From UnHerd:
This is an important evolutionary moment for Bitcoin and other cryptocurrenciesThe much anticipated shakeout of the crypto market has finally arrived thanks to the breaking of the buck of two key stablecoins, USD Terra and USD Tether, that have long provided a vital “hard currency” funding pathway to the crypto economy.
Flagship coins from Bitcoin to Ethereum and XRP are down 30-40% in the week.
But rather than marking the end of crypto, as many are now convinced is the case, it’s better to view current events as an important evolutionary moment that can help the market switch to a more utility-focused phase. That means transforming from a speculative asset that delivers returns only when “number goes up” — i.e. when there are more buyers than sellers — to one more focused on generating cash-flows from the provision of useful services to the economy.
Such services could include everything from providing privacy to financial transactions to helping track energy savings or copyright claims.
Instead of being the death of the market, this might be more analogous to when internet stocks transitioned from their own speculative phase over the course of the 1990s to the practical deployment period of the 2000s, eventually paving the way for the successes of Amazon and Google....
....MUCH MORE
I search in vain for a mention of CryptoKitties and realize:
The future is CryptoPuppies!
