# The State of Crypto is like a carnival of clowns, trick ponies and jokesters.

**Published by:** [Durwin](https://paragraph.com/@durwin/)
**Published on:** 2023-03-13
**URL:** https://paragraph.com/@durwin/the-state-of-crypto-is-like-a-carnival-of-clowns-trick-ponies-and-jokesters

## Content

The journey to crypto’s promised land isn’t quite as what was promised.Let me rant something real quick. The following crypto companies were at one point collectively worth half a Trillion Dollars: Terra/Luna 3AC Voyager Celsius FTX Genesis Valuation meant money; money meant people had lots of faith in the system. Then the collapse of Luna triggered a chain reaction and everyone else melted down like ice cubes on a hot pan.A market crash is never a good thing, but it may help cleanse the system a little.This was a cleanse. A detox diet. To flush out all the bad actors and impurities clogging the system. When the bull market was in full swing, everyone was happy making money. Nefarious players realised they could prey on the weak and capitalize on our greediness easily. We wanted to believe that making money was that simple and easy in crypto land. There was no transparency, and no one bothered to ask for clarity. In a way, we fed the predators and allowed them to grow stronger. Lack of transparency is killing web3. Everyone was ultimately so deeply dependent on each other. It was like building an entire luxury condo unit on top of bamboo sticks.Everything is burning now. No one or no thing is spared.Everything is NOT fine when trust is broken and people are just defrauding investors and clients. UX is still difficult and complicated for the average user. Seriously, how can it be still so complicated and challenging to onboard newbies to crypto? Crypto has always been known for being the wild west. There are no clear laws and no rules. Cult of personality is everything. You either agree with the narrative or get cancelled. We lionised SBF, idolised Do Kwon, loved Su Zhu and then got our adulation and respected viciously destroyed by them. Ego speaks louder than anything else and we loved it. We have to stop listening everything the top leaders in crypto say and treat them like royalty.Bank Run 2023 Merch. Anyone wants?Greed and vanity fueled everything. There are no exceptions. Even the biggest crypto firms and hedge funds are chasing profits and trying to make all the money they can. Big money chasing bigger money. 3AC and Alameda Research/FTX all got too greedy chasing for profits and made ridiculously risky bets that would make Bernie Madoff look like a kid. It’s scary now that we know all these after peeling back the layers. But web3 will prevail. It will adapt, react and overcome. I just hope that we, as in humanity, can do the same too. - Will crypto get better in 2023? - #startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #lunacrash #cryptocrash #clowns #NFT #explosion #sbf #ftx #defi

## Publication Information

- [Durwin](https://paragraph.com/@durwin/): Publication homepage
- [All Posts](https://paragraph.com/@durwin/): More posts from this publication
- [RSS Feed](https://api.paragraph.com/blogs/rss/@durwin): Subscribe to updates
- [Twitter](https://twitter.com/DurwinHo): Follow on Twitter