The Miami cryptocurrency event once synonymous with hype and frenzy laid bare a cooled reality amid a sharp market downturn, rendering its nickname “Degens’ Davos” hollow.
According to crypto-focused outlet Decrypt on February 8 (local time), the high-risk trader-centered conference “[REDACTED] Live,” held in Miami, took place as Bitcoin (BTC) and Ethereum (ETH) fell in tandem, creating an atmosphere entirely different from the pandemic era. Dealers stood by at casino blackjack and roulette tables, but few participants placed actual bets.
The event was originally planned as “WallStreetBets Live,” but its name was changed shortly before the gathering following a request from Reddit. Sessions featuring Jordan Belfort, known as the real-life inspiration for the film “The Wolf of Wall Street,” and Martin Shkreli, dubbed “Pharma Bro,” had been scheduled, but both figures failed to appear, further dampening the mood. According to the organizers, registered attendance totaled about 1,300.
Among speakers at the event, there was a shared assessment that the speculative phase centered on meme assets has reached its limits. Bitget CEO Gracy Chen stated on stage that meme coins lack fundamental value. Mezcal, founder of the Solana-based meme coin platform America.Fun, also said the so-called “Solana trenches” are over, explaining that the coin creation fee was set at $200 to curb the proliferation of low-quality tokens.
Nevertheless, the broader event retained the “us versus them” collective sentiment that has long run through the WallStreetBets community. Founder Jamie Rogozinski claimed that Reddit demanded the event’s name change because it fears the community expanding beyond the platform. Reddit maintained its existing position that its trademark management is intended to protect user creations and communities.
On the final day, a pre-recorded video message from SkyBridge Capital founder Anthony Scaramucci was shown. He spoke about his 11-day tenure at the White House and misjudgments made just before the FTX collapse, emphasizing that opportunities return when principles and trust are upheld. Footage of a handcuffed Sam Bankman-Fried from the past crosscut the screen, symbolically illustrating the scars left by Miami’s crypto boom.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses based on its contents. The information should be interpreted solely for informational purposes.*
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