Crypto needs to introspect. The entire space has been usurped by greed, ponzi farms, gamblers, NFT grifters, scammers.. In the eye of a normal person, all of these bring zero legitimacy to the space. A long bear market is good for weeding out all this non

We just saw a cycle where useless dog coins ran up to 50 BN market cap and more. People were selling millions of dollar worth "profile pictures". Scams and hacks were a daily occurrence. The NFT space was and continues to be a perpetual clown show, lions, penguins, dogs, punk jpegs being sold for thousands of dollars. What even is this market. It puts every other bubble in history of mankind to shame.

If you wonder why the non-crypto crowd hates crypto and NFT viciously, it’s not an isolated incident or two, but a culmination of multiple events that are textbook examples of the worst capitalism has to offer.

Earlier in 2021, when I saw hit pieces against crypto, I thought they were quite wrong and were attacking crypto as they missed out on the gains. But over time it's very clear that there is a lot of merit to the attacks on crypto. The entire space has become a circus of greed, scams, zero sum offerings where one is looking to profit from another. If you go to other reddit subs like r/technology, they are all spot on about crypto, the whole space is one big clown world detached from fundamentals.

You dont even need to bring in energy consumption into this, even without it crypto is a market aggregating the worsts of the worst. Even now, there is little to no real world adoption of crypto, and instead you have a perpetual grifting scheme where people rush into new launches just to dump them at a higher value and profit off late entrants. Think 2017 cycle but on steroids with thousands of new coins.

You have exchanges and other large players legitimising ponzi schemes by giving them attention and even running dog money competitions. You had large defi protocols add ponzi tokens as collateral. Guess what happens to that $100k loan that was taken out using OHM as collateral, when OHM itself crashes 80% in a matter of weeks. A culmination of all of these is cascading liquidations and steep corrections.

You have coins with 50 BN FDV, where insiders hold 90% of the supply and retail buys these coins at the very top because they told to FOMOing into every coin that an exchange adds. In particular, what FTX and the whole scam Sam ecosystem they have encouraged is disgusting, if not downright criminal. Institutions and VCs got into these coins at cents to the dollar valuation, and exchanges added them at exorbitant valuations allowing the insiders to cash out handsomely within just weeks. Influencers and ponzi pumpers ran with “FDV is a meme” narrative so that they can encourage retail to pile into these scams.

If you were even a small sized fund in this space, your limited partners were all chasing for maximal returns and exchanges facilitated all of this greed, all of them except retail knew that the loose monetary policy wasn’t going to last, and it was time to make the most out of it. Ultimately it’s the retail user and the crypto as a whole itself that suffers.

For a regular user of r/technology, he probably woudn't care that its Alameda Research or A16Z thats behind a lot of these worthless hype tokens, but his indictment would fall on crypto as a whole. The partner of a crypto VC fund gives zero fucks if crypto's reputation goes down the drain, he has made his millions and is happy collecting his share of profits.

If you really believe in the tech and vision of crypto, you have every reason to be angry about what the space has turned into since the pandemic crash. It has been one relentless machine churning out scam after scam.

A bear market offers actual builders to work in peace building good products that the users needs, while removing all the baggage that comes with increasing prices and the vicious cycle of people looking to profit from one another, and heightened regulatory attention that grifters and scams bring to crypto as a whole.

Crypto has a lot to offer the world, but only if the right products are built offering value to users. A ponzi farm and fork of a liquidity mining pool aint it, champ.