Tag: cryptocurrency

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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SHIB Crypto Community Supports Dog Rescue and Artwork

There are enough projects out there that are actually doing nothing. Admittedly a meme coin, SHIB is building a strong community:

It goes without saying, THIS IS NOT INVESTING ADVICE. Do your own research. We all know that crypto tends to follow the Hype Cycle pretty accurately, so ups and downs are to be expected.

SHIB token mascot
source: happy doggo

Since the SHIB token community is actually helping raise money for Shiba Inu dogs to get rescued and adopted, it separates itself from 99% of the other coins out there.

The SHIB token and community actively promotes the Shiba Inu Rescue Association.

The Shiba Inu Rescue Association is a 501(c)3 non-profit organization. The SHIB crypto community does the service of encouraging members to leverage Amazon Smile, which can donate a portion of your Amazon purchases to the nonprofit.

As fellow dog lovers, when we heard that SHIB crypto community is helping Shiba Inu’s get rescued and adopted, we wanted to be involved. So, yes – we purchased some SHIB token with no intentions of selling for the foreseeable future 🙂

Is the coin garbage? Quite possibly. If by owning SHIB coin, more cute little Shiba Inu puppies are able to find homes, will you regret your ownership regardless of how the price turns out in the long run? Doubt it.

Why The SHIB Token Crypto Community Matters

shib token mascot 2
yep, that’s a bucket of shiba puppies. source: pinterest

SHIB is one of the few communities doing something in the real world.

For that, the community deserves some respect.

The thing about the world of crypto today is that there are a never ending number of new projects and tokens available for purchase.

New crypto projects are launched every. damn. day.

Building a cryptocurrency token on the blockchain has become commoditized.

Although Blockchain can be difficult to wrap your head around, the technology itself is surprisingly simple and elegant compared to the complexities of other types of software.

Development is relatively simple…. the average college student majoring in computer science can write a few lines of code and create a blockchain.

In a market of commoditized goods and services, the one thing that will never be a commodity is the human. People will always determine the value of any cryptocurrency token. The people are the ones that build the community which can create something meaningful.

If you’re looking for a strong cryptocurrency to get on board with, find a token that has a dedicated community.

That being said…..

When two of the biggest names in technology are involved with a project, its a good sign. I’m talking about both Elon Musk (CEO Tesla, SpaceX) and Vitalik Buterin (founder of Ethereum).

Their online publicity for SHIB is another signal for the dedicated and committed community that the SHIB token is building:

Elon Musk Subtweets SHIB Token

Say what you will about shitcoins being overhyped and “pump and dump” schemes. SHIB might even be a scam, who knows… and there has certainly been some big action on the “pump” side.

elon musk tweets about getting a shiba inu

Tweets from Elon Musk about getting a Shiba Inu was likely a subtweet referencing the meme that SHIB as well as DOGE have become.

Vitalik Buterin Gifts $1 Billion in SHIB to India Relief Fund

SHIB token mascot resting his weary head
source: lifehacker australia

Vitalik Buterin was gifted billions of dollars worth of SHIB token, $1 Billion of which he first donated.

But Vitalik had even more SHIB – he only donated 10% of his holdings – and his next move was unexpected.

As seen on Etherscan, Vitalik actually burned the equivalent of more than $12 BILLION in today’s value, since SHIB has appreciated since then.

Vitalik explained his rationale for the whole endeavor in a note.

In the note, Vitalik mentioned that he was “impressed with how the dog communities have treated the recent donations” and focus on “making the world better as a whole“.

For a crypto community, this is quite inspiring to see, and might just restore our faith in humanity.

SHIB Token Artwork

Aside from donating, the SHIB community encourages its members to create artwork.

Its unclear from the website how the artwork is related to the SHIB token, but it can be expected that at some point, NFT artwork may be involved.

There are all sorts of different artwork creations being made featuring the cute little Shiba Inu puppy mascot, just look at a few of them below.

SHIB token community artwork collage

As far as a Shiba Inu coin art incubator, it looks like they’ve started taking applications and we’ll look forward to seeing more exciting creations that the community comes up with.

So, its a fact that SHIB token has had more than a few positive impacts on the world: donating money to India Relief fund, as well as helping raise money for Shiba Inu dog adoption.

And if we’re going to risk betting on a cryptocurrency, we want to bet on one where we know there is at least some good in the world coming of it, because there’s always the chance that we lose our money.

Regardless of whether or not we go to the moon, funds are being raised, and dogs are being helped.

Because dogs are our best friend.

Which cryptocurrencies do you like? Which tokens do you think are actually doing something in the real world?

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