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The crypto success newsletter is a new content idea our team had during our Q3 summit at the beginning of
July. This is where we want to shout out our customers for the successful crypto trades and investments they’ve
made using Token Metrics and start the month off with a bit of cheerfulness. Because even if it is irrational or
unwarranted, when the market’s crashing, we can all use a little optimism to keep us sane. If you would like to be
featured in a future crypto success newsletter send an email to wins@tokenmetrics.com or give us a positive review
on Delighted.
In crypto, we are all too familiar with fear, uncertainty, and be unbothered by FUD, it is only temporary. The
and doubt. It is probably the single thing that made likelihood that any level of fear, uncertainty, or doubt,
me a HODLer, I couldn’t handle the news cycles. actually makes any foundational changes to the crypto
Seemingly every time things started looking bullish space is almost negligible. I challenge those who
there were rumors of a double spend on the bitcoin are reading this to take a different stance on FUD. I
network or of regulators cracking down on digital asset challenge you all to take any news of FUD with a sense
firms like Tether. This is why it pays to be a HODLer of pride and optimism.
I know that may sound crazy, but it may help you sleep mining. In the micro view, this took the entire market
at night. If you’re here then you’re probably a long- down nearly 50% and crushed the monthly hashrates
term believer in crypto, and if you’ve been a long-term of bitcoin and Ethereum. However, if we zoom out,
believer in crypto you know that FUD is temporary. Take we see the many long-term benefits of this ban for
it with a sense of pride that you know whatever the news crypto. No one wants 75% of the computing power of a
is, it won’t wash you out. In my view there are two types decentralized network to take place in one country, the
of FUD, there is relevant FUD and there is irrelevant ban solves this. In 2020, over 60% of the bitcoin mined
FUD. Irrelevant FUD is the FUD we see when Elon in China was done so using coal burning facilities, the
Musk starts tweeting memes about selling his bitcoin ban allows miners to start anew using often-incentivized
and the market drops 5%. This type of FUD is in no way renewable energy solutions. For those that stuck around
constructive and does its job of getting the paper hands we’ve had a nice little accumulation period to fill our
out of the market. bags. Finally, and most importantly, the best sign of
Relevant FUD, on the other hand, comes when the coming from world powers like the US and China, crypto
crypto ecosystem is facing a true challenge. Examples has become a force to be reckoned with. In my view, the
of relevant FUD are, the Mt. Gox hack, governments best thing to do when we encounter FUD is to take a big
banning crypto, and the closure of the silk road, one picture approach, focus on the effect this will have on
of the first places bitcoin was transacted for real, albeit the fundamentals of the ecosystem and what we stand
illegal, goods. Relevant FUD typically brings serious price to learn from this bad news.
Overcoming relevant FUD is extremely important for the When China banned mining the hashrate was cut in half
crypto space because it means crypto has conquered from it’s all time high in April, the bitcoin and Ethereum
another obstacle that, in extreme cases, threatened networks had weakened, the price of the assets should
to take down the whole ecosystem. This obstacle will go down. But, when we look at the big picture we learn
teach us and give us the confidence to continue to build that there are things we can celebrate from this news,
stronger networks, ecosystems, and communities within like mining operations becoming less consolidated in
the space. The fear becomes courage, the uncertainties one country and the chance to get ETH under $1,800.
become more certain, and the doubt becomes When we close our eyes to short-term price movements,
conviction for those who toughed out these hard times. we see that the FUD of the crypto ecosystem collapsing
The best example of relevant FUD this market cycle is actually driving the ecosystem forward. FUD keeps us
came when China announced it was banning bitcoin vigilant, thank you FUD.
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