It's oversaturated for sure and I saw one thing saying there are a million new tokens launched each day a large in part because of the launch pads.
Even if we put that stuff to the side we have to figure how many L1s there are. It's like the churches in these small towns. They keep breaking off and forming a new one mainly to have control and oftentimes you can't get funding any other way besides trying to form your own project.
Yeah, those are good points. It's crazy to look back at where we started and see where we are now.
I do think that is a fundamental breakdown for the premise of decentralized governance. People could say it is like a persons ability to form a company. You could have infinite new companies but a lot of these chains aren't really supporting that many people relative to their market caps.
It's tough to solve the problem with no funding but even a lot of big companies haven't really wanted to invest in the build out in a lot of ways. More just capture the head of the snake and hope it appreciates with all the activity going on.
Then chains that raised the money don't really want to allocate it. It's more about keeping up operations and just sitting on what they raised.
Block One supposedly still has 140,000 Bitcoins. Ridiculous
Freaking Block One. I've always been more of a person who invests in tokens that have a use case versus meme coins. It's been a long play for me, but I am hoping VET ends up being a winner.
It blows my mind that even a guy like Dan Larimer that was one of the top blockchain devs basically just packed it up and went full ghost mode.
There have been a lot of guys that have just sort of disappeared that were around the space for a long time.
That's why I even brought up Electroneum again previously. They didn't know what the hell they were doing and kept screwing up constantly but I will give them the fact that they have kept at it since 2017. They didn't just soft rug or anything. They keep working on it and they have the same CEO. So for that I have to give them a little bit of respect.
That was one of my biggest blunders in crypto and I still have like 31,000 ETN that I had partially mined and bought a little bit and it went parabolic and I remember being at LA Fitness for basketball and being on cloud 9 so hyped up because my ETN was suddenly worth $6,500 and I rode it all the way down and still didn't sell in the 2021 cycle when it was back up to being worth $600 or so.
I never really got burned financially by it but more the mental highs of not securing the bag on that one. It helped me be more aware of taking profits in the 2021 cycle for most of the other stuff though.
All my crypto is sort of a side hustle for me, so I don't require any of it to pay my bills. That helps a lot. Dan was kind of flaky to begin with, starting a project, then just bailing like bitshares, then Steem, then EOS. He's probably sitting on a beach somewhere. I have quite a few tokens I should have sold but didn't. I kind of kick myself for that now, but like I said, it's all just icing at this point.
With Dan he really had me fooled or maybe he was legit. I go back and forth on it in my mind. Seemed like his dad and him were these Libertarian minded guys who were into tech and my dealings with him go way back to 2013. I mined Protoshares which then ultimately got converted into BitShares and I more looked at him as a guy on the forefront of blockchain governance and game theory and obviously seemed to understand cryptography enough to do these key paring structures.
The fallout with BitShares I never really blamed him for I guess I believed that he wanted to make a free speech social platform that was crypto based when STEEM really hit. When he left Steemit INC I still didn't fully blame him because I figured he saw the limitation with STEEM in the fact that it wasn't a smart contract platform and felt he had to use his implementation for a shot at being potentially #1 or at least overtaking Ethereum.
I still felt like they could have overtaken it with EOS if they would have allocated those resources to it but it ended up unfortunately being another money grab. I was lucky that in 2020 I saw the writing on the wall and when we went up in 2021 I rotated out of it primarily and jumped to DOT actually for a bit and that pumped and I rotated out of that into BNB and CAKE when the DeFi stuff really hit.
In some ways I'm overly invested mentally into crypto to not be a billionaire but maybe that keeps me hungry.
I still believe in the Ethos that it is true freedom and can help with freedom of speech, the unbanked, and all that.
Obviously all of us realize this at this point but the weird thing about it is we would all be stupid rich if we just would have never talked about crypto, not tried to mine, or be involved in other aspects of it, not got involved in the drama and just pounded out hours and just stacked BTC and maybe a couple other things.
Such a weird way for things to play out. It's like the iPhone 1 or the NES still being the most popular devices today.
Some of these chains have been punished for having better tech.
I don't really blame him either. The way I understood it he was trying to build something great, but he also made it so that he wasn't necessarily the lead. I guess that's the problem with decentralized stuff. Then others take it over and make it into something you didn't want, so what else can you do but step away. EOS as an operating system is still really sound. WAX is great, and to some degree STEEM and HIVE have the blueprints of EOSIO in them as well with the staking for transactions and all that. Did you ever read his book "More Equal Animals"? I tried to read it, but I got lost after about the first chapter. My mind just doesn't work like that.