FUD! FUD! FUD! FUD!
Bitcoin is a scam!
Bitcoin is going to zero!
Scamcoins! All of them!!!
Any of this sound familiar?
Do you know what all the people who uttered these words have in common? The answer: they know very little (at least about this).
Cryptocurrency is not a scam; it is not a fraud; it is not worthless. Everyone needs to step back and relax. Things are going very well.
The last couple days I was watching the Elon Musk situation with amusement. Whether you like Tesla or not, there is no doubt that Elon is ahead of the rest of the world. He is one of those visionaries they will be talking about long after most of us are gone. Of course, his detractors call him a scam artist (kind of like they do Bitcoin). That is okay, they know little also.
Revolutionary ideas are rarely grasped by the average person. Hell, I am convinced the average person does not grasp what is directly in front of him or her. I see so many who are completely unaware of technological advancements that are affecting the industries they work in. Thus, we must let the masses be since they simply will not get it for a while.
If you consider what we are involved in with the STEEM blockchain and this entire industry, you will see that what we are dealing with is much bigger. I keep mentioning crypto-economics, do people really understand what that means?
Simply put, it is Web 3.0.
We are seeing the onset of an entirely new digital world, one that went from static websites, to bilateral communications of social media, and, now, to a semantic web which will understand like a human does.
This will produce the Internet of Everything which will use artificial intelligence, virtual reality, augmented reality, 3-D graphics, and, output on 3D printers.
The move to Web 3.0 is guaranteed just like the move to 2.0 was. While most were not aware of it, the paradigm shift took place. Of course, this did not happen overnight but took years. This is where patience is required. We are in for a decade long process before the true evolution takes place. People will fight and kick before embracing what the technology brings. At the same time, the industry must undergo a ton of development, most of it at the base level before we can advance to the next step.
There will come a point where the masses will wake up and embrace this. Certainly, security and ease of use are two areas the industry needs to improve upon. However, when the time comes for mass adoption of Web 3.0, then it will be complete. Fortunately, some really smart people will already be working on Web 4.0.
It is easy to lose sight how big all of this really is. Decentralization will take a while to implement. The establishment will fight it at every turn. They will lose but it will be a battle. Before we see full decentralization, we will have to exist using hybrid models to transition. Part of this is technical since there still are a few disadvantages to decentralization like scaling and speed. Over time, they will be solved.
Pricing action will always be an animal unto itself. The forces that drive that are separate from what is taking place. This year was one of FUD and bears. That is what the market decided. At some point, the bulls will run. Either way, none of that has an effect on what is truly taking place. Development and innovation keep progressing. This is important to remember.
The fact that most are completely unaware does not mean we have to buy into what they say. Part of the reason I post what I do is to try and assist those in seeing some of what is taking place. We know there is so much happening that it impossible for one to grasp it all.
My point here is there is something really big developing and we are all a part of it. Web 3.0 will be the "attention economy". We are the trailblazers in this realm. Each post on here is another piece of data on the blockchain that is going to comprise this enormous ecosystem in a decade or two. We are providing the food that will feed the AI down the road.
2018, so far, has been a great year for the STEEM blockchain. The last 4+ months of the year look like they will be better than what took place in the first half. That is how development works.
Hang in there. We are in a marathon, not a sprint.
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I'm actually getting to the point where I think the ocean of red ink on the crypto markets today might mark that final phase of market cycles: "Capitulation," that point where the last of the speculators throw in the towel, thinking everything is just hopeless and will never come back. Bitcoin had a nice little runup... and now has given it all back, and change. 99 of the top 100 coins are down today; many double digits.
I'm hoping the last of the speculators and gamblers (within reason) will finally be flushed out, and that long term "value players" will start bargain hunting for the viable alt coins out there. Perhaps a consolidation and clearing out? As Warren Buffett once said "When the tide goes out, you discover who's been swimming naked."
"They" also used to say that the Internet would never appeal to anyone but a handful of nerds and academic institutions...
The Internet was nothing more than porn, hookers, and drug pushers.
Oops, turns out it was a bit more than that.
I completely agree... I actually kind of wish that the day traders and gamblers had never found crypto and run up the prices so high... crypto should be spent, should be used in transactions, not stored and kept like gold. It's value is in it's use.
Crypto can be used however someone want. You are wrong if you think there are rules for it
Let me rephrase then.... I would prefer if everyone saw crypto as a currency to be spent and transacted instead of a store of value to be day traded and gambled on.
I agree 100%. That is why half of my crypto is inflationary and the other deflationary. If I get ulcers worrying that when i spend some on needs and it goes way up afterwards then I lost out, it is best I not have any.
The thing about Elon is that the whole cult-of-personality has completely taken over, and any legitimate criticism of him, or Tesla, is completely disregarded by obedient believers. Very dangerous!
My Model S is by far the best vehicle I have ever owned. There is no doubt that Musk, through Space X, has cut the costs of space launches by vertically landing boosters and reusing them. When so many companies today care only about next quarter's profit and nothing about the planet, Musk actually started his companies to try to save us. I wish more companies were like his, because at this point we are at risk of destroying the planet. Many large businesses are doing their best to ensure that they amass fortunes at the expense of everyone else and the planet. Yes, Musk oversells and over-promises, but if you look at what he has done with Tesla and SpaceX his track record is incredible. How many people would have thought that someone could come in and disrupt two established industries? How many thought it would be crazy to try? Musk is far from perfect, but I think its clear that he has a certain genius that is quite rare. Yes, his companies may ultimately fail, but even if they do he has already succeeded at his goals of pushing us toward electric cars, renewable energy, and cheaper space launches. I don't disregard the criticism. My PhD is in AI and I am very skeptical that Tesla will be able to achieve full self driving in the next few years. But I knew that over a year ago when I bought my S. For me and my family, buying a Model S was in part investing in Musk's vision and in part a big middle finger to Trump and Trump supporters--we decided to buy just after participating in the Science March in DC.
It's amazing what can be achieve in the private sector with taxpayer support.
I agree. Many advancements would not be possible without taxpayer support to provide incentives to endeavors that would take too long to initially turn into a profitable business. The trick is working hard to prevent rent-seeking through legislative capture, which most governments are not all that good at controlling. Politicians live off of selling legislation to private industries. I think it is also tricky to gauge certain subsidies. For example, I'm in favor of EV tax credits, because they help offset the artificially low fossil fuel prices. The only reason fossil fuel is so cheap is because private companies are externalizing a lot of cost of environmental and health damage along with current and future damage caused by burning those fuels. If these companies had to pay these costs, we would likely not need EV incentives, because the cost of gas (at least here in the US) would be much much higher. Here in Houston the bill for Harvey should really go to several private industries, including the fossil fuel companies, realtors who got Harris County to take down flood level signs at neighborhood entrances, and developers who fought for less flood abatement requirements.
That is absolutely true. It became like politics. There is no rational discussion with either side about Musk or Tesla.
And any legitimate points made for him or the company are completely disregarded by the naysayers.
That is also dangerous.
It turned into politics and religion.
And decentralization is only a step.
There are things after this that will bring even better user experiences and make the interwebs truly useful.
(but why does it have to be sooooo damn slow?)
I've seen faster snails...
Some aborted fetus posted in my 25,000 member FB yard sale group today asking how she should invest money. A few people gave her grief for posting that in a yard sale group, even though my rules clearly say discussions are allowed; and I stuck up for her. I took the time to thoroughly explain how STEEM and the related sites work, and why I choose to invest in it; and this is what happened. She left my group and blocked me after I muted her.
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We are so early in the game. I doubt that one person in a hundred has even the vaguest idea of how to use blockchain in a sentence.
I was surrounded by ninjas... they came at me with everything; swords, bo staffs, nunchucks, ninja stars.... I blocked them all with my shield, one came at me with a chain and I shouted..."block, chain".
You’re inspiring @taskmaster4450 I haven’t read many authors that seem to get cryptocurrency or as you said crypto-economics like you do. Not only are we entering Web 3.0 but after that the blockchain might bring Governance 2.0. Integrating an entire government into a blockchain to solidify a constitution into code that can’t be so easily disregarded. Of course it’s gonna be much more complicated than that, but I think that’s where we’re headed. What do you think?
I think you are onto something there with government 2.0 (or whatever iteration it would be).
Certainly I see blockchain altering how government operates. West Virginia is using blockchain for its election in November as a test. This could just be the start.
Hello!
I really like reading your posts. Continue with this great job!
Your posts are adding a lot of value to steemit, and my feed.😁
Thank you for sharing your thoughts with others. Good luck to you and Love.