VARIOUS AREA OF POSITIVE THAT CRYPTO SPACE HAS BEEN

Last year was a complicated year and a lot of people are remembering the year for terrible stuff within the crypto space for all of the billions of dollars blown ups. It is also important to remember all of the various area of positive that crypto space has been. The merge is the most recent one but the big one. This is what the Ethereum has been waiting for a very long time and that's been delayed and it turn out to be more complex that it use to be. A lot of things has happened but finally as of September 15, Ethereum transition from PoW to PoS.

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It feel good that Ethereum reduce it energy consumption by 99.9%. Ethereum electricity consumption was similar to the entire country of Austria but now they have reduced the electricity consumption by 99.9%. If you want to show people one great visual of Bitcoin price from 2011 till now, just because Ethereum unfortunately did not exist in 2011. If you look at that and see the great circle of 2011 and then a big one at the end of 2013 and the bigger one is 2017 and then the super big one in 2021. If you look at the Bitcoin chart, and go down the flat part after the peak on the 2015, that is when Ethereum launched.

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Then 2018, that is when the flat and the cup and handle after the second bull market, that is when the Uniswap launched. The flat after the third bubble, that is when the Ethereum merge happened and we have multiple zkEVMs and we starting to see serious layer 2 adoption. The Asia post peak adoption are always periods in which they are some significant technology progress that is happening. They are periods where it often for people to get back to works the number are not giving them dopamine every six hours anymore. They period a lot of real work get done and even period where the good get separated from the bad.

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The MtGox blow up in 2014, it did feel like an existential crisis for the crypto space. It felt like huge crisis for Bitcoin and a huge crisis for legitimacy and it was an invitation for regulators swam around the space. It did have a lot of bad consequences is all kinds of places and it made a huge of people very unhappy. In 2022, a lot similar thing happened except that we have much more interconnected crypto space. It is important to remember that like in 2014, there was fragility and contention because when MxGox collapse, it was both causing the crypto crisis to crash and also the thing people were be used to replace prices up and down. The market would have to crash and change where it number were it numbers were coming at the same time.

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We had the double whammy of Luna coming back down to earth and Terra going back down to somewhere much lower than earth. Six months later, FTX blowing up and then a month that, Blockfi file for bankruptcy. The other thing that is important remember now that thing will make 2022 more harder to recover from than 2014 is that a community having high variance. I think it is something that is a very good strategy when you are trying to increase adoption from 0.1% to 10% but it is terrible strategy when you trying to increase adoption from 10% to 70.