as an early investor in dogwifhat token i find this take overly cynical
A few hard to accept truths that I think the market can handle after the past couple years of performance:
1. Prices aren't cheap. The tokens down 80% aren't cheap. The things underperforming deserve to do so.
2. 80%+ people in this space are incompetent relative to their seniority in any other industry, and will be weeded out over time
3. Poor aggregate fund performance is a function of 1. a bad investable universe (tokens from 2018-2024) 2. bad fund managers
We need to accept that our industry isn't taken seriously because it historically hasn't deserved to be.
I'm optimistic about the future only because I think the excesses that needed to be shed after 2021 are only now finally starting to occur.
This is short-term painful and still may lead to most market participants' deaths that are still alive and kicking, but it's very likely necessary for "crypto" to succeed.
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