I've seen people who have refused to get into crypto because they have heard stories of how early adopters made big money and it'll be difficult for crypto to replicate all that big money move like it did in the beginning. Let's be realistic, this is a Ponzi mindset.
How?
Firstly ponzis are designed to reward the first takers or the people who are the early originators. This system is meant to convince people on the outside that the system is lucrative. The people on the outside fail to understand that their Money is what's needed to keep the scam running.
It took a while for people to understand that Ponzi is mainly beneficial for the originators or people who got in early and when they did.
everything unconventional became Ponzi, if it's not a 9 to 5 it's Ponzi, if it's about investing in anything digital then it's Ponzi.
However, one of the reasons why adoption is difficult in some African countries is because people do not really know what's crypto, and because of its decentralized nature, there's no ad tailored to spread the word about what it is or get people at the grassroots educated about it. people are used to being spoon-fed by what they watch on TV.
Adoption In African Countries
Some of the financial education that some people have been given to them by the banking sectors, and national financial institutions, and because of their inability to see the flaw in the system, it was difficult for them to see another better system.
So, the lack of thirst and hunger for new financial knowledge is one of the reasons why people in many African countries missed out on the early adoption years of Bitcoin for example. Because most of the people who adopted crypto very early were seekers. They were open to the possibility of taking risks outside the system they were used to and this required a lot of gut and sacrifice. This is one of the problems of early adoption.
People use to wish they were early adopters, but they forget that there were no prerequisites for people who were early adopters, they were just people who made crazy decisions, trusting a system without seeing a precedent of success to motivate and validate their risky moves.
A lot of people in crypto at the moment underestimated that sacrifice.
Because the ability to invest blindly without seeing precedents of profit or success is often called uncalculated risks. Before people can take such risks, it'll mean that they're not 100% motivated by the returns, it could be that 50% of this motivation was driven by the need to find a decentralized money system, while the remaining 50% was the hope that it'll be financially rewarding.
The Context Of Being A Conventional Investor
If it was 100% for the latter, it'll be difficult to be an early adopter because people who are used to conventional means of earning money are driven to make more money with fewer losses, and this is often optimized by the ventures they're vested in. But this isn't crypto. For people back in the days it was make or mar, the sophisticated nature of analyzing crypto using permutations and studying previous movements wasn't completely there.
Because we dislike Uncertainty, we've invented and devised ways to relate with crypto, the early adopters didn't have this luxury. It was more or make it or break it for them, there were no grey areas, it was black or white. But these days people only calculate the money they might have made, forgetting to put into perspective the losses they have incurred in the process.
Technically, crypto is still in its earliest stages
why?
Because crypto is still less than 20 years, people who get in now are more or less early adopters too. Let's take a look at the world at the moment, crypto is facing challenging times, the backlash of negativity from projects such as LUNA is projecting a terrible aura to the whole cryptosphere and a lot of people who are enthusiastic about crypto might associate the disastrous demise of LUNA to be a crypto thing.
Meanwhile, LUNA is just one of the failed projects in a gigantic system made up of other successful projects. This is just like having failed systems in a real-world project
but because it's crypto, it's become a high point for people who are trying to demarket it.
This analogy is meant to explain that crypto hasn't found its way into the most intricate aspects of people's lives, it's getting there, but it hasn't done that completely. So people who are adopting at this period will still have to sift past the negativity surrounding crypto at the moment while believing in the technology to change the future.
My point is, the early adopters back in the day paid their dues, however as time went on, it's generally become easier to adopt crypto, but it's still a bit completely easy. In 50 years, this will be entirely different. However, before then, people who have kept the faith might enjoy massive profits along the line. This means there's always a price to pay. Early adoption doesn't simply amount to easy access to the untold wealth, alone, it's easier to ignore the uncertainty or loss.
The Mental Accounting We're Often Guilty Of
Especially when we begin to do the mental accounting. For example, some people come out to say, if you invested in Bitcoin in 2014, you might own 50 Ferraris and 30 Mansions with just a $10,000 investment. This creates a mental picture of regret for others which to me is a bad thing.
This idea is often flaunted everywhere, but one thing is, in this age of crypto, technically everyone is still an early adopter, however, how many people can cultivate that longevity needed to stay in the game? Get in, and do your best no matter the project. The idea that one cannot Profit because they're not an early adopter is crazy, the mindset alone makes people give up on the future they could be building at the moment.
Interested in some more of my works?
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Time has a way of rewarding actions taken today. Wanting to see the outcome or proof a project will be successful is what is one of the reasons some miss out on early adoption.
It is not always easy embracing something new outside the norm but for crypto, the entry barrier is less unlike previous revolutionary techs, I think people should be getting involved in crypto to try to check out its possibilities.
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Hahaha you're absolutely right, I think a lot of people wants to know if a project is firstly rewarding but the truth is that one cannot be an early adopter this way. I've seen people who wish they were but the truth is that they cannot actually stomach all it takes.
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You have spoken really well, the truth is so many people think crypto has reached its elastic limit but little did they know that crypto is still yet to be even born. Those that have been very fortunate to have gotten so much from crypto are making those who are yet to come feel there is no need joining the train.
The idea you have shared her today is what so many people really need to understand and start building their place in the crypto sphere, I believe it's never too late until it is late.
Less than 20 years, I mean whoever adopts any crypto project at the moment I believe they're still early because we still have 100s of years to go for crypto to evolve so it's pretty much the early days and people can still build.
I understand and I agree with you sir 😊.
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I think the issue is that most people are in it for the price and not really about the technology. If prices go up, they are validated otherwise it isn't. It will take time but we need applications that people would still use even if they weren't crypto-related. Just by using the technology, the use cases for a crypto will go up.
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Well the price plays a huge role, but generally people would prefer the price to the technology because to them, that's the entry point. But we all know Crypto is more than the price and the tech could become instrumental in the future.
This is true, then the price will inevitably follow.
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So far if you compare crypto to the internet when it started, you will realise that there is still a lot of ground to be covered. For those people who argue that crypto is a Ponzi, I tend to agree with them but then again they have to also agree that their 9 to 5 is also designed to enrich the older men at the top
Well crypto is a reflection of how sophisticated and decentralized the internet can finally financially empower the commoner. Like you said, these other systems are meant to empower some men at the top
Exactly. That is why the government wants to do away with it. Sneako use to warn people about how the government was trying to create weaker men and women who were dependent on the government. The government does not want businesses to work because it takes power away from them. Crypto can make money leaving the governments hands quickly
Crypto is still is still in early stages and we must look away from the fact that we are not an early adopter but if we keep dwelling on this we might not invest in crypto and miss opportunity that might set up for life.
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This is absolutely true, but a lot of people are still feeling they're not early adopters, meanwhile, this early adoption concepts makes it difficult for people to build without thinking they've missed out on a whole lot.
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I believe the concept of early adoption is not only applicable to crypto. It applies to conventional investments too. People who have taken the risk (early adopters) in investing into companies or ventures that are yet to be fully established (startups) are the ones who have higher returns. Yes, it is high risk but it is the price they are willing to pay for a possibility of having a huge profit.
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People want to enjoy the dividends of early adoption but they do not want to experience the risk or experience the downsides, I'm majorly familiar with early adoption in crypto, and I feel that there's no gains without the lessons, the loss and the sacrifices.
Agree. It's like the law of physics, we cannot just create something out of nothing. In order to produce success, we must be willing to put in some sacrifices. 😊
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Exactly. Anyone who has a problem with crypto and has done some small reading deep enough to uncover the fall of Luna uses Luna as their go to example of why crypto is a ponzi scheme.
For Africa, aside the reasons you’ve stated, I think a lot of people have closed their minds to the possibility of understanding crypto. They’re unwilling to learn. Some are ignorant and don’t want to learn, others have been misinformed and won’t allow people that know to reinform and correct their mindsets. One thing is for sure though. 50 years from now, early adopters including all of us from today are going to be glad we climbed on the train.
I think we'd still adopt crypto in Africa, but the adoption might be slower than we know. I think this is why some African countries are still slow in the adoption of technology that could change things. However a time will come when it'll be different.
Just like real life situation, crypto can never be perfect and the reason for this is that there will always be scammy projects trying to take advantage of people. Crypto allows for billions of projects, which means every day, there will be newer projects which means more opportunities to scam people will present itself and people would have to do their research as well as learn. Without learning, it's difficult to understand crypto and this is probably why people can do better.