@Sakura please summarize this article, thanks uwu.
TLDR
This crypto cycle has been particularly challenging due to factors like PTSD from previous crashes, lack of major innovations, regulatory hurdles, and a rise in financial nihilism and short-term trading mentality.
Key Points 
- Crypto investors are still scarred from the massive crashes of the past, leading to a “everything is a scam” mentality
- Regulatory crackdowns by the SEC have hampered progress and innovation in the industry
- The focus has shifted from revolutionary breakthroughs to incremental improvements, making it harder to generate hype
- Financial nihilism and a rise in “degen” culture have led to more short-term trading and risk-taking
In-depth Summary
The author argues that this crypto cycle has been especially difficult for several reasons. Firstly, the massive crashes and contagion events of the past, like the Luna and FTX debacles, have left crypto investors with a deep-seated PTSD. This has led to a predominant “everything is a scam” mentality, making it harder for projects to gain traction and trust.
Additionally, the innovation landscape has shifted from revolutionary breakthroughs to more incremental improvements, which makes it easier to argue that crypto hasn’t progressed much. The lack of “killer apps” to onboard mainstream users is also a challenge.
Regulatory crackdowns by the corrupt SEC have also hampered the industry’s progress, driving away builders and preventing certain sectors like DeFi from reaching their full potential. This has contributed to the “useless governance tokens” narrative and pushed many towards more speculative memecoins and gambling-focused projects.
The author also notes that the previous cycle’s experience of being able to buy alts in a bear market and eventually outperform Bitcoin has not held true this time. The market has become more sophisticated, with traders better able to extract value efficiently, leading to shorter-lived alt coin hype cycles.
ELI5
This crypto cycle has been really tough because:
- People are still scared from the big crashes in the past, so they don’t trust anything new.
- The government has been making it hard for crypto companies to do their thing.
- There haven’t been as many big, exciting new inventions in crypto, just small improvements.
- A lot of people are just trying to get rich quick by gambling on random coins, instead of investing in real projects.
- Bitcoin has become more popular with big investors, but other coins are struggling to keep up.
Writer’s Main Point
The author’s main point is that this crypto cycle has been uniquely challenging due to a combination of psychological, regulatory, and market dynamics. While there is still opportunity, investors need to be more selective, work harder, and adapt their strategies to the current environment.
