equanimity on the crypto rollercoaster
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This week’s featured collection is Arcaraai
“My best friend says I do cubistic cartoons,” writes Arcaraai. “I disagree and want to get additional feedback. I established a rather coherent style, however, my work is categorized as 'abstract' which isn't exactly the hip thing these days… Yes, I use AI to some extent. But you wouldn't notice.”
Take a look at Arcaraai’s unique artworks at lazy.com/arcaraai and let us know what you think!
A man rides a roller coaster and maintains a straight-face despite the terrifying turns, loops and curves… the caption reads “Crypto OGs right now.”
No wonder this tweet has garnered hundreds of likes: there is a lot of truth in the meme. For those of us who have been following cryptocurrencies for many years, recent events—from the crash of 3AC to FTX—and the ongoing fears of wider contagion are reminiscent of the many terrifying collapses the crypto ecosystem has overcome in the past.
Remember Mt. Gox? Pirate40’s ponzi? The ICO craze? BitConnect? The list goes on. Yes, this time is different. However, as Mark Twain famously wrote, “History never repeats itself, but it does often rhyme.”
So what gives “crypto OGs” their ability to maintain a straight-face during this cycle’s rollercoaster?
For many, it is an understanding that the technologies underlying crypto, such as blockchains and smart contracts, are here to stay and that their full potential is still becoming clear. From this perspective, crypto today is akin to the early days of the internet. Imagine giving up on the internet because of the dot.com crash in the late 1990s.
Being straight-faced during recent events doesn’t mean being oblivious to the real risks that these downturns entail. Nor does it mean ignoring the damage that is being done to people’s livelihoods with each collapse. Instead, it means realizing that although the crash may continue, or worsen, eventually it will end and when it does a new chapter for crypto will be written.
The collapse of Mt. Gox proceeded Ethereum’s smart contracts. The ICO crash came before Uniswap and DeFi. The demise of FTX happened before the invention of… ? Let’s stick around and find out.
Regardless of whether you are a crypto OG or a newcomer, we hope you doing alright in these difficult times. What strategies have you discovered for maintaining equanimity? Send us an email with your ideas.
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