I’m riding the wave of this crypto euphoria like many of us and don’t intend to stop. I’m degenerating on DeFi, CeFi, staking, swapping from a token to another like a Tarzan on LSD hanging from red and green dildos like no tomorrow. No one has a crystal ball, not in a sense or in another, hence I won’t pretend to be wise and tell you to take profit or talk about cycles and bubbles.
However, there are some things that we should consider when we stop jumping from.a chart to another, some food for thoughts.
Last August, Ethereum Classic was hacked not one but 3 times with hackers gaining control of the Ethereum Classic blockchain in typical 51% attacks. In the last one hackers managed to once again brute-force their way to majority control over the network and managed to reorganise more than 7,000 blocks, or about two days of mining. Every heard of double spending? They stole avg. $ 9M in double spending TXs.
This should have sank the ETC blockchain into oblivion right?
Well, today’s volume is $ 1,68 Bn, price is up 11,86%, mkt cap is 2,53 BN, ranked 53th.
I have nothing particular against the purists of the 2016 DAO hack, but this tells me a lot about the irrationality/immaturity of a market where apparently it has not much importance what you buy as long as it’s crypto.
Another quick example: Solana’s token release schedule flooded (hundred thousand of SOL unlocked) the market back in the 7th of January, but that just sorted the effect of raising the market cap with almost no ripercussion on the unitary price (https://medium.com/solana-labs/solana-foundation-transparency-report-1-b267fe8595c0).
What else? Should we talk about BNB, XRP, TRX and how it looks like noone gives a damn fuck if a blockchain (or a DAG, hashgraph, any DLT) is public/private, centralised/decentralised?
Contradictions can also be fascinating in a way, just take a moment to think about them while hanging, passing from a red dildo to a green one. Cheers.