Perspective

It has been a heartbreaking year for crypto. I think the extended zero-interest rate environment fueled a lot of unhealthy behavior over the last few years. Many actors took it in different directions than where it could have gone had the missionaries maintained dominance. Many didn't remain disciplined or think independently. It's unfortunate.

I especially feel for hardworking retail investors who lost significant funds, sometimes their life savings, in platforms like FTX recently. And for the employees who leaned in on the cult-like culture and used their employers' products as their bank account. You all deserved better.

I've been through some adversity of my own. You'll get through this, as long as you want to. The trick for me is perspective. I like looking in seemingly random places for it. It helps me get out of my own little world.

I recently flipped through Ten Global Trends Every Smart Person Should Know. I recommend it to anyone looking to think bigger right now. It's a big world and there's a lot of reasons to be both hopeful and thankful.

A few promising trends:

Things may suck for a little while. But you'll be alright.

As for those who stay around – it's time for the builders to focus on creating new magical internet moments instead of token-go-up schemes. Pragmatic product teams can survive.