2022 collapses is the best thing to happen to crypto long term

History doesn’t repeat but it sure rhymes. This feels like a giant dejavu from the 2014 bear market.

When MTGOX went down most people had believed that to be the end to bitcoin, crypto and the industry as a whole.

The fact that we are here 8 years later means crypto is alive and well, and it will succeed. Crypto in 2014 and before each year was inherently more riskier than at any point today. The space has grown incredibly since that time and with growth comes challenges. Reddit has its own NFT market now and moon coins to tip, vote and create entire eco systems. We are still early to this exciting future.

Bitcoin isn’t the problem. The problem lies with centralization, the institutions, the humans running the exchanges we trust.

Just this year alone we had collapses of Luna, Voyager, Celsius, FTX, BlockFi and many more. In each case they have misused customers funds, have been dishonest, deceitful, full of promises and nothing but lies. Did those projects have good intentions? Perhaps. However there is third party risks and most importantly human error.

Let’s be honest somewhere the house of dominos fell. It had to happen sooner or later. How many more people would have been hurt by these entities? Flushing out the swamp is the best thing that could of happened. This space needs time to heal.

What can we learn? Well what has been posted many times and should continue to be - take your crypto off exchanges and move it to cold storage. You’ll sleep better at night

This year will be known as the great purge in crypto. I believe it is healthy long term. I fell victim to the scam of Celsius. Many of us have been incredibly hurt by those projects we put our faith in.

Inevitably regulation will come and at this point that is a good thing. Most cryptos in itself are securities. The safest option arguably will always be Bitcoin first and ETH second. Long term you can recoup.

Keep in mind after the whole MTGox fiascos - Bitcoin fell from $1100 to the lows of 200-300. Did bitcoin die? No. I remember the doom and gloom was just as bad as today. Most were absolutely defeated. Bitcoin is up still to 17k at the time of this post. Did people think they were “too late” yes many did. Could they be more wrong? Of course. People at bitcointalk were complaining about buying at $100+, and now people were buying it for $10 or even $1 and less. The same way in 2025, 2030 will be complaining about not buying in at the bear markets. We all have regrets in this space and wish we could have a time machine.

I don’t have a crystal ball. However bitcoin is trending up with time. Does it mean it will be smooth sailing? No. However those that stuck with it became rewarded.

We have to move on. We owe it to ourselves, family and community. I always regretted not staying in the bear markets. This is the time to rebuild. Set a plan, stay disciplined and have risk tolerance. I have been incredibly impacted like many of you. I should have known better. However back in the days we didn’t have such an awesome community. We can all learn and grow together. I’m always happy to share my story and experiences and would love to hear yours as well.

You will make it back, and come back stronger.