as I am getting similar vibes to 2018 bear market and I feel, the market could have bottomed already. Shitcoiners are leaving, leveraged players are getting rekt, retailer lost trust, media is celebrating the bitcoin death, we are seeing miner fud for the third time in eight years, media still refuses to understand what a difficulty adjustment is... From my perspective, the reasons for the price drop are people just not understanding bitcoin yet.
It seems that I agree with every thing that you said there... except your point about shitcoiners are leaving. One of the BIGGEST of the smoke and mirror Ponzi Rube Goldberg machine shitcoins is Ethereum, and even if it might not suffer as BIG of a dramatic downfall as the FTX baloney, it is likely similar in terms of the magnitude of the value that is captured within that baloney pandering for influence project... that has been way more successful in terms of holding itself up than anyone with any appreciation for its various fakeness and its building on affinity would have expected.
I am not even suggesting that that scam is imminent in terms of its death, even though it seems to somewhat fly in the face of your assertion that "shticoiners are leaving" since that project has been holding its... 0.07-ish peg to bitcoin, and it is likely not even should be valued at 0.007-ish.. .. so that project could keep going many many more years.. perhaps? unless it is more iminent in dying than I can see... I thought it should have been dead several times in the last 6-7 years, and it keeps plugging along scamming people (while the people they are "scamming" make money - which seems contrary to definition) and even building more ways in which scams can be built on top of the foundational scam... Perhaps one of the greatest value that Eth and it's various imitators bring to the space is the ability to easily build more kinds of scams.
Sorry, my communication has not been clear. I am perceiving how lots of shitcoiners already hoarded their USD and left the ecosystem forever. However, scammers will never be 100% out. There will be new scammers very soon.
As you mentioned, Ethereum (and EVM forks) pseudo touring completeness enables blatant scams happening. Scamming is inherent to human nature. Deploying a token has no cost and no risk. Back in the bull run, a teenager deploying 20 tokens per day could easily become a millonaire in a few days. Not to mention by forking a "DeFi" project and throwing some money at CertiK, you'd be perceived as a superhero and attract hundreds of millions of TVL by just copy pasting some code and having a decent communication. I am not even kidding, I witnessed these events. At some point being a solidity developer became unfairly and extremely rewarding.
Today, this is getting harder to do, but creative minds still manage to scam some money. For this reason I don't see ethereum dying any time soon. Only time will punish those who blindly believe in these scams backed by lies.
P.S. By the way, I did a quickie look at your post history, just to see if there might have been some reason that I had not previously noticed any of your posts (not that I can remember), and surely the post you just made is probably close to one of your best posts, if not your best post... ... In other words, you have quite a few shitty posts in your post history,...... hahahaha.. no problem.. You can do whatever you like..I just thought that I would mention that I did a quickie look.. because I just wanted to see if I might have missed something.. You know sometimes a brand new member comes onto the scene.... and then I see some of his/her posts, and I am like: " '¿holy shit?' where did this person come from? How did s/he get to be so smart?" hahahahahaha.. I could mention some names.. but I really don't like to do that.. except to just mention that those kinds of things sometimes have happened to me, for what it's worth?.. .. .
To be fair, my post history is full of shit. I don't think my bitcoin knowledge has improved a lot among these years, but my communicative skills, my english skills did. I feel ashamed of the low quality of my posts, but I see no reason to start a new account, as I am pseudonymous anyway.
Thanks for the merit, you are the first person to merit me. From now on I'll try to become a valuable member of the comunity.