nickthomas2@benzinga.com
6 min read
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The cryptocurrency world is experiencing an identity crisis. While Bitcoin recently surged past $100,000, a growing chorus of investors is questioning whether the broader crypto market has fundamentally broken—and whether the altcoin boom days are gone for good.
The debate exploded on Reddit’s r/CryptoCurrency forum when one user made a stark declaration: “Crypto died in 2021 and we have been trading the corpse ever since.” The post, which garnered hundreds of responses, has crystallized a growing sentiment that the cryptocurrency landscape has permanently shifted from opportunity to exploitation.
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The original poster argues that cryptocurrency has transformed from a revolutionary financial movement into a sophisticated extraction machine benefiting primarily venture capitalists and exchange founders.
“The belief system that made this industry work has completely collapsed,” the OP wrote, pointing to what they see as the end of genuine innovation and community-driven projects. Unlike the optimistic days of 2017, when new blockchain projects sparked authentic excitement, today’s launches are viewed through a more cynical lens.
The numbers appear to support some of these concerns. Where platforms like OpenSea extracted billions during the 2021 NFT boom, current market participants describe “fighting over scraps.” The promised altcoin season following Bitcoin’s historic $100,000 breakthrough never materialized as expected.
One frustrated investor echoed this sentiment: “Alt season never really came back. Everything is either a scam or rug pull. 99% of tokens don’t have any use case.”
A key factor in this shift appears to be the rise of memecoins and quick-flip tokens, which critics argue have drained retail investor capital from more substantial projects. Instead of money flowing into innovative blockchain technologies, investors are chasing increasingly speculative bets on coins with names like “Fartcoin.”
“Memecoins/scam coins drained all liquidity from normies,” explained one community member. “No alt season anymore, this bull market is different compared to previous [cycles], most alt coins are dying off, and most money is going into BTC instead.”
