Crypto prices have generally skyrocketed within the past year, as a crypto enthusiast, the expectation is I should be excited and happy with the crypto space. While I have been excited about some aspects of this bull run, there is this dark cloud that hovers. I cannot shake it off. I feel like the industry is moving in an extremely horrible direction. Is it just me? am I the only one not happy with what is going on? I once said that utility should be the direction and focus of the crypto space. Utility is what satoshi had in mind. Its not a coincidence that bitcoin was invented right after the financial crisis. After reading original posts and the initial bitcoin whitepaper, one can get a sense of the philosophy. Centralized Banks destroyed the financial system and the populace paid for their mistakes. Blockchain is supposed to eliminate this by putting major financial structures into the hands of the populace.
When I see where we are at today, I think the crypto space would be worse than even the Big banks if we maintain this current path. There has been removal of emphasis on utility, now the space is focused on artificial price increases. Utility already gives good pricing to blockchain products, why then do we see a lot of market manipulation. Greedy and fraudulent actors are driving this space, the pump and dump of shitcoins is becoming worse than 2017/2018. Shouldn’t this be reducing? We all now think its okay to pump joke coins. I kept saying this, “The financial market is a means to an end not an end in itself”. When the market is extremely far from the Real Sector, we do not have a market, we have bookmakers. What happened to the emphasis on utility as the primary key for cryptocurrencies?
Crypto Influencers are becoming extremely rogue. While I agree that a lot of people should be educated on the principles of blockchain and cryptocurrencies, it should not be about getting rich quick and trading shitcoins. We can take the financial system from the big Banks and rogue governments, but we are wasting this opportunity. We have the momentum, but we are not using it. Am sure am not the only one that sees how traditional financial activities can be decentralized via the blockchain utilizing crypto assets. If we had stayed on the right path, At least 2% of humans should have been accessing credit, equity finance, health and other insurance instruments, commodity exposures, exposures to fixed assets and a whole lot of others through this amazing technology. Yet we have a lot of projects claiming to be DEFI without providing any meaningful financial product to the populace. Am not happy with the crypto space. Many of the individuals we looked up to lead this revolution are busy shilling and looking for the next asset to pump. This goes to say, many of you never believed what you preached, you all just wanted to have a slice of the cake. You did not hate wall street, you wanted more of wall street.
This is heartbreaking considering that major economies are all in a bad shape. One of these rogue crypto influencers would argue that trading profits have liberated a lot of people, my answer to that is “are you stupid or has greed made you blind”. Social welfare is only increased when the actual value (goods or services) increases and not when financial asset value is increased. I hope we all end towing the right path. cheers