Are we as crypto insiders, to blame for the current bear market? According to an article today by Michael Casey, the culture we have created around cryptocurrencies is the true cause of the market’s rapid rise and continuing fall. If you became a crypto investor in the last year, then you already know what I mean.
Our culture is mostly focused on price speculation.
The social media personalities that have the most followers are those who consistently chart predictions on where the prices of various crypto coins will go. The biggest draw for newcomers seems to be the promise that these people will guide them towards fame and fortune.
On top of this, we then have the same chartists who promise crypto giveaways to grow their followings, while using these giveaways to gloat about their holdings at the same time. In short, if all of this is to be believed, then it is easy to see how Satoshi’s original vision has warped into one akin to "greed is good. "
If this is true, then Casey is correct. We have no one to blame but ourselves for the rampant volatility of the crypto market, so the key question then becomes: how can we change that?
In Casey’s previously mentioned piece, he proposes a clear solution. We need to focus on education over the promise of riches. Related to this, we need to stop organizing into competing factions and come together into one community to address the advantages and disadvantages of all Blockchain projects.
In short, the message from community leaders to their followers should be that the road to widespread adoption starts with honest conversation. Taking to the streets and preaching the virtues of Bitcoin or Litecoin to businesses and individuals alike is only half of the battle.
To truly draw in the masses, we need to show that we are ready to accept crypto’s flaws. In the words of Consensys and other industry giants, our mantra should be "don’t hodl, buidl. "
By: BGN Editorial Staff