{"id":470097,"date":"2022-07-03T14:17:00","date_gmt":"2022-07-03T11:17:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cryptos-ongoing-crisis-is-an-opportunity-for-realignment\/"},"modified":"2022-07-03T14:17:00","modified_gmt":"2022-07-03T11:17:00","slug":"cryptos-ongoing-crisis-is-an-opportunity-for-realignment","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cryptos-ongoing-crisis-is-an-opportunity-for-realignment\/","title":{"rendered":"# Crypto\u2019s ongoing crisis is an opportunity for realignment"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a33dc3bd3b2e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a33dc3bd3b2e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cryptos-ongoing-crisis-is-an-opportunity-for-realignment\/#%E2%80%9D_Cryptos_ongoing_crisis_is_an_opportunity_for_realignment_%E2%80%9C\" >&#8221; Crypto\u2019s ongoing crisis is an opportunity for realignment &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/cryptos-ongoing-crisis-is-an-opportunity-for-realignment\/#Comeuppances_and_consequences\" >Comeuppances and consequences<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/cryptos-ongoing-crisis-is-an-opportunity-for-realignment\/#Holding_ourselves_to_a_higher_standard\" >Holding ourselves to a higher standard<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Cryptos_ongoing_crisis_is_an_opportunity_for_realignment_%E2%80%9C\"><\/span>&#8221; Crypto\u2019s ongoing crisis is an opportunity for realignment &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>It\u2019s not a great day to be in crypto. Perhaps you\u2019ve seen an article (or 20) about this. Perhaps you\u2019ve been on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>, where our detractors are cackling gleefully over every headline, each one more harbinger-of-doom-esque than the next. To be fair, things are going badly. Crashed, collapsed, erased, plunged, obliterated and imploded are the operative verbs in most coverage, and they\u2019re not being used incorrectly or in an exaggerated manner. There\u2019s no putting a positive spin on a week where $400 billion in value just <em>evaporated<\/em>. Even for the most furiously determined buy-the-dippers and diamond-handed believers who feed off detractors and never say die, it\u2019s dire out there.<\/p>\n<p>I\u2019m not interested in making a case for buying the dip or for dipping out forever and getting into, say, stockpiling gold bars in an underground bunker. But I do see this feral, angry, rabid bear market we find ourselves careening through as an opportunity for some much-needed course correction. I\u2019ve<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/beincrypto.com\/vitalik-buterin-is-right-crypto-is-flailing-says-iota-foundation-chairman\/\"> argued<\/a> before that the crypto space at large has lost the plot, forsaking the borderline revolutionary potential of decentralized finance for an inescapable horde of stupid-looking monkeys. I\u2019m not the only person in crypto who feels this way, let alone the most prominent. Vitalik Buterin made similar points in his widely-read profile in the March 2022 issue of Time magazine.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As crypto has soared in value and volume, Vitalik Buterin has watched the world he created evolve with a mixture of pride and dread, writes <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/andrewrchow?ref_src=twsrc%5Etfw\">@andrewrchow<\/a>.<\/p>\n<p>\u201cCrypto itself has a lot of dystopian potential if implemented wrong,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/VitalikButerin?ref_src=twsrc%5Etfw\">@VitalikButerin<\/a> tells TIME <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/fsvL4Mx9uE\">https:\/\/t.co\/fsvL4Mx9uE<\/a><\/p>\n<p>\u2014 TIME (@TIME) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TIME\/status\/1505847435775647744?ref_src=twsrc%5Etfw\">March 21, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Comeuppances_and_consequences\"><\/span>Comeuppances and consequences<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Twitter is never a great sample audience, but given the sorry state of crypto\u2019s public reputation, it\u2019s not unfathomable or even unexpected that this crash is being met with derision and schadenfreude by people outside the space. From rampant scams to ugly nonfungible tokens (NFT) to carbon-spewing mining, we\u2019ve given the outside world plenty of reason to not only be skeptical of crypto. Many people still think we\u2019re a bunch of tasteless bros duking it out on an unregulated stock market imitation whose comeuppance has arrived. Even before this crash, some writers and publications openly speculated that a crypto bubble burst would push a group of mostly male, newly broken, and deeply disillusioned people toward fascism and away from democratic values and, by extension, society.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>In defense of crypto: Why digital currencies deserve a better reputation<\/em><\/strong><\/p>\n<p>Whether or not you agree with that point \u2014 and I certainly don\u2019t \u2014 it speaks to the dire state of crypto\u2019s public image. Something has gone horribly awry when journalists at reasonably well-read political publications, however biased, are making even remotely compelling arguments for a crypto-to-fascism pipeline.<\/p>\n<p>Perhaps I\u2019m shouting into the void here, given that the absence of regulation is largely the point of crypto, and unregulated spaces will always and inevitably breed bad actors. But people, we\u2019ve absolutely got to get it together.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/fb3ce77d-78ac-457a-80de-993ee11d78ae.png\"><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Holding_ourselves_to_a_higher_standard\"><\/span>Holding ourselves to a higher standard<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Let\u2019s do something interesting with crypto. Let\u2019s use crypto to make people\u2019s lives better and more enjoyable and easier. Let\u2019s stop spending ungodly amounts of money on NFT projects that exist only to exist and, in most cases, eventually crash. It\u2019s not even about civic responsibility or altruism. When did we become so unambitious? When did we become so self-involved, motivated only by profit, and interested only in solving insular problems? When did we become so incredibly <em>boring<\/em>? In crypto\u2019s infancy, the mood was positively utopian. Now it\u2019s anything but, even among the people who were once true believers. Are we truly so easily swayed?<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>NFTs: Empowering artists and charities to embrace the digital movement<\/em><\/strong><\/p>\n<p>Post-crash crypto ought to be better and smarter and more creative. We should be investing in projects and coins that enable a regenerative economy, support our much-needed natural ecosystems, make our cities smarter and more resilient, foster green energy, streamline supply chains, and fit into regular people\u2019s investment portfolios. We should be thinking bigger. I know suggesting such a thing is a fool\u2019s mission, but we should maybe consider cooling it with the yield chasing and the dreams of rags to riches without the work. We should figure out ways to separate crypto more meaningfully from the whims of the stock market, which is a large part of how we ended up in this catastrophe of a crash. Aren\u2019t we supposed to remove the middlemen who have extracted so much value from the little guy? We\u2019re not here to build a new Wall Street designed to make rich insiders richer.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/73c0e8e7-cbb5-4576-b530-f90205823c5d.png\"><\/figure>\n<p>The crash isn\u2019t anyone\u2019s <em>fault<\/em>, so to speak. But our reputation and the people delighting in what they see as the potential demise of decentralized finance? We did that to ourselves. When we come out the other side, let\u2019s move forward with actual intention. It\u2019s the only way we get to mass adoption. And it\u2019s the only way we\u2019ll survive.<\/p>\n<p class=\"post-content__disclaimer\"><em>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Dominik Schiener<\/strong> is a co-founder of the Iota Foundation, a nonprofit foundation based in Berlin. He oversees partnerships and the overall realization of the project\u2019s vision. Iota is a distributed ledger <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> for the Internet of Things and is a cryptocurrency. Additionally, he won the largest blockchain hackathon in Shanghai. For the past two years, he has been focused on enabling the machine economy through Iota.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-s-ongoing-crisis-is-an-opportunity-for-realignment\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto\u2019s ongoing crisis is an opportunity for realignment &#8220; It\u2019s not a great day to be in crypto. Perhaps you\u2019ve seen an article (or 20) about this. Perhaps you\u2019ve been on Twitter, where our detractors are cackling gleefully over every headline, each one more harbinger-of-doom-esque than the next. To be fair, things are going&#8230;<\/p>\n","protected":false},"author":1,"featured_media":470098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvZjA0MTBhZGQtNWI5Mi00ZTVjLTk1MTMtMGQxODA3NzI5MjNjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74894,74868,75995,74355,117],"class_list":["post-470097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-blockchain","tag-defi","tag-vitalik-buterin","tag-adoption","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/470097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=470097"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/470097\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/470098"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=470097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=470097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=470097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}