You may not really like what I'm about to say but, I feel like it needs to be said. Its something that has been on my mind more and more as this year has played out in the world of cryptocurrencies. Its a very worrisome development that I have been seeing and it has me seriously contemplating the future of Block-chains in general. The more I thought about this the more the question in my mind became refined and I find my self at one conclusive question..
Has the cryptocurrency community been infected at large by mass ignorance and what does this mean for the future?
kinda complicated but, its supposed to be. Think about it, really analyze what has been happening just over the past two years and ask your self how much of it was logic and how much of it was... stupid?
*What's-a what's-a what's-a what's-a what's-a what's-a what's-a what's-a what's UP, BITCONNEEEEEEEEEEEECT!
Right now you may be getting a flood of emotion because you are part of the larger group I am talking about. Even the slightest suggestion that the project you have invested in, may in fact be vapor ware, causes an immediate triggering reaction. You are the type of people I am referring too as the larger group of ignorant "investors" that have brought the ignorant emotional consumer reactions to a new developing financial asset class. The worst part is that it has been driven at large by media hungry, crypto CEO's and advisory boards that seem to be treating this developing tech like a circus show. This wasn't an accident, its purposeful and was meant to take money from eager and ignorant speculators.
Now this opinion of mine doesn't come without observations, I have taken part in more than two dozen ICOs over the past 3 years, joined countless chats, groups on Facebook, Reddit and Bitcoin talk. At first the moon lambo, hodl gang thing was kinda funny and made sense, no one knew about this shit a few years ago. Just look at the market caps for 2015 to get an idea of how under the radar all of this was. The small number of us that where into it had accidentally fallen into it or had been brought in by others that had been there from the start of Ether of the Bitcoin days. Most people laughed at us and thought it all was some kind of ponzi or pyramid scheme thing that would just collapse. Well they were wrong, very wrong.
I mean any one who didn't get in back then missed out on the ridiculous gains from tokens that we bought at only a few satoshis and then sold for 100x to 1000x their worth back in the December-January bubble of 2017/2018. Millionaires were made over night and, this fed the growing insanity in the new flood of very ignorant "investors."
*I investors into quotations because they are not investors. Speculators is a much more accurate and kinder word. Gambler is the reality. They are just gamblers and like most who gamble they lose, and usually they lose big. The sheer number of scams and their success rate in ripping people off is testament that enough but that doesn't even include scam ICOs lol which is an insane amount of money that has been stolen from these gamblers.
Note. This insane HYIP ripped more than 10,000 BTC off of the community in the fall of 2018
Now I dont have to list off the crazy number of scams to emphasize my point, any one who has had even a small amount of exposure to crypto currencies knows that it has been plagued by scams. Its this line of thinking that has me most perplexed because you'd think that we as a community would be much more critical and logical by now. Right? Well from what I can that's completely the opposite and this bear market has truly brought out the collective stupidity of the larger investor body.
The main issue that I see developing is this tribal mentality that is growing around the different projects. I use Tronix as a reference here not just to knock its project but to mainly take a shot at their community. Just go have a look on some of the Tronix Facebook groups or hit up some of there Reddit's and other forums. Its ridiculous, its like the safe spaces of the crypto currencies now, you cant say anything critical without some idiot calling it FUD or calling you all manner of disgusting things. And its not just Tronix, go on Telegram and go to any of the hundreds of blockcahin chats . Its soooo stupid! What you will see in all of these chats is endless and mindless droning about how their project will moon and be worth $100 or $1000 a token lmao its truly funny but its also again, very worrisome. This is areal investments we are talking about, real money on the line and I constantly run into new and incredibly ignorant crypto investors who are ready to tell me I'm stupid as soon as I question their investment..They don't even provide real reasons just that its got Justin Sun or that its the next bitcoin or the Ethereum killer blah blah blah robot drones. Its crazy, this will never be taken seriously by institutions if these new digital asset classes remain as twitter/facebook/insert other social media platform - Moon Lambo Hodl Gang cults. Get serious about this because this is going to be a real issue soon for 90% of the projects out there in the next year. I don't want to be prophetic here but this nonsense is going to stop. The wild west is coming to and end and there will be repercussions for all of this stupidity. Some of it has already started...
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The biggest losers here are the entire crypto community itself. From what I can see the larger portion of the whole crypto community is just too ignorant and, this is toxic. Like a a disease it will weaken the market and keep institutional adoption at bay. It will it will destroy real projects, hamper the development of others and in turn slow the development of the tech as a whole. The large amount of whining and crying in chats, subreddits and other social forums about, exchange listings, partnership announcements, free coins, lack of social media and marketing presence coupled with mass ignorance of the general investor body, is the disease. The only cure for it is critical thinking and logical discourse.
I wrote this article to publicly reflect on how I have been feeling lately about the crypto community and you may call it subjective. I like any one else have my own opinions and am holding projects I would like to see rock it at the top 20 one day. But I cant help but question this all, its just become a little to....childish. Its pandering now, to the lowest forms of the investor group and that is greed.
I love blockchain, any one who knows me in the real world knows that I am passionate about its development and the future it holds for every one. I have made a lot of money from investing in projects along the way and wont deny I am a capitalist. I love the free market and want this tech to develop and give me the return on my investments that I seek. But I am skeptical of its health and with good reason.
The 2007-2008 housing market crash was a product of ignorant home buyers who were jumping on the housing boom bandwagon with stars in their eyes. Looking to make insane gains from buying shitty over inflated mortgage contracts. Look at what happened to them. Take note and always be vigilant!
The past does repeat itself, not always to an exact but it will repeat itself. Ignorance and finance do not mix and if you are finding that what I am saying resonates with you in some way then, maybe you need to question why you are in the markets.
Sincerely.
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