gox didn&#x27;t buy the naming rights to a stadium or host Superbowl commercials.<p>Seeing cryptocoins grow under these circumstances seems like a longshot to me.