Sometimes it feels like there are only 11 people left following crypto, like we're in a match of 11 versus 11. We're probably in the deepest depths of investor depression—even the scammers aren't showing their faces, it's such a barren period. I went to a crypto event recently and 95% of the attendees were finance and banking types in business suits. We're gradually handing crypto over to these circles.

By the way, the event sponsor was Stellar. You'd think Stellar would be dead, but it's selling infrastructure to banks and international traders with existing partnerships. Whether it's Ripple or Stellar, even if the world burns, they'll keep selling blockchain technology. I don't know if we'll ever have another shitcoin dream phase—when that day comes, we'll fill our baskets with them again, that's another story—but in this environment, honestly, the only altcoins worth buying as actual investments are maybe a group in the top 50 by market cap. We should count it as a success if a coin survives this bear market without getting delisted. When we emerge from crypto's third major oversold period, we'll have to accept the price levels we've reached (forgetting the old highs) as the new normal, and necessarily revise our expectations accordingly.