Crypto Veteran Exits Scene | A Nine-Year Journey from Hope to Disillusionment
Edited By
David Kim
A former crypto enthusiast shares a profound shift in belief after nearly a decade in the space. Confronted with hacks and an influx of memecoins, the author reflects on the crypto landscape's transformation and his future investment strategy.
Reflection on Early Days
In 2017, the allure of Bitcoin and Ethereum captivated a 21-year-old engineer. The potential for a decentralized financial system offered dreams of financial equity.
Back then, it wasn't just about profit; it was about changing the world. "People talked about banking the unbanked," the author recalls, marking that phase as a time of genuine belief in innovation.
The Rise of DeFi
Fast forward to 2021, when the advent of DeFi exploded opportunities.
The author's small investment grew tenfold, igniting excitement for what felt like a revolutionary shift in finance. "Every dip was a buying opportunity," he said, showcasing the intoxication of unyielding optimism.
Yet, the high didn’t last, and problems began to emerge.
The Downturn
The downturn hit in 2022, and losses followed. "I watched my $30,000 bleed down to under $10,000," he lamented.
While still holding onto his investments, he left behind projects like Solana, a choice he views as a regret now.
The Day Everything Changed
A significant loss came in 2024 when the Radiant Capital hack drained $15,000 worth of crypto from his wallet.
"Years of hard work and discipline vanished in an instant," he said, marking a turning point in his perspective.
What Crypto Became
The landscape shifted, overtaken by memecoins and a lack of authentic use cases. "Where are the real use cases?" he asked, echoing a common sentiment among disgruntled individuals in the community.
Sentiment from the Community
Comments mirror this disillusionment:
"It's just a tool for grifters to amass more money."
"Insane taxes and regulations were the last straw for many of us."
Curiously, while some still hold out hope, many feel that crypto's initial promise has morphed into a playground for speculation.
Moving Forward with Caution
Today, the author remains in profit, albeit slightly. He’s winding down from crypto, opting for safer investments like index funds instead of pursuing risky plays. "I’m just tired of chasing. It feels like the dream faded," he concluded.
Key Insights
🚩 $15,000 lost in Radiant Capital hack fuels skepticism.
💭 "I no longer believe we’re early; the retail wave is not coming."
🌪️ The rise of memecoins overshadows authentic innovations.
In a space once buzzing with hope, the reality has become harsh as new regulations loom and the thrill of risk gives way to caution.
Possible Shifts on the Horizon
There’s a strong chance that regulatory measures will increase as authorities struggle to manage the chaos in the crypto market. Experts estimate around 70% of current investors might pull back within the next year, seeking safer alternatives like traditional stocks and bonds. This trend could invite stricter guidelines, further pushing out new innovators hoping to capitalize on the digital currency boom. As the thrill of high returns dissipates, only platforms that emphasize transparency and real-world application may survive the shakeup, reshaping the crypto landscape fundamentally.
A Lesson from the Gold Rush of the 1800s
In the same way that the Gold Rush sparked a frenzy, leading many to riches while also leaving a trail of broken dreams, the crypto craze has similarly captivated and crushed hopes. Just as the rush faded into a more regulated environment, with few true miners remaining, so too could the excitement around crypto give way to essential adaptation. In both cases, initial exhilaration transformed into a harsh reality as the dust settled. People learned that sustainable wealth often lies in patience, methodical investment, and the pursuit of genuine value, echoing through time.