RE: Oh! So it's gonna be like that, huh?

The more liquid a market is, the less volatile it is. It's very hard to move the US dollar by 1% in a day for instance, even the central banks can't do it. And there are 200 fiat currencies in the world and a good chunk are either pegged to the dollar (eg Saudi riayl) or pegged to the euro (former French Africa).

By contrast there are thousands of cryptocurrencies, most with poor liquidity.

In the early days (around 2013), bitcoin maximalists used to argue that alts were a threat to bitcoin liquidity and launched 51% attacks to kill them off - lots of early alts met their demise that way.

They weren't completely wrong. Yes we need some experimentation, but there are now too many alts, many with no use case, that are just a misallocation of resources.

So the solution is that some alts need to die, so that liquidity is deepened amongst the major coins.

Luna should never have been revived for example. It was a clear market failure, why should a second version work? Do Kwon's backers should have been ruthless and cut off the funds. The exchanges should have been brutal and refused to list Luna2. But they caved and that's a problem. Nothing is being allowed to fail, and paradoxically that might make the whole crypto space fail.