this post was submitted on 05 Oct 2024
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Good point, the health of the speculative market ("people buying and selling btc and other cryptos") is a different thing from the health of the industry ("people starting crypto projects and raising VC money to fund them").
By fundraising, i meant the second one. I find it to be a better indicator because it sends the message that people are building projects with promises of value convincing enough that VCs invest in them. I personally think those promises are bullshit but if VCs are pouring 10 billion bucks a year in an industry you cannot credibly call it dead or dying.
To the more general point of the meme... some people only consume headlines. Their pattern is easily recognizable :
It's the same energy as QAnon when they were convinced that Trump would parachute from a helicopter at Biden's investiture to commandeer the US army and publicly execute Hilary Clinton. They really do believe the "AI hype" is about to simmer down and then they'll have been right all along lmao