Crypto is Dead?
Updated: Jun 20
Crypto is crashing and everyone is worried. People who bought at high prices have lost money. Many people who played with Luna and UST lost money. Some people lost money on meme coins. Some were scammed. There are some who feel they have lost out. I can understand the current sentiment.
Those who bought high and are now bag holders may feel that crypto is a Ponzi scheme that rewards early investors. I have lost and made money in crypto. Losing money in crypto is like a right of passage. Luckily, I have yet to be scammed or have my funds drained in a phishing scam. I have lost money in bad investments. Overall, I’m in profit and I’m confident in the projects that I’m currently invested in. I try to find projects that have actual utility and I invest in teams that are passionate about what they’re working on.
When I first heard about Bitcoin, I used to think like the majority that crypto is a scam. My friend told me it was a way to transfer money and he explained how much money he was making. I initially thought it was a scam, Ponzi and illegal parties use it to conduct business.
My friend did not understand Bitcoin. He only told me Bitcoin could be sent all over the world and be turned into cash. He did not explain decentralization, specifically that the majority has control over the asset rather than a rich minority. He did not explain the blockchain aspect, which is a system of recording information. He did not explain the mining aspect, which is that anyone who has the equipment can mine and profit from mining Bitcoin. He was overjoyed that he was multiplying his money and did not much care about the underlying mechanics.
Later when I got into crypto, I discovered a world that allowed me to participate in projects by mining, staking, adding liquidity, voting, and running nodes. For the first time, I could be a part of a large project and have my voice heard unlike in some other investments. I don’t have to have big bucks or be a venture capitalist to get my foot in the door.
I can participate in the project and profit by meeting the requirements to stake, run nodes, or mine crypto and by governance. Crypto in my opinion has achieved what Satoshi has set out to do: I as an individual can take part in a decentralized financial system. Anyone can. I am not judged by my education, my past, or other factors, only by what I add to the project. There are so many great projects and opportunities. It’s unbelievable.
It may appear that all crypto enthusiasts are in it for the money. They are degenerate gamblers who take big risks and either win big or lose big. However, diving into the crypto world provides community, innovative tech, and an opportunity to be a part of something bigger than oneself. Initially, I got into it for the money and later I started to enjoy the time I spent being a part of the crypto space.
As in all things there as flaws, especially in new volatile asset classes like crypto. Anyone can create a cryptocurrency, market it, and profit from it. This has attracted a lot of scammers and money grabs like bees to honey. Scammers do this in every industry where there is an opportunity to do so. Furthermore, whales have been finding ways to manipulate prices and governance votes. I see these issues as growing pains.
This is the start of something great in my opinion. Crypto will learn from its mistakes, develop and grow. Great communities and teams will see to that. Developers, who have the freedom to create and build unlike in major tech companies, will not give up. Crypto Degens won’t throw in the towel at the first signs of trouble. We’ll keep the dream alive and make Satoshi’s vision a reality. I hope….