What Is Going On With Crypto (5/31/24)

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This is nice. I don't usually read crypto news, and I just get my updates from different authors I follow. You doing this gives another perspective from the ones I already have. Looking forward to more.

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Summary:

The host discusses the current state of the cryptocurrency industry, which he describes as being in the "early days" and filled with uncertainty and chaos. He notes the various high-profile events and figures that have been involved, such as Trump, Caitlyn Jenner, Nigerian singers, and the ARK investment firm pulling out of an Ethereum ETF.

The host argues that while there are nefarious actors in the space, the uncertainty is also due to the industry being in a formative stage, with people trying different things that may or may not work. He emphasizes that major traditional financial institutions like BlackRock and Fidelity have not yet fully entered the crypto space, and that their involvement could be a game-changer.

The host is critical of the SEC's reported plans to go after celebrities who promote crypto projects that turn out to be "rug pulls", arguing that celebrities should not be held responsible for endorsing products in the same way they are not liable for endorsing other industries. He sees this as the SEC "barking up the wrong tree."

Overall, the host believes the crypto industry needs to disrupt itself, moving away from trends like the NFT and ICO crazes that were filled with speculation and "foolishness." He argues that crypto needs to attract long-term "owners" rather than just short-term speculators chasing "Lambos and moonshots." The uncertainty presents opportunities, but also risks that individuals need to navigate carefully.

Detailed Analysis:

The host begins by noting the various high-profile events and figures that have been involved in the crypto space recently, such as Trump, Caitlyn Jenner, Nigerian singers engaging in "rug pulls", and ARK Investment pulling out of their planned Ethereum ETF. He sees this as indicative of the "chaos" and "uncertainty" that characterizes the early stages of the crypto industry.

He explains that this uncertainty stems from the fact that the industry is still in its formative stages, with people "trying different things that may or may not work." This leads to a lot of "failures" as the industry tries to find its footing. The host argues that it is "very hard" for businesses to strategize and make concrete plans in such an unsettled environment.

Regarding ARK's decision to cease their Ethereum ETF plans, the host says he is unsure of the exact reasons, but notes that they are still moving forward with a Bitcoin ETF. He had previously speculated that an XRP ETF could be the next step, though he is uncertain if one has actually been filed for.

The host emphasizes that the major traditional financial institutions like BlackRock, Fidelity, and Ray Dalio's firm have not yet fully entered the crypto space, and that their involvement could be a game-changer. He notes that BlackRock is making moves, while Fidelity has not shown much activity yet, but likely won't "be caught on the sidelines."

The host then shifts to discussing the SEC's reported plans to go after celebrities who promote crypto projects that turn out to be "rug pulls." He is critical of this, arguing that celebrities should not be held responsible for endorsing products in the same way actors are not liable for endorsing cars, banks, or restaurants that later have issues. He sees this as the SEC "barking up the wrong tree."

The host believes the crypto industry needs to "disrupt itself" because many of the paths it has been following, such as the "NFT craze" and the "ICO craze", have been "bogus" and "foolish." While he acknowledges that these concepts may have legitimate uses, he argues they have been "perverted" by people looking for "quick hits" and the "masses" who care only about making money quickly.

The host contrasts this with more mature financial markets, where people can still chase quick profits, but within a more established framework. In contrast, he believes crypto "doesn't need users, it needs owners" - people who are in it for the long-term rather than just short-term speculation.

He warns that if the industry continues down the path of "Lambos and moonshots", the "owners" could end up being the big corporations that move in and control everything, leaving individuals to "bitch and moan" that they missed their chance.

However, the host sees the current uncertainty and "craziness" as presenting opportunities for individuals to position themselves as the "big winners" in the long run. He believes the crypto industry will ultimately survive and thrive, but the question is who will be the winners and losers.