I've been preaching for a long time that this crypto situation today reminds me of the .com bubble.
At that time people were putting money in a lot of projects that had no value/utility, just because they had the word "Internet" or "Web" on them. Most failed hard! and we all know the price paid.
Crypto/blockchain is the same thing. Probably more then 90% of all blockchains/tokens listed in exchanges today have zero value/utility. They bring nothing new, no utility, to society. We can't live only online, we still live real lives, we still have to pay rent or mortgage, we still have to eat, etc. So what I've been preaching is that most of these blockchains/tokens will go to dust and only the ones that have real life utility will survive. But it's not only about utility, it's also about monetizing this utility.
Since we are on Hive, let's remember FB. It operated in loss for many many years, until it started monetizing with ads. Investors were loosing money for very long until they were profitable. Money has to go in, and not only out.
Last witness town hall I brought this up again, I mentioned that I believe that 95% of hive users cash out. I mentioned KE as a good source of info, people even got scared that I was using to shame people lol, but not at all, like I said then, I think hive was made for creators to cash out the same way as other social medias, it's how it's supposed to be, people should cash out with no shame.
We don't need to stop people from cashing out, we need to give utility to investors to bring money in. Hive needs a source of income, needs to provide a service that people will pay to use. The way we are going now, where most hive minted is cashed out, and with no source of income to the chain, we are moving towards dust.
What comes first chicken or egg? We need more users to bring investors? Or we need investors to bring the price up and users will come? In both situations investors will only come if they can profit, they are investing in a business, not speculating. They need to see that the chain is profitable (or can be profitable in the near future) to bring money in. We need utility, we need to provide a service to society.
RE: On Dumpers, Dying Ideals, and the Cost of Being Wrong