"Claiming that Bitcoin is the only crypto that matters, and will succeed in the future while everything else fails is like claiming back in the '90s that Amazon will be the only online shop to ever exist..."

Another one bites the dust, and as many of us were already expecting it, BlockFi is the latest domino piece to fall after FTX crashed down to earth a few weeks ago. I got an e-mail today from the company informing me that they're filling in for Chapter 11 reorganization which didn't really surprise me.

Long story short, BlockFi is dead.

I didn't have any funds or do any type of monkey business with BlockFi, but having an account with them mean that they had to inform me of their current status. Rest in peace BlockFi... What's next?

BlockFi Inc. owes more than $1 billion to three of its largest creditors, including $30 million it has yet to pay the U.S. Securities and Exchange Commission as part of the $100 million settlement that was announced in February, according to the company’s bankruptcy filing.

Altogether BlockFi owes its 50 largest creditors $1.3 billion, according to its bankruptcy filing, and has between $1 billion and $10 billion in assets and liabilities. Initial bankruptcy petitions require only that companies check a box next to ranges, but the filing did say that BlockFi has more than 100,000 creditors. source

This is another reason for Bitcoin maxis to once again brag about themselves on how smart they are for choosing the one that has no second best and how fucked we the plebs who are invested in alts are. A bit earlier today @theycallmedan shared a thread on Twitter of Mark Moss's brilliant explanation on why "crypto won't have another bull market", but Bitcoin will...

When have I heard this one the last time? Well, I guess it was late 2018, probably early 2019 when other smartasses such as this one were also throwing out similar claims on Twitter and youtube. What have I done back then? Well, I actually sold the 566,000 DOGE that I was owning at that time, a story that I wrote about a couple of days ago, and missed out on one of the biggest bull runs DOGE has ever had.

What am I going to do now? Nothing. I no longer fall for these fuckers. Crypto's not dead, and Bitcoin is certainly not dead either. There are going to be more bankruptcies down the road for shady companies such as FTX and BlockFi and that's a good thing. Yeah, even if the market will plunge even more due to FUD delivered by such events we will all gonna make it. Unless we sell the bottom of course...

Claiming that Bitcoin is the only crypto that matters and will succeed in the future is like claiming back in the '90s that Amazon will be the only online shop to ever exist... It's not going to happen. Let's be clear though, not every shitcoin will make it till the last halving of Bitcoin but projects that work and have a considerable user base such as Hive won't go away any time soon.

This type of FUD is so typical of bottoming phases of the crypto cycles and so many will sell their coins for nothing... When the next bull market will commence, and I bet it will do that around the next halving, the ones who come out of this bear market alive are gonna be called lucky bastards. Making it through a bear market does not require any luck, just patience, direction, and drive. That simple.

Thanks for your attention, Adrian

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