Ryan Sean Adams (rsa.eth)
@rsa.eth
I've seen ETH sentiment this bad three times. 2016 - after the DAO hack they said smart contracts will never work but tokens were about to be a killer app 2019 - two years of bleeding they said ETH was a worthless gas token but DeFi was building And now... 2024 - a half cycle of underperformance they're saying ETH is old tech and L2s are parasitic but Ethereum is on the cusp of becoming a federated union of chains It's once again unpopular to believe ETH is money. Lovely opportunity. Contrarian bullish is how you earn the gains.
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Tokenized Human
@tokenizedhuman
The more that gets achieved without the price rising alongside it, the harder it gets to convince people it will.
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Harpocryptes
@harpocryptes
Price was in the tens of dollars in 2016, hundreds in 2019, two thousand now.
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Tokenized Human
@tokenizedhuman
Yep, but it also nearly hit 5k before a lot of important changes which is why i think this bear market is particularly difficult for some people to handle.
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Harpocryptes
@harpocryptes
Indeed. The way I see it is spot price = fundamental value * volatile factor. Fundamental value went up with technical progress + reduced risk (no major bug, more regulatory clarity). Volatile factor includes sentiment (hype/doom), global liquidity, ...
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Tokenized Human
@tokenizedhuman
Fingers crossed sentiment changes soon and price readjusts according to that theory. I'm bullish it will.
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