Crypto is going thru what most innovations go thru.

Round one,you get over production and over consumption.

The reason you get that is because the barrier of entry into a certain activity is lowered and you get too much consumption of it and too much production of it.

We saw that with what's proliferated on the supply side and we saw too many people coming in who didn't quite understand what the crypto space really is.

They just saw prices going up and thought that would go on for ever.

We're washing all of that out. We're washing out the supply side and the demand side.

And the hope is that this will re-establish a stronger foundation.

This tends to happen during innovations.

This happened during the steam engine, it happened during fiber optics, it even happened during circuitization in the early 2000s.

The first round isn't particularly good and a lot people tend to get hurt, the second round tends to be a bit better.