The coming bloodbath will not be small. It will be operatic…

The coming bloodbath will not be small. It will be operatic.

And frankly, it is not entirely bad to see the theatre burn. Speculation has been strutting about in borrowed clothes for years, calling itself a market while doing nothing more useful than selling chips to gamblers.

What survives will be utility.
Not slogans. Not laser eyes. Not exchanges pretending roulette is civilisation.

People using blockchain at scale will survive. Real use cases will survive. The things that should have been built from the beginning will survive.
Stablecoins will survive because they do something. They move value. They serve commerce.

They do not require a priesthood of fools chanting scarcity into a mirror.

In the end, utility is wonderfully vulgar. It works.

Written by S. Tominaga