Tag: cardano

The Problem with The Crypto Community in 2021

The Problem with the Crypto Community Today

The community surrounding a token determines what the crypto project will ultimately become.

The community will make or break a cryptocurrency.

Sure, blockchain is the great enabler, but the technology is nothing without the people and the desire to build cool new projects.

Whether you’re a meme coin or a platform coin, the community is what dictates the success or failure of it.

crypto charts are dumb
source: r/cryptocurrency

And the same is true for cryptocurrency as a whole.

There is an overabundance of discussion online (reddit, twitter, discord groups) that focus solely on short term buy / sell strategies.

Surprisingly, it is difficult to find groups eager to engage in discussions about the long-term future of cryptocurrency as a utilitarian and functional technology that can improve human life.

Unfortunate Crypto Trends:

I’m in a small chat group with around 40 members. When I joined the group, I couldn’t help but notice a few disappointing trends:

There is almost no discussion on long-term strategy (even HODLing) in crypto. It is all discussion about trading, buying low selling high, buying the dip, etc.

Most are buying / selling multiple times in the same day, looking at charts with strange lines and who knows what else.

I really miss the “HODL culture”. HODL culture used to be a thing, and it really doesn’t feel like it is anymore. What happened?

There is less discussion about blockchain technology itself.

90% of people haven’t even read the bitcoin whitepaper.

They have no idea what the Double Spend problem is and how blockchain solved it in 2008 when the paper was published..

People brag about their profits from day to day arbitrarily trading coins.

The macro focus, where it exists, focuses on political aspects like how lawmakers are reacting to crypto, tax implications, which big organizations are investing in various cryptos (Tesla or El Salvador news for example).

The discussion almost never focuses on how a cryptocurrency project solves problems in the real world.

The fact that 99% of all discussion about cryptocurrency is catered towards trading isn’t healthy for the technology’s future.

What The Crypto Community Needs

I believe the crypto community needs to focus more on the execution of crypto’s promises like decentralized apps, smart contracts, and Web 3.

Thank God we have something like NFTs are taking off.

NFTs are finally one of the first mainstream applications of blockchain being used that isn’t solely focused on trading – are built on top of Ethereum. And it started with something as silly as Crypto Kitties.

Say what you will about silly artwork being sold on the blockchain – at least its a real application. Its as productive for society as Pokemon.

NFTs have had an impact because they do fit into a real market in the real world – the collection of trading cards and artwork.

Yet even with NFTs, there’s still that huge focus on buying low, selling high, and profiting.

Instead of trading, the people who actually CARE about cryptocurrency need to think about the long term future of these digital assets and bet with conviction in projects they believe in.

This ultimately comes down to the development team, the community, the real world problem that the coin solves.

This is one reason I appreciate assets that make it easier for other projects to be build. Those projects that serve as platforms for other apps in the blockchain arena.

And developers like Vitalik Buterin who are actually focused on building things that impact the real world, not just gaining hype for a coin and selling / trading and pump and dump schemes.

Ethereum is important because it allows other projects to be built on top of it.

It is almost similar to a hosting or infrastructure service for software projects.

In the early days of the internet, the companies that ended up surviving for the long term are those that focused on building the computers, infrastructure, programming languages, databases, servers and more.

As these tools were mandatory for any new internet based project, those companies were destined to be successful.

To figure out which cryptos are going to be successful…. look at the ones that help create a metaphorical “garden” for new projects to form.

Not all seeds will grow, but the garden will live forever.

That’s enough for today.

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