"The past is where you should learn from, not where you should live".
Although we all have moments we wish we could relive/redo, it is quite unhealthy to live that way and ultimately a very unhappy way of life. This is of course different for everyone and every scenario, and we sometimes need to live in the past before we can start accepting reality in order to try and let go for the sake of moving on with our lives. So what about past mistakes in crypto?
Amidst the Waves debacle I actually tried to get a better feel of Ivnov's (Waves founder) intentions and hidden thoughts and asked him if there was anything he would do differently if he had the chance to reset back to two years ago before the addendum projects emerged which led to Waves' disaster crash and consequent Korean delisting fears: "Probably nothing. You could do many things different in hindsight but it doesn't make any sense to torture yourself with those thoughts....your live is your live and the experiences are your experience and you don't know where they will take you next and all kinds of experience is valuable....I think I drew a lot of value from the experience I had last year....the world has changed completely the past year, we are living in a new world now and it was a transition time, so probably, it was unavoidable."
I'm not going to try and dissect this word for word and interpret it in my own way, so let's just say that despite the obvious failures it doesn't sound like he's throwing in the towel just yet. "OK, we didn't go the Luna way so all is good and well" you might think as a WAVES hodler, but then it turns out they are planning to still create another algorithmic stable coin after all this is over. So unless one of the "experiences" Ivanov gained is how to be a cryptography Einstein and break formulas no one before was able to do and control market prices during crashes to prevent the inevitable 'death spiral', Waves and it's next gen stable coin will eventually spiral to the same faith. Though granted, if you actually manage to do this, you will have won the altcoin-stablecoin race.
So let's start off with Waves, where were they at exactly six years ago today? Sitting at almost 25 cents and in the top 20 rank. In the years that followed Waves went up all the way to approximately 40 Euros during the 2021 bull run. My sympathies if you decided to surf the Wave at those prices, because it sits at barley 2 Euro now and that is after a recent recovery of +60%.
You know what's most confronting about this list? Two things: One, these were the good ol' days before all these "stable" coins emerged and rose into the top 10 ranking. What's my issue with stable coins you ask? Read the opening paragraph again and this time keep USDN in mind. In all honesty I myself never willingly used any except MKR/DAI. Two, look at some of the circulating supplies.👀 Don't just look at how low the prices are, for some alts the supplies were almost equally low back then. The best example here I think is Golem, sitting at about the same price today as it was six years ago, but back then it had not maxed out it's total supply yet. Basically meaning the value per token actually did go up the past six years, but if you as a Golem hodler had them 'diamond hands' the past six years till this very day, you personally wouldn't reap any benefit. And like it or not that is also significant, especially considering how Bitcoin was right there in your face at the top as you concluded "gosh, I'm too late for Bitcoin" and opted do DYOR and ended up with Golem, meanwhile BTC went from 933 Dollars per coin to 20K.🧐
Monero still managed to maintain it's top spot among the privacy feature cryptos. Though it dropped significantly in ranking, both the price and supply were significantly lower back then, which in all honesty should make you wonder and ask certain questions. If they openly attempted to destroy TORN, which they failed at thus far btw, how did during all these years Monero manage to escape a similar attack? It's not as if XMR was unknown or too obscure right, they've been the top privacy crypto for years now. Have these "tracing tools" they focused on become more effective than many would like to believe? IDK, all I know is that I couldn't care less about the TORN price or who threatens what if I use the tech, all this is reason enough for me to never give up on it and do the little bit that I can to contribute and support what Tornado Cash stands for.
Dogecoin is another interesting example. Already in the top 20 before Musk started shilling and hyping the coin, which means they actually already achieved a certain level success right? Though nothing like what they were about to witness four years later. I remember the same thing happened to Chainlink. Not that I am comparing LINK to DOGE regarding use case and tech, but both were already in the top ranking which probably triggered that dangerous "too late" mentality and had many go look for low rank, low cap scam cryptos. Moral of the story: Don't regret the past, you are never really 'too late' to good tech. Or in DOGE's case to bad jokes.😂