Crypto is very much still in the Wild West phase. I look at a lot of these tokens coming out and it reminds me of the ridiculous inventions from 1980's science fiction. No one knows what they are doing; everyone is running around like a chicken with their head cut off.
When ERC-20 was developed the ICO craze followed shortly after. Most of those projects were totally bogus solutions looking for a problem to solve combined with offensively greedy cash grabs. Four years later in the cycle we see that DEFI and yield farming are the ICOs of 2021. Surely, some of these projects will have staying power but for the most part greed still rules the market, unfortunately.
When someone has a good idea and makes a ton of money on it, that idea is going to copied into the ground. This dead horse will get beaten until all the blood is squeezed from the turnip. Unfortunately, many of the templates we do have at this point just aren't that great for where we need to go.
Adaptations:
Many developers are trying to twist old models and add crypto to it and then try to act like this is a "decentralized" solution. These projects are all quite clearly heinously centralized with a very small dev team in control for years and years after the product launches.
Jobs are not being created.
This is the ultimate metric that tells us how much we are failing. Decentralized solutions create jobs and passive/active income for everyone. Everyone is going to be their own boss (freelance). These are the targets we need to be shooting for, not JPEG NFTs that aren't even on chain.
Possible templates.
- Decentralized development
At a certain point centralized dev teams will be looked at as the archaic solution that they are. These networks don't need a dozen devs working on the core protocol, they need thousands of devs all contributing in a way that makes sense. However, the logistics of such things are so much easier said than done. Once again, we need a template that can be copied over and over again that actually works. - Local Community
Crypto is all about community and governance. There will be templates in place to empower communities with their own currency. Imagine going into a city with dozens of people and airdropping a big chunk of the people who live there. These kinds of things are going to happen. Crypto might be borderless, but most communities are not. Many airdrops will be limited to the borders of a certain area. - Gaming
Gaming is a huge focus that has been falling flat on its face over and over and over. These game companies are coming in and trying to incorporate crypto to their centralized product but then they retain all the power for themselves. I have not even come close to seeing a decentralized solution when it comes to gaming. Sure, there is some decentralization on the fringe, but the meat and potatoes are nowhere to be found. - Healthcare
Big Pharma does not have a financial incentive to pump billions of dollars into certain forms of research that we actually need. Plants/Animals don't get researched because they can't be patented. There's also the issue of food, that is clearly tied to healthcare. For some reason we're being told to get a vaccine 10 times a day but never being told to diet and exercise and get the proper vitamins. At the end of the day the more healthy we are the more money the health industry loses. This is the sad truth of corporate healthcare, and this model will eventually be obliterated by the proper crypto template.
Conclusion
Crypto is an infant and has no idea what it is doing. It will take time to build up the infrastructure and see what works and what doesn't. The entire world will be changed by this technology. Crypto is ten times bigger than the Internet itself in the long run. The entire planet is about to quake with disruption. Soon™.
Posted Using LeoFinance Beta
Once it starts and I think we are nearing the beginning of the space taking off, it will go very fast, even faster than the Internet!
Posted Using LeoFinance Beta
Well the gaming decentralization is quite tough. After all I don't think there is a way to avoid having an account issue and control the things happening. It seems tough since games and updates have to be issued somehow
Posted Using LeoFinance Beta
Of course it is something that we are going to try to continue seeing in cryptocurrencies, both the SEC and the FMI are going to voicize all this in exchange for nothing, it is clear that this war for them is a lost war, but they will capture that FEAR from people it attracts this independent world in which each one is the owner of what he has and does not need a third party to control it. We will take a big step and the SEC will interrupt us again as happened when El Salvador accepted BTC as legal tender and consequently the complaint to coinbase about its lending / borrowing products, a matter of time that they do not find out that this ship is leaving for new ports and although it seems challenging without skipper or sailor!
Posted Using LeoFinance Beta
I wish we could stay in that "Wild West"/infant phase a little longer, just for me to accumulate 😄, and position myself.
Because that's the whole damn point, the government and big pharma needs dependant children, not free thinking folks! Let's hope they don't bypass us all with enforcing a Central global currency, and completely corrupt what we're trying to build here.
None of the institutions Bitcoin is supposed to disrupt are disrupted yet... so it will basically be the wild west for the next ten years as regulators and permissionless networks are in constant conflict.
If what you say is true, then I have plenty of time :)
Word. I'm amazed to see how millions are wasted on shitty JPEGs, instead of directing them to real life working projects. Crypto world is not the perfect world, but at least it's trying...
Posted Using LeoFinance Beta
The development tools that @blocktrades is working on sound very promising. And the half or so of SPKnetwork that I grok would open up all kinds of avenues for decentralization.
I agree! I think HAF is going to help a lot with the development of new products and solutions on the blockchain
Posted Using LeoFinance Beta
NFTs are probably not the most overrated thing out there and I do not see any decentralized model to it, except a few people selling these things for outrageous amount and not really adding any sort of value whatsoever. Anyways like you said, it still feels like the wild wild west. We haven't seen most models adopting Crypto for their projects to really make impact and provide true ownership.
Posted Using LeoFinance Beta
If many countries can regularise crypto currency.It will lift many people out of poverty
Posted Using LeoFinance Beta
Do you think CUB will survive the DeFi craze???
Posted using Dapplr
Maybe you wrote this article thinking about this, but I can't help but appreciate how hive addresses several of the issues you rightly highlighted from jobs to a truly decentralized developer framework. I expect these money grabbers will be taking a back seat in the not so distant future and the true innovators will emerge
I think that smart contract platforms have this in a way.
The core team handles the blockchain development but, once this reaches a certain level, the main development is in creating the apps. And this is done by a large number of individual teams.
Since smart contract development follows a functional programming / lego block approach, future teams can leverage different elements of work done by prior teams. So there is a level of integration / coordination and building together.
Posted Using LeoFinance Beta
I'd really like to see more and more tokenized communities. That's one of the use cases of crypto that interests me the most
Posted Using LeoFinance Beta
Dead on as usual.
I really wish there was like a Tribes-Lite on HIVE purpose built for local communities. Think like a social media area specifically built for Smalltown, USA or pick another country.
The creative weirdo in me would absolutely love to do this to my hometown, sub 6k population. I could imagine business cards or stickers with these new fangled QR codes on them (I'm thinking in hick terms right now) that's "like a facebook that you can make money on." Pass them around the little shops or at the townsquare festival every year. It's all part of my dream of living in a weird sort of techno-primitive community of decent down to Earth folk with trustless money.
If only there was a simple template to spin that up on HIVE, hopefully cheaply as well.
Posted Using LeoFinance Beta
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
You just planted a stick of dynamite under the foundation of the argument here.
You are seeing this from such a different perspective from me that I don't even know where to begin.
Name any economic system that had staying power and was able to scale without being profitable.
This is the entire problem with capitalism and macro economic growth.
Things that don't pay for themselves have to be subsidized from another source.
Crypto can subsidize exponentially better, in addition to having access to tools that allow a million new ways to monetize things and make them self-funding.
A "Bad Idea"?
Excuse me? Like we have a choice in the matter?
Like we have the power to stop people from building the things they want to build?
These are permissionless networks.
Opinions about what other people should do are irrelevant.
Going to happen whether we like it or not.
I don't see a problem.
Things are moving faster than I could have ever hoped.
Any theory-crafting done today will get completely scrapped and refactored in 5 years.