SHOW ME THE CRYPTOMONEY

AhhhhhhhhhhhhhhhhhhhhhHHHHHHH

Riches. Bitches. Fridges (full of alcohol)

What’s there not to l0ve b3ing a cRypT0br0?

The latest tech that’s got nerd panties up in a twist so big they can’t stop telling the world to buy into it.

The technology that rose and fell so fast that many who wanted to pounce on it didn’t even have a chance

Screenshots of friends buying Bitcoin in 2012 at $10, and having his total stash equal hundreds of thousands of dollars. Wa0 whAt a Life. Investment of a lifetime.

Multigenerational wealth, all in a few years. A guy selling his condo to buy crypto and buying a BIGGER condo in Ion with his CaPiTaL GaInZZZZZZZZAAA Cryptobillionaires what’s gud?

Ain’t that the dream? Ain’t that the future? The Crypto Blockchain Future. The Block-headed Future of Cryptochains! A WORLD RUN BY BLOCKCHAIN! VERIFIED BY BLOCKCHAIN! PAID FOR BY BLOCKCHAIN! THIS IS DA PHUTUR3!!!!!

DOWN WITH THE BOURGEOISIE!!!! DOWN WITH THE RULING CLASS!!!! DOWN WITH THE GOVERNMENT!!! THESE GOVERNMENT ECONOMIST SCUM ARE DESTROYING US AND PLAYING US LIKE PUPPETS I AM A RENEGADE

BY THE POWER OF CRYPTO I WILL TEAR DOWN THE PAST AND BRING FORTH A NEW WORLD ORDER!!!!!!!!!

Fred: 0k guys calm down pls.

Cryptobro: NO I WILL NOT COME DOWN TO YOUR LEVEL U DUMB ASS U DON’T UNDERSTAND ANYTHING

Fred: 0k br0 d0 n0t insUlt me

Cryptobr0: *Flashes Crypto Wallet at me*

Fred: *checks bitcoin’s price* smirks

Cryptobr0: WHATS SO FUNNY

Fred: l0l u b3tter check the value in there

Cryptobr0: WHY U LITTLE- OH NO MY WEALTH n0

___________

HAHAHAHAHAH Sorry I couldn’t help myself. It’s quite funny how markets tend to buy into groupthink, and defend their trades to the last breath.

Because fundamentally the emotional drive behind the decision is a win/lose dynamic. They need to hold on to the idea that what they’re invested in is a winner, and are reluctant to admit otherwise.

Cryptocurrencies and Blockchain presents the latest and quickest bubble I’ve had the displeasure to experience in my life. Afterall, I am a proud owner of some Stellar Lumens, Ethereum, ICON and etc… yeah I did put in some money into the space.

So don’t call me a hypocrite who did not give the space a try.

Instead maybe I could share some light about what I think cryptocurrencies are about, and what the fuss might be.

One thing I understand is that regardless of the technology used, human nature regins king, and we make decisions based off our emotions. We are at present as an aggregate, nothing more than beasts of fate.

How scary. But true. The quick-buck dream has been around since the dawn of time, because humans are lazy weasels, or have bad management of their initial resources, or are driven by love, fear, etc al.

You see, this VERY TENDENCY that caused the massive rise in crypto, also led to its downfall. For it is also this exact yearning for laziness and convenience that led to a non-adoption and false start for almost every single cryptocurrency/blockchain. (I believe there are truly some legit systems that work, although their niches are few. Very few)

And it all revolves around one really simple to understand but hard to adopt concept:

Q: WHAT CAUSES THE ADOPTION OF TECHNOLOGY?

Cryptobr0: Technology is supposed to push the BoUnDaRiEs of the WORLD AND OVERTHROW OUR GOVERNMENT BOUGIE OVERLORDS DID U KNOW LHL EARNS SO MUCH MO-

Fred: alright stop jeez

Technology is adopted if it solves a pain point/confers a benefit that is disproportionate to the cost in adopting it for all stakeholders involved.
(Stakeholders refer to people who might have an interest in the technology, either affecting them negatively or positively)

Got it guys? That’s all it is, has been, and will ever be. For you, for me, for corporates, for nature. To me it’s a fundamental competitive dynamic.

It’s an overwhelmingly simple concept that we all know, but due to our own irrational exuberance and wishful thinking, end up messing up all the time.

Cryptobr0: BUT BUT BUT DON’T U SEE THIS COULD YIELD A NEW WORLD ORDER! AWAY WITH CURRENCIES AND FOREIGN EXCHANGE! ONE CURENCY MY PRWCIOUS MYBF MY PRECIOUS M Y P R E C I O U S ONE CURRENCY TO RULE THEM ALL IT WILL END THESE SCUMBAG BANK SCUM

Fred: lol. lets just, chill, and break it down aight?

Benefits & Costs of adopting Universal Currency:
1. Reduction of friction in fees (?) — Question marks indicate questionable hypotheses

2. No more currency manipulation by the Central Banks (???) — increase in question marks indicate increasing levels of skepticism

3. Send and get money anywhere around the world, at any given time (???)

4. Anonymity in transactions

5. Currency and protocol cannot be manipulated by any person (?????????????????)

Costs of adopting Universal Currency:
1. Change ALL merchants and ALL end users to adopt a bitcoin wallet (lol)
This is a multi-billion dollar effort that requires a ridiculous amount of time and money to happen. You do not replace continual sustained systems that exist easily. Same argument for China’s adoption of WeChat vs every other developed economy. It’s the creature of habit mindset that humans have. It’s also hard to replace and facilitate a replacement of something as complex as an economy.

2. 15 minutes to ratify a $2 transaction when buying a cup of coffee at a blockchain café

Versus the 15 seconds it takes me to plonk a $2 note on the table. Or scan a QR code and ratify immediately.

3. Governments no longer have ability to help manage currency manipulations that happen on a market-wide scale, and instead have to take precedence to the “Rule by Algorithm”
“Rule by Algorithm” — if you adopt a cryptocurrency, you can only choose to obey the rules of the currency system. How is this any different from governance? Lol pls tich mi

Don’t you think the sovereignty of nations gets affected in this case? For example the Euro and the EU already present very complex scenarios, requiring monumental political will and finesse to pull off. Do you think a mere protocol can replace the negotiating that goes into the adoption of a universal currency?

So I remain unconvinced, why in the world would anybody want to adopt cryptocurrency? Only because they wish that it would go up, are expecting it to go up.

All it is, is an unregulated speculative market. Its technological implications are few if at all impactful vis a vis real technologies. There isn’t a lot that blockchain promises that technology companies can already do or replace.

So, I have huge difficulty believing it will actually ever be great. For anyone, anywhere, anytime in the future. The issues that it exhibits are too large for me to feel like it will make it. The irrational exuberance makes for fallacious thinking aka — “if respected gentleman A thinks its awesome, and he is credible, it must be awesome, and it would be prudent of me to think as he does”

WRONG. Mr Respected Gentleman also has no idea what he’s doing because he’s trusting Mr Respected Engineer A, who has no idea what he’s doing because he’s trusting Cryptobro B who created in an idealized frenzy a technological system that can out-network the largest market cap coin, but maybe hasn’t fully figured out how he could deploy his own technology in a way that caters to mass non-speculative adoption.

And that is how a bubble is formed, ladies and gentlemen.

I mean afterall, it’s unregulated gambling… isn’t it?