Crypto Winter Not Responding To Hopium Algorithmic Stable Coins Hailed Unsustainable

It is officially crypto winter in the cryptocurrency space.  And, it just looks like Hopium and narratives from enthusiasts is not doing any magic.

Michael Saylor:  Bitcoin is a sturdy ship to sail the seas of Fate.  The entire crypto world consists of one perfect thing, a few imperfect things, and a host of dangerous things.

CZ Binance:  Focus on helping projects build. Grow Crypto Together. “Lots of people reassured by the fact that unlike in traditional finance, even ‘big players’ like CZ can end up being ‘bag holders’ in the crypto industry.” Lesson: manage your risks. We can handle ours.

Charlie Lee:  I think it’s theoretically impossible for algo stables to work well over a long time. It could work short term, but it’s similar to the Martingale Roulette Strategy. It will require a lot of resources for the system to work, and when it inevitably fails, you will lose your shirt.

Vitalik.eth:  Strongly support this. Coordinated sympathy and relief for the average UST smallholder who got told something dumb about “20% interest rates on the US dollar” by an influencer, personal responsibility and SFYL for the wealthy.

H.E. Justin Sun:  Fully support this proposal. I sympathize with all in this unforeseen crisis. I would like to commit $10 million USDD to the recovery of the bottom 236k UST holders. I believe this will benefit the ones affected the most and show our unity! Details to be announced soon!

Charles Hoskinson:  Ok 2022, I’m ready for anything. What do you got? 2022.

Barry Silbert:  Rough week for most everybody. Heartbreaking to hear rumors of suicides. In the dot com bust, I lost my entire savings. It sucks. But life goes on and you will figure out a way to save again and will look back on this as a valuable lesson. Take it from somebody who has been there.

I’d like to lodge a complaint against whoever decided that crypto should trade 24/7.

Community Reaction:  The coolest thing about Bitcoin is its mysterious creator Satoshi Nakamoto, who gave us this gift and then left the crypto scene in 2011 without claiming anything in return and still nobody knows who that is.

Managing risks is very important, especially if you don’t have any other thing to fall back on. Holding to the moon is good if you can do it; taking profits is also good. The choice is yours. But don’t let fear decide for you.

Listen: A stablecoin but backed by me, his Excellency Justin.

Stop “experimenting” with ponzis, algostables, yield farming and other unsustainable nonsense. Start experimenting with public goods funding, governance/DAOs, decentralized identity/reputation, regenerative finance and privacy tools. This is the gwei.