Cryptocurrency was a massive asset bubble two weeks ago. Also a year ago.
But if anyone took the time to read about the history of tech startups and the culture around them over the last 50-ish years, or ECNs over the last 25-ish years: it would become immediately apparent that there is nothing new here!
Most of “crypto” circa 2022 will wash out. Most of it is tulip-mania bullshit. And in fact, the well-traveled chestnuts (e.g. “when your shoe-shine boy starts asking for stock tips, hold, when he starts giving them: sell”) date from the last time the robber/renter class kicked out this many rungs on the prosperity ladder and tried to paper it over with expensive bonds. As a society: been there, done that.
But there is true innovation hiding in little corners: Parity has figured out how to roll an update to every nginx box in the world as the price of serving a web page via WASM! That would be huge news in any other context. And I wouldn’t count the IO-HK people out just yet on beating dumbass Algorand PBFT.
But just so the ground rules are clear: you want some inflation. Just ask the guy who bought a pizza for 1BTC in like 2013 or whatever. We used to kill each other and try to enslave continents over a limited supply of gold. The Spanish were especially good at this. Look at them now.
If your roll is maintaining or increasing in value you have no incentive to back some profitable venture with it.
Inflation out of control is a problem. Deflation is knights with swords fighting over mud.
God I wish people read books.