This is one of the clearest-eyed takes I've read on where crypto is right now.
The dot-com parallel hits hard. Real infrastructure got built in the quiet years, and the people who stayed rational (and solvent) were the ones who ate when the world finally caught up. We're in that exact slog phase, but prices refuse to care because the marginal dollar is chasing AI shine or whatever's hot next. It feels unfair, yeah. Watching builders grind for years while late-coming enterprises forklift the open-source work and capture the margins. Watching token holders get diluted or left behind as value accrues to equity or user-facing apps. But that's how foundational tech wins: it becomes invisible plumbing. The winners aren't the ones yelling about revolution anymore. Crypto being boring is the ultimate maturation signal. Patience isn't just an edge here; it's the only edge. Most tokens won't make it back. Many never deserved the old valuations. anyway, great piece, needed to hear this today. happy new year 👑
Great article. All valid points and entirely agree with unsustainable volumes driven by trading rather than deploying blockchain tech, ie. improving society as well as growing into valuations where they are excessive.
Great article Santi! I just finished listening to your recent Podcast episode on Milk Road. As usual your sentiments and thoughts on crypto adoption in the coming years makes total sense to me. Thank you for informing!
The current market phase is challenging but necessary for long-term maturation. Periods of discomfort often weed out speculation and strengthen infrastructure. As an investor, it’s crucial to focus on quality protocols and adoption trends rather than short-term volatility. This perspective fosters resilience and positions one for sustainable gains when the cycle stabilizes.
I think this is right but it only strengthens my conviction that the pile of talent that's committed to Ethereum as if they had a wedding is what will in fact make it a great investment on your 10-year horizon.
There are but two chains that actually matter, as I wrote in my newsletter's first dispatch: Bitcoin and Ethereum.
This is one of the clearest-eyed takes I've read on where crypto is right now.
The dot-com parallel hits hard. Real infrastructure got built in the quiet years, and the people who stayed rational (and solvent) were the ones who ate when the world finally caught up. We're in that exact slog phase, but prices refuse to care because the marginal dollar is chasing AI shine or whatever's hot next. It feels unfair, yeah. Watching builders grind for years while late-coming enterprises forklift the open-source work and capture the margins. Watching token holders get diluted or left behind as value accrues to equity or user-facing apps. But that's how foundational tech wins: it becomes invisible plumbing. The winners aren't the ones yelling about revolution anymore. Crypto being boring is the ultimate maturation signal. Patience isn't just an edge here; it's the only edge. Most tokens won't make it back. Many never deserved the old valuations. anyway, great piece, needed to hear this today. happy new year 👑
Great article. All valid points and entirely agree with unsustainable volumes driven by trading rather than deploying blockchain tech, ie. improving society as well as growing into valuations where they are excessive.
Great article Santi! I just finished listening to your recent Podcast episode on Milk Road. As usual your sentiments and thoughts on crypto adoption in the coming years makes total sense to me. Thank you for informing!
"crypto should be boring" is the most bullish thing you can say about the infrastructure right now!
The current market phase is challenging but necessary for long-term maturation. Periods of discomfort often weed out speculation and strengthen infrastructure. As an investor, it’s crucial to focus on quality protocols and adoption trends rather than short-term volatility. This perspective fosters resilience and positions one for sustainable gains when the cycle stabilizes.
I think this is right but it only strengthens my conviction that the pile of talent that's committed to Ethereum as if they had a wedding is what will in fact make it a great investment on your 10-year horizon.
There are but two chains that actually matter, as I wrote in my newsletter's first dispatch: Bitcoin and Ethereum.
Another good article, especially the long and short part
Chainlink coded