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Is crypto winter actually a good thing? - Crypto in Plain English - Episode 281 - by cryptohunt.it
Is crypto winter actually a good thing?
Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.
Crypto winter, meaning a significant downturn in the crypto markets, is here: Total market capitalization has been under $1 trillion US Dollars for months now, down from twice that.
The reason, of course is two-fold. The global economy is cooling off and people are pulling their money into safer investments. But confidence in crypto is also fading in parallel.
And that is, we think, paradoxically a good thing.
How? Let's get into it.
You may remember our past episodes about scams, frauds, and other letdowns that have plagued crypto during its recent bull run. NFTs copied, pasted, and illegally resold. Pump and dump schemes. Illegal ICOs. Collapsing stable coins and funds. Fake accounts. Users playing super boring games to generate crypto earnings. The list goes on.
It seems that the crypto space has had many, many more negative headlines than positive ones. Where there is an abundance of money, and people playing the crypto casino in hopes of making a quick buck, there are also scammers and grifters.
That seems to have changed, now that the market crash has pushed the majority of investors away. Take Decentraland, the virtual world previously valued at a billion Dollars by investors. Allegedly there are less than 10 daily active users left these days. Same with OpenSea, the NFT marketplace - it crashed from over $300 million in monthly revenue to just $9 million last month. Still impressive, but you get the point.
This all may turn out to be a good thing: Games will have to be entertaining again. NFTs will have to be traded between people who appreciate the art. And blockchains will have to prove harder - and rightfully so - that they have a real killer use case.
Agree or disagree? Come find us on Twitter at cryptohunt_it and let's get into it!
This podcast is produced by Cryptohunt.it the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, Design is done by Carmen Rincon and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.
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By cryptohunt
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Is crypto winter actually a good thing?
Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.
Crypto winter, meaning a significant downturn in the crypto markets, is here: Total market capitalization has been under $1 trillion US Dollars for months now, down from twice that.
The reason, of course is two-fold. The global economy is cooling off and people are pulling their money into safer investments. But confidence in crypto is also fading in parallel.
And that is, we think, paradoxically a good thing.
How? Let's get into it.
You may remember our past episodes about scams, frauds, and other letdowns that have plagued crypto during its recent bull run. NFTs copied, pasted, and illegally resold. Pump and dump schemes. Illegal ICOs. Collapsing stable coins and funds. Fake accounts. Users playing super boring games to generate crypto earnings. The list goes on.
It seems that the crypto space has had many, many more negative headlines than positive ones. Where there is an abundance of money, and people playing the crypto casino in hopes of making a quick buck, there are also scammers and grifters.
That seems to have changed, now that the market crash has pushed the majority of investors away. Take Decentraland, the virtual world previously valued at a billion Dollars by investors. Allegedly there are less than 10 daily active users left these days. Same with OpenSea, the NFT marketplace - it crashed from over $300 million in monthly revenue to just $9 million last month. Still impressive, but you get the point.
This all may turn out to be a good thing: Games will have to be entertaining again. NFTs will have to be traded between people who appreciate the art. And blockchains will have to prove harder - and rightfully so - that they have a real killer use case.
Agree or disagree? Come find us on Twitter at cryptohunt_it and let's get into it!
This podcast is produced by Cryptohunt.it the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, Design is done by Carmen Rincon and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.