For me, cryptocurrency and its earlier associated culture (think 2012 to 2016) was a time of true passion and idealism for the industry. It was a period where the focus was on the philosophical and moral imperatives behind the creation of Bitcoin and other early cryptocurrencies, rather than the hype and profit-driven mentality that plagues the industry today.
During this time, the community was made up of true believers in the power of decentralization and the potential for blockchain technology to disrupt traditional financial systems. They were driven by the idea of creating a more equitable and fair economy, free from the control of centralized institutions.
Fast forward to today, and the industry has been infiltrated by hype-driven traders, whom are looking for quick profits. (I can’t blame them, especially considering the uphill economic battle that is facing almost everyone except those top income earners flaunting their wealth and lifestyle over social media, which in itself is an entirely different prospect. I digress). This has led to a culture that is more focused on short-term gains than the long-term vision. More people are overleveraged but underwhelmingly uninformed. The influx of these traders has contributed to market volatility and a lack of stability, making it difficult for the industry to gain mainstream acceptance.
Furthermore, corrupt systems and companies have co-opted the sector, looking to exploit hype for their own gain. This has led to a lack of trust in the industry and has hindered its growth and development. It’s almost baffling that even the most out-there conspiracy theories seem to have more credence than ever before with consideration to the clown circus we’ve been watching unfold. #RinglingBrosToken $RBT
(Sadly, I wouldn’t be surprised if this was a real token that has already been created and rugged. If not, airdrop me some sick tokens bruh and put me on your NFT whitelist and Discord/Telegram/Mastodon team!!! Then I can cherry pick my profitable trades and rug with you…right?)
In contrast, when once again reflecting on that cherished period of mine, it felt like the community was pulling together, with a strong focus and attention of how this groundbreaking tech could benefit humanity, not just the bottom line and bank accounts. To me, this earlier sense of community and collaboration has been lost, replaced by greedy individuals with bigger microphones and companies with deeper pockets focusing more on their all important god, Profits.
In conclusion, (beat that transition ChatGPT :/) perhaps it’s important to remember that cryptocurrency was created as a response to the failures of traditional financial systems and as a way to build a more equitable and fair economy. It is crucial that the industry returns to its roots and re-embraces the values and principles that made it so revolutionary in the first place. Only then can it truly live up to its potential and bring about the change it was created to achieve.
The silver lining — at least for me — is that with how so many “reputable” companies having imploded, as well as (once thought to be) industry bellwethers collapsing, we may get sent back to that era I’ve been reminiscing more and more about lately by some truly shocking regulatory crackdowns, or at least by some kind of semi-natural reset. For me, it’s been more about those purposes that guided me into crypto not so long ago. The prices have been secondary, and if they need to die in order for a new rebirth and transformation of the industry as a whole, then so be it.
