As much as I hate to say it, crypto needs a purge from all the shitcoins and clueless people that are in it for the quick-buck or get-rich-quick scheme.
It is 2015 all over again! You are 100% correct, IMHO: crypto isnt going away, just hitting the down side of the cycle.
Lily
Yep, 2015 all over again as you say.
And I don't mean to be some sort of revolutionary crazy person with what I'm about to say, but here it is:
Looking at the current financial system worldwide, it is evident that things are going to go to shit again sooner or later. The average Joe (by that I mostly mean the middle class man/woman) isn't able to keep their head above the water any longer. There are more and more working poors who are giving away what little they earn in taxes and other things like health insurance or education for their kids for instance. They struggle to make ends meet. Meanwhile the rich get richer because they can and the poor can't get any poorer anyway.
2008 was just a small wave in comparison to the tsunami that is coming. Who helped keep the banks afloat after the shitstorm 10 years ago? The governments. And who is more in debt today than ever before? The governments, again. The next big crisis will be that of governments (we're already seeing it, look at Venezuela or Greece). And once that happens, those governments will raise taxes and whatnot to keep afloat. This is when people will massively turn to crypto once again, when they are just at a point where they can't take it anymore, as big fuck you to the people they elected to make things better.
Call me crazy but it just makes sense to me.
I would say all this is true except for your last part about people turning to crypto, crypto is heavily owned by the big corporations right now , at least the top 10 coins. unless you are suggesting new coins that are more decentralized in ownership will pop up , another 2008 with a switch to crypto benifits the banksters and top percent too