People Still Don’t Understand Frauds and Pyramids in Cryptocurrency Space

Good things come to those who Dollar Cost Average (DCA) used to be a trend in the cryptocurrency space.  Bitcoin and other altcoins pumped money into the ecosystem; the important thing now is whether or not we build good, enduring projects, products, and solutions with that money.  Everything takes time to set up.

The reality is that everything in the cryptocurrency space is taking longer than we like or predict.

However, now it looks like crypto is suffering from its own success. The space has generated too much wealth for VCs/founders in projects that have accomplished nothing and the relative reticence of institutional money compounds the bad habits of incumbent players.

On bitcoin – if it has to be adopted by governments and big banks then it must be taken away from Retail. If bitcoin has future, then it’s decided this way, by shaking off as much as possible of Retail. Big banks and governments need “monopoly” over money in any shapes.

Don’t think that most people grasp how quickly things move in crypto in general. Web3 development is moving at a crazy pace, there’s a lot of truth to the BUIDL hype beyond just jokes/mantras!

One thing most people don’t fully grasp: it takes years, often decades, to go from a new infrastructure-level technology breakthrough (like crypto) to a vibrant ecosystem of mainstream applications.

This is because most people have little reason to pay attention to new technologies before the mainstream application breakthroughs. Almost no one paid attention to the early infrastructure period of the internet 1969-1994.

Abridged internet breakthroughs timeline, for perspective: 1969: ARPANET 1982: TCP/IP 1993: HTML 1990-1994: Web browsers 1994-1998: Search engines 1999: SaaS 2003-2004: Social media 1999-2007: Mobile 2009-present: Crypto We’re 28-53 years in, depending on your start date.

Since anyone can own a piece of crypto infrastructure, people are paying attention much earlier in its development than prior infrastructure-level technologies. This is a double-edged sword, and we’re seeing the pros and cons of this dynamic play out in real time.

Further some people find it so difficult to discuss concrete use cases. Even defi is pure speculation now and NFTs are jpegs. Hard to speak on the business models these networks and protocols will spread over next five years. Talent, capital and integration will lead to next bull market though.

It is also true that some people can’t understand for years what fraud and pyramids are also in the cryptocurrency space.

Despite all, the longer the crypto-winter, the deeper the bear market, the further the slog through the valley of fitness only results in stronger Bitcoin HODLers on the other side.