Did you miss out on the inscriptions in 2023, the Solana phone, PEPE memes, and the soaring mining company stocks? As we face the new year, let’s take a moment to review the mindset mistakes of the past year and welcome a brighter 2024.
(Keywords: Disdain)
The Disdained Wizard – Inscriptions
Since January 21st, the Ordinals protocol has officially launched on the Bitcoin mainnet. Due to the upgrade of the Taproot protocol, the cost of packaging data in the Bitcoin system has been significantly reduced, allowing Ordinals to begin their experiment. At the time, the generated wizard image NFT was as large as 3.96 MB, almost filling up the entire Bitcoin block. The Bitcoin core community considered it a junk message attack.
No one expected that these junk messages would now be worth millions. The first Ordi and many exchanges and ecological funds have started to enter, making it the biggest surprise project of the year.
(Read more: Bitcoin’s largest block ever! “Taproot Wizard NFT” criticized for resource consumption)
The Treasure Found in the Trash – Solana Phone
In 2022, Solana introduced a new user interface called Saga Phone, which was scheduled to launch in early 2023. However, the market reacted with disdain, considering the phone a failure similar to HTC Exodus 1. With the market already filled with next-gen flagship chips like Snapdragon 8 Gen 2, the positioning of Saga with Snapdragon 8 Gen 1 seemed awkward.
But everything did not go as predicted. As Solana skyrocketed at the end of the year, the Saga phone, which represented the loyalty of Solana’s most ardent users, became a symbol of airdrop fortunes. Who would have thought that buying a Saga phone would result in Solana giving you money and countless airdrop benefits?
(Read more: Solana’s Saga phone sold at a 40% discount! Original price of $1,000 had no buyers: take it for $599)
The Power of Ridicule – PEPE
In the crypto world, myths and similar patterns usually don’t succeed the second time. When everyone thought that dog-themed viral memes like Doge and Shiba couldn’t continue, Reddit and 9GAG introduced the mainstream meme PEPE, which became a new force in memes. It even led to a surge in Reddit concept meme coins. In April, PEPE had a market value of only $29 million, already a 1000% increase, and now it has a market value of $581 million, reaching $1.5 billion at its peak. Those who mocked this green frog are now filled with anxiety.
(Read more: Wall Street makes a fortune with PEPE! Alleged BlackRock fund address makes “10 times profit exit”)
The Resurgence of POW Mining and Soaring Mining Companies
With Vitalik’s call for PoS being more environmentally friendly and faster, the world seemed to give up on PoW projects, and funds and VCs poured into Layer2 to pave the way for Ethereum’s dominance. However, looking at the list of top gainers within a year, several shining PoW stars are emerging, such as Kaspa, Dynex, and Alephium, with annualized returns of over 1800%. Yet the public still sneers at PoW.
(Read more: POW mining dark horse Kaspa hits new all-time high, up over 1000% this year)
In addition, as the Bitcoin mining difficulty increased, many mining companies entered the stage of bankruptcy restructuring. But in just a few months, the mining industry quickly transitioned from bankruptcy to hot fundraising projects. While mining companies were increasing leverage to buy mining machines at the end of the year, those who bought mining company stocks had already earned more than the increase in Bitcoin.
(Read more: Bear market bottom signal? Bitmain acquires “bankrupt mining companies,” buys $54 million stake in Core Scientific)
Other Honorable Mentions
In addition to the above, there were many opportunities for big gains in 2023, such as Friend.tech, the collapse of a US bank leading to the detachment of USDC, etc. However, these occurrences seem more like coincidences and black swans. There are also topics that have been long-awaited, such as GBTC premium stabilizing from -60% to -5%, Celestia airdrops, the DePin race in Helium, and Helium Mobile. We believe that 2024 will also bring many yet-to-blossom projects.
(Read more: Friend.tech launched! Price reaches 4 ETH in 10 seconds, buys 100 keys)
Looking at these experiences, we can see that whenever something new emerges in the crypto world, those in the bear market are always skeptical and find it hard to believe in the opportunities brought by builders and innovators. Therefore, we should approach things with a more open mindset and not underestimate the potential of anything.
Remaining open and not predicting the future based on past experiences is important. However, it is crucial to be cautious as the crypto space is still filled with scams. As the bull market approaches, we should establish a bottom line and principle to protect our assets. Missing out on gains is not a big deal, but losing all our money is something we should avoid.
Don’t always feel anxious or FOMO when others make money. Set limits for each impulse.
While technology can never be predicted, we can still find some rules by looking back at the legends of the crypto market. These rules will continue to present many profitable opportunities. Some rules, such as the persistence of PoW, cannot be deduced, so we should not underestimate the underlying power of any community. They may continue to exert their influence in the future.
Seek eternal rules in the field, such as the immortality of PoW.
Memes are never scientific. Do not underestimate the underlying power of any community and seek consensus within the community.
Looking ahead to 2024, it is believed that there will still be those who seize opportunities and others who anxiously regret missing out, just like in 2023. As humans, we are capable of self-reflection, adjustment, understanding gains and losses, and facing countless opportunities in the future. Compared to 2023, as long as we are prepared, we will all have a fruitful year. Let us remain humble, open-minded, and boldly embrace this potentially hopeful year. We also wish all readers a happy new year, and may the Year of the Dragon bring abundant rewards.
(Read more: Insights from crypto VC for 2024: When will the bull market start, which track to bet on for the most profit?)
(Read more: Bull market ignited by these “6 fuels”: 2024 US interest rate cut, Bitcoin, Ethereum narrative, crypto AI)
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