Dumb money is emotional. I think the ceaseless barrage of FUD from mainstream press and the year-long bear market that has provided crypto enthusiasts nothing but grief should've flushed out dumb money by now. I'm not saying we can't dip even lower for a short time but I think it is becoming increasingly obvious that we're looking at a rounded bottom in the grand scheme of things.

The developing world is in deep shit and completely without hope of developing an honest society to any degree without honesty being enforced at a protocol level which would have to be distributed consensus. My African and Latin American Steemian friends have informed me of a level of corruption in their countries that makes me think those countries are hopeless without radical solutions. I'm thoroughly disgusted by the likes of Roubini because he seems to fail to understand the power of distributed consensus to smash corruption which is the main thing allowing rich countries (increasingly China) to exploit and financially enslave most of the world. Roubini is either ignorant or corrupt. I'm talking about really radical stuff along the lines of what @stan (Stan Larrimer) is a proponent of. @cryptoandcoffee from South Africa has interesting stories about what the Chinese are up to in his home country and elsewhere. What I think is that there is no hope for the likes of SA without removing a single point of bribable failure (the government) from the picture. There is no trust or trustworthiness in Africa and many other places. It has to be replaced with a prosthetic and that prosthetic is distributed ledger technology.