BITCOIN IS THE BEST-PERFORMING ASSET
This year has been difficult, a lot of people came in at higher prices, people believe that the market only when up and want to believe what everybody told them is supposed to absorb all the information and then filter it into their own. People took too much risk, and they use leverage when they are not supposed to use it. People didn't have custody of your keys, not your coins. People need to learn a lesson because we had another couple of hundred million people who started using this crypto and so that led to 200 million people having to learn lessons. Next time, we will have several million people having to learn lessons.
When you bring a new financial system where you can take physical possession which is why many people get into the space because they understood they own nothing in a leverage system. If you can self-custom your own asset which is the digital asset no one can mess with, then you got something interesting. You can then build can them build an entire system of value on top of the internet and recorded ownership of anything including IP content, that is a big idea.
Some things are coming that are going to surprise us, we just don't know yet what they will be. I am interested in what Reddit is doing with their digital collectibles and I know that web 3 die-hard enthusiasts hate it but I don't because it is the adoption of the technology at scale. I believe in technology and I believe there is a better way forward, better for humanity, better for business models, better for creators, and better for everybody with the way we can participate in the network. In a world where rewards are not easy to come by, that is the excess expansion of the central bank balance sheet.
It is all here for everybody to participate in, it is like a gift. I think Defi got stress tested very well in this cycle, I didn't blow up even though there is still hacking and It still has a problem with bridges but defines the smart contract itself works very well. CeFi blew up because if you are going to build a system that requires leverage for it to function on a 100% volatile asset, you are doing the wrong thing. We don't have to blame each other because it is stressful for everybody. You got to take responsibility for your own self custody, you need to take responsibility for the leverage you take and what exchanges your use.