THE GOLDEN AGE OF CRYPTO IS OVER

Summary from the TLDR Crypto newsletter

Crypto mirrors poker's 2003-2014 golden age decline as simple strategies stop working. Crypto is currently at poker's 2012 inflection point, where opportunities exist but require discipline, work ethic, and edge-finding through whitepapers, thesis development, and trading logs versus easy 10x NFT mints and abundant airdrops. Retail already cycled through multiple burn-and-leave episodes rather than waiting to arrive, now entering via small-percentage Bitcoin ETF DCA allocations that support adoption without fueling speculative golden eras, while competition is intensifying, requiring constant studying and latest tool utilization, like poker's mid-2010s solver adoption. Unlike poker's zero-sum game with bleak long-term outlook, limited by player count, crypto adds real technological value with inevitable tenfold adoption growth, practical use cases, and constructive regulation, making the long-term view bright despite the easy-money golden age ending.