The Changing Of The Guard
As the weak fall the strong shall emerge...
First it was LUNA
Then 3AC
Then Celsius
Then FTX
And unfortunately many more dead bodies will rise to the surface in the coming months
But in the midst of all this chaos this means one thing
That the good projects will grow stronger
One project that Im particularly bullish on is ICP. ICP unfortunately so far in its existence has experienced a lot of manipulation from outside players. But, thankfully those outside players have pretty much been wiped out at this point (SAM AND FTX). ICP has legitimate HIGH tech - and im not bullshitting you, the stats back this claim.
ICP also is doing a lot of work with Bitcoin
In just a couple of days now ICP smart contracts will be able to start receiving and sending Bitcoin. All of this will be done on Bitcoin as-well.
ICP smart contracts will also be able to create ETH TX’s all on Ethereum soon
ICP taking advantage of other massive ecosystems and continuing to build in the Bear is huge
And what we’re experiencing right now in this Bear Market is very healthy. The projects and companies that were living off fraudulent activity have gotten crushed or are going to get crushed.
The most recent big company to go down was BlockFi, they went down today.
BlockFi was literally giving out FREE BITCOIN in the bull market with their Crypto Interest Rates
And in Q1 and Q2 of 2021 the rates were much higher than whats currently posted on their website due to the massive retail traffic and skyrocketing crypto prices
I myself used BlockFI, and so did a lot people I knew. But I did not lose any money in BlockFi as I pulled all my crypto off BlockFi back in May of 2021, as there was already small warnings back then about things that would eventually come to light
But I knew people who took out loans against their Bitcoin with the Blockfi Lending Program - where your Bitcoin would be used as collateral
That play did not end up being a good play - but back then it seemed very reasonable considering what ALL the exchanges were offering
And what lesson can we learn from all of this?
That in times of euphoria you need to play conservative and think rationally - and yes there are ALWAYS bad actors in this industry trying to take advantage of retail
Stay Safe and Stay Hungry
- Aaron