Why a True Crypto Crash Is Exactly What All Should Be Praying For in 2022

<p>We don't want a true crash, but we deserve it. Although it may appear counterintuitive, I believe we require a crypto winter similar to others that have preceded it.</p> <p>At this stage in a Bitcoin BTC cycle, we begin to see all of the doom and gloom articles and postings about cryptocurrency being a Ponzi scheme. Countries are beginning to proclaim that they will prohibit the use of cryptocurrency. Last year, it was China; this year, it is Russia.</p> <p>We've read articles about how NFTs are wreaking havoc on the environment. They include soundbites like "a French artist was surprised to hear that their "publication of six crypto-artworks consumed more electricity in 10 seconds than their entire studio over the last two years." These are quite foreboding, yet selective journalism completely misses the mark. We frequently encounter journalists and critics who have just enough technological competence to be dangerous in most media. They will see proof-of-work and proof-of-stake blockchains as interchangeable, or will recognise that some blockchains are proof of stake as a token gesture.</p> <p>Mainstream articles on blockchain technology or projects built on it are rarely written by people who genuinely understand it. Getting more clicks and, as a result, more advertising money may be a case of going to extremes. There is still a lack of knowledge and comprehension.</p> <p>Many of the articles written about blockchain now remind me of pieces from before 2000 that frequently appeared on Reddit's Popular tab. Headlines that blasted the internet's endurance or PC power consumption are now amusing to read. "It should come as no surprise to us that people are failing to comprehend the point of the Internet," Jake Wakefield remarked in a Zdnet.com piece in 1999. Do you recognise this? How many times have we heard that NFTs are "simply JPGs that I can save or save to my phone"? Articles discussing the demise of blockchain and, in particular, NFTs will age similarly.</p> <p>The fact is that blockchain is a diff