Many Coins Will Never Recover – Charles Hoskinson React To Crypto Crash
I think you all should have have to have if you truly do want to change the world. There are hard days all the time and there are good days, but you have to keep the faith, keep the discipline and keep pushing forward. Cryptocurrencies kicked off a new week with deep losses, extending weekends selling, following surprisingly high u.s inflation data and troubles for a major cryptocurrency exchange at the time of writing the script for this video bitcoin has slumped more than 17 over the past 24 hours last trading at Levels not seen since december 2020, around 21 219 bitcoin is down more than 60. From its november 2021, high ethereum fell more than sixteen percent to around one thousand one hundred two dollars hovering at its lowest since december. Twenty twenty meme coin doge roy lost more than sixteen percent. The immediate trigger for the crypto crash appears to be a massive sell off by investors amid heightened inflation fears. Investors are also continuing to stay away from riskier assets which are reflecting in the stock markets as well. Investors were reassessing exposure to perceive riskier assets in the wake of u.s data, showing persistent inflation pressures in may and the fastest pace of increase. Since december 1981. crypto prices tend to be tightly correlated with the performance of u.s stocks and equity futures pointed to a bruising follow up to fridays. Sharp losses, as investors seem to have panicked. The number of crypto liquidations has been high since friday.
The bearish trend may likely continue in the next coming days, while all coins have historically underperformed bitcoin. This time they had an added pressure of potential regulatory roadblocks. A report by coindesk quoted an expert as saying that only a small number of all coins are likely to survive. Such market movements shivan thakrel, ceo of crypto exchange by ucoin, said that the rising food, gas and energy prices are putting tremendous pressure on the crypto market. As bitcoin and ether have witnessed double digit losses in the past 24 hours, charles hoskinson, the ceo of cardone, has reacted to the current crypto crash on his youtube channel, while remaining optimistic that the future of crypto is great. He, however, admits that we are in a bear market and that tough times lies ahead before we listen to charles hoskinson. Please take a time out to smash the like button and consider subscribing to the channel if you are yet to do so. When you look at the celsiuses or the tara lunas or these other things, i think you get into a lot of trouble. When you try to financial engineer your way into super amazing guaranteed permanent returns. The reality is any human endeavor, whether it be a technological endeavor. A commodity endeavor, an intellectual endeavor theres, going to be ups and downs, theres going to be successes and failures, and there are no guarantees in that respect. Our industry is no different and just because were adding the word, crypto doesnt in any way shape or form change.
The the laws of financial physics, where, in the absence of diversification in the absence of deep research in the absence of risk management, youll see tremendous volatility and inevitably a lot of winners and losers. Much more biased towards the losers side and our industry amplifies that, because its a new industry and theres exciting new things here, ive engaged a lot with lawmakers uh over the last month and a half two months and weve had very deep and detailed discussions. Uh senate hearings are coming. Congressional inquiries are coming theres a lot of interest in the legislative branch about the future of cryptocurrencies and whats positive about that conversation is theres a wholesale acknowledgement amongst most reasonable politicians. That crypto is here to stay markets. Go up markets go down, some people commit fraudulent behavior, but just like the traditional marketplaces and traditional technologies that no way invalidates the fact that this is a revolutionary technology that has a lot of use and utility behind it. Uh that is fundamentally transformative. That said, rules need to be established. The game has to be kind of figured out because right now, its not working as well as it needs to, and so finally, the legislative branch is waking up to that and something will come in the united states and, i believe, thats something well like start by Ains oxley or these other standards, uh ripple through the entire world and regulations, will be made in reflection of contrast to uh or a merger in some capacity with what the u.
s standards become. This bear market is a great opportunity, its an opportunity for rivalries to be set aside its an opportunity for poaching to stop its an opportunity for the toxicity that we see amplified by social media and by community managers. Trying to gain points on people to fade away. And for us to collaborate on standards on laws on basic technology research, these types of things we have consistently reached out to many different organizations from members of the hyperledger groups, from firefly to others, uh to create alliances like the utxo alliance, other cryptocurrencies, like the horizons And the ergos of the world – and we have a great relationship across the board with many of the science coins, including el grand. In many cases, people flow back and forth between the two organizations uh and uh. That will continue because we gain knowledge both ways through that collaboration. This is how it should be in a bear market we should be building. We should be deeply considering the direction and point of what we do as an industry. We should be engaging and discussing things with people and ultimately we should be converging to a point where we can look back and say we did something well, it is unreasonable to believe that self custody is the only answer for every single person. What about the person who gets alzheimers? What about the person who dies? Suddenly, your keys are lost, no estate planning, no inheritance solutions need to be built.
The point of the industry isnt about stripping one philosophy away and replacing it with another. The point of the industry is to give people choice of what philosophy they want to be in. Do not deny people the right to self custody, but also dont tell people who choose to do something differently, that they have somehow committed a moral sin, its a choice. We werent, given that choice before cryptocurrencies, we were told how the banking system works. We were told what level of economic agency and privacy and the nature of our identity. Now, for the first time ever, we have a say its a small window of time and people will attempt to strip it from us if we dont in this small window of time solidify the rights that were starting to give ourselves back. But the way to get there is to listen to the complaints, its the listen to the concerns, the moral hazards, the things that are happening these down days are great opportunities for those reflections from our part were trying to solve fundamental questions, for example, were very concerned About the notion of decentralization to that end were going to bootstrap up a decentralization index and try to start measuring things just so we can start the conversation. It is my hope that that index eventually can be become embedded at nist or some standards body like that and be used as a common metric that people can score to demonstrate that their ecosystems have achieved certain milestones.
We need definitions for throughput. We need a consumer protections bill of rights to clearly articulate the rules of the road. Some observers say the drop isnt done economist peter schiff, one of the biggest critics of bitcoin and cryptocurrencies predicts that the most popular digital currency will drop at least as low as twenty thousand dollars. Bitcoin alone represents a bit more than four to five percent of the crypto market. According to data firm coin, gecko companies like software provider, microstrategy, electric vehicle producer, tesla and fintech block, formerly square whole bitcoins on their balance sheet. The impact of bitcoins slump on the ranges is sharp. Microstrategy has lost more than 910 million dollars. Microstrategy billionaire michael saylors company holds 129 218 bitcoins, 4 827 of which were purchased in the first quarter at an average price of four to four thousand six hundred four to five dollars in all. The firm has spent some 3.97 billion dollars on its bitcoins after the companys bitcoin holdings soared during cryptos new york rise last november, theyre now valued at 3.05 billion dollars according to bitcoin treasuries. In other words, sailors bet on bitcoin now presents a loss of at least 910 million dollars. No surprise, then that microstrategy shares slumped on june 13.. At last check the stock was off 24 from friday at 153 dollars, thats all 72 percent from the start of the year here at savvy finance. Our portfolio has been greatly hit by the crash. However, we are investing for the long term and so not really worried.
We remain confident that the king kryptop will hit 1 million per coin in the near future. Until then, we will keep huddling.