Over the past year Among all cryptocurrencies with a market cap over $100 million, about 70% have been at a loss. It seems to suggest that for altcoins, it’s never too late to sell. This implies that all innovations in crypto technology at the application layer have completely failed, and the market can no longer buy into the narratives. Excluding $BTC, the altcoin market has already shown an astonishing ability to lose money. If you’re considering shorting, annual declines mean shorting also comes with the risk of sudden spikes. The question is, why does such a market still exist? Why hasn’t it disappeared like stamp markets, tea cake markets, and others? I think it’s because there are still some wealth opportunities tied to asset issuance. The crypto market remains the most efficient and diverse market for asset issuance.