I feel the need to open this article with a disclaimer of sorts:
I do believe that the vast majority of crypto-skeptics are wrong. Well, the following statement is false: crypto is worthless because it doesn’t have any real value.
Something of the sorts.
Well, to paraphrase one of the great philosophers of our time, Tyrion Lannister from Game of Thrones, power resides where men believe in resides. Or something like that.
As a sidenote, money is almost as worthless. Gold is worthless.
Almost anything is worthless if you think from the perspective of a world war or a zombie apocalypse.
When all hell breaks loose, we tend to appreciate the things that help us stay alive… like food and water and stuff like that.
In any case. Crypto is worth just as much as anything else we’ve attached a narrative to and collectively decided it was worth “something.”
And as a means of investment, especially in the long run, it might work. After all, that’s what the vast majority of those who own Bitcoin seem to be doing.
But I am afraid that it will all come crashing down because we can’t seem to make crypto work…
There are hundreds of ambitious projects that try to change the world or decentralize finance (this is one trending term these days), and they sound brilliant in theory, expect they don’t work.
Try sending $10 of Ethereum from one wallet to another and you’ll probably spend twice as much on what normal folks call “processing fees.” Gas prices (this term makes me feel like I’m in a Mad Max movie) are ridiculously high, and the Ethereum network is a mess.
This just doesn’t make sense, and there’s nothing wonderful about it.
The NFT craze sounds like an interesting concept, expect it’s just a psychedelic trip of gaudy “art” and selfies and weird domains priced way too high.
Other projects are trying to create something different. Decentraland is a virtual world that looks worse than the first Sims. It’s now worth over a billion dollars.
Brave is another interesting example. Being paid to surf the web? Being paid as a creator? Fantastic. Exempt the platform is so poorly implemented, there are two different subdomains to login as a creator, one of which doesn’t work at all, and the other works from time to time.
And that’s just because of an infamous one-link login system that’s annoying to say the least.
Origin protocol is another interesting concept. Launching an online store for free? Integration with payment processors like PayPal and Stripe alongside all the major cryptocurrencies? Great.
Except it doesn’t quite work. Sometimes, just as it so happens with Brave, you can’t even login.
Of course, there are other bugs and errors, and after a while, it all feels like one catastrophic error waiting to happen.
And mind you… most of these ambitious projects are taking on titans like Google or Shopify.
I get it. It’s fun to be a rebel, but there’s got to be a viable alternative, otherwise there’s no chance for a revolution.
Corruption. A lot of it. But that’s to be expected, considering the insane amount of money that average folks are investing in these assets.
And that’s just the tip of the iceberg, some of the more ambitious (and quite popular) platforms.
Most of the altcoins out there are completely worthless in such a way that they don’t even bother with a nice landing page.
But people keep investing money, taking advantage of what feels like a gold rush.
And I find it quite ironic that the vast majority of those who invest in these assets are too young the remember the dot com bubble and how it all came crashing down…