Community post
Has the cryptospace become depressing?
https://cdn-images-1.medium.com/max/1600/1*C73YiYSmXVwtt82nvoQIrw.jpeg
Anyone here who also thinks that the cryptospace has become quite depressing?
The idealists are quickly crowded out by those who are merely chasing quick profits. All they do is brag about how much they earn, and how smart they are for investing in something that gave a good return.
To me, blockchain and cryptocurrencies had always been about creating a more peaceful world. To release man from his self-incurred tutelage. To show that he is capable of living without centralized control from governments, banks, and other legacy institutions.
People who only enter the space for monetary profits are so blind. We are on a course to change the world, to make the government more obsolete, and the world a much more peaceful place.
Replies (48)
Steemit has been an uplifting place for me, but I am a total newbie. I also do not have much money in crypto at all. Life has taught me to stay on the bright side.
I have been thinking about this a lot. I will confess, I have been philosophically inspired by the cryptospace, but I also have acted opportunistically at times. I think the merits of decentralization in many areas (such as energy) could be a great thing. I can certainly appreciate why cryptocurrencies matter, but I also can be seduced by pretty graphs.
Perhaps, this happens in all movements? There are a core group of purists that are really the torch bearers, and then there are these posers or hipsters or opportunists that glom onto the movement? I am not sure.
One way or another, I do find my own opportunism slightly unsettling, because I know the backbone behind this movement is real change.
I assume you saw that Vitalik threatened to leave the cryptospace if people didn't grow up a bit and get back to the roots of the movement? You're obviously not alone in this frustration!
Welcome to Steemit, and to crypto. I'm sure this community will treat you kindly. :)
I don't think it is a bad thing. People are betting on it to succeed. Andreas Antonoupolos once was talking about how the negative media is actually great marketing. The popular story is how crypto will die in x amount of time but pretty much every time it has increased in value. The more people that think crypto is a viable option the better. The more people that recognize just how great crypto is and how much better it can be than the centralized banking the better. That is with or without the money grab. You almost need the money grab for crypto to hit the tipping point or maybe it is blowing up too fast and the banks and government will ruin everything before the true revolutionary cyber punks can see their dreams come true.
The blockchain has huge potential for positive results through decentralization etc.
Unfortunately, many coins and tokens are taking advantage of the current speculative bubble by creating crappy ideas, forking for no reason, and pump and dumps. The only way this will get resolved is through a monumental CRASH. Once all crappy coins are purged through a correction, then the winning ideas based on the true benefits of blockchain will emerge. It's just like all the crappy Internet companies of 1999 and 2000 got expelled and many great solutions emerged that we now all use everyday.
Thank you for taking time to leave such an elaborate and honest comment. I think you are right that this happens in all movements. The core message gets diluted the more it is spread among the masses.
Your assumption that I read Vitalik's comments is correct. Thank you for sharing this with me again. :)
@chhaylin I see it in a Positive Way , chasing quick profits , Pump & Dump .. massive Profit , This Make More more People know about Cryptocurrency indirect way Lot Of People joining Crypto Daily For This They Heard about there friends Make Big Profits ... , But In The near Future I think Only Great Project Will Survive & There Are Many Great Project Will Change The World .. For Now everything is In a mess
Yeah! Welcome! Read, watch, learn, and you'll feel well-versed in all of it soon enough. :)
What if I'm an idealist that likes a good return?
If we can make government more obsolete along the way, more's the party.
The people pounding their chests for making quick profits get a lot more press than the people quietly working to change the world.
For every chest-pounder, there's probably 0.63 quiet revolutionaries (but that's OK, one of us is worth 100 of them).
Cheers @chhaylin
For me it's not depressing but I wish people were more conscious of the idealsim of cryptos. People however chase money and most can care less about idealism.
For us who are idealists. Stay steady and keep promoting that side and perspective of cryptos. Some will get it, others won't.
People NEED to understand that cryptos are a powerful tool to hopefully facilitate change at a deeper level.
I'd say it like this. It's about the money, but it ain't about the money.
Totally get that. Nothing wrong with looking for your investments to grow. Money is just a tool to create more important things.
Money is energy that can destroy or create.
@chrismccron I originally had a bad attitude about crypto because I did not understand it, but after really considering my attitude I decided to change and began watching lots of videos without judging. Then, one of the videos mentioned Steemit passingly, I googled it and signed up that day.
It is great to know I am earning shares of STEEM just being here and being involved, but there is still much to learn and I enjoy a good challenge.
Best wishes for you in 2018.
i was just looking for the bitcoin. I read some but not the details. I am here since February 2017. I found nothing in the crypto market because I have no money for investment. Try to get some mining sites. And got 3. They are too slow that I made 1 $ after 2 months. Frustration comes out with the ultimate face. I was jealous of bitcoin and also I felt guilty because I had a chance to start it 2 years ago... All of my co-workers said about it. But I thought it did not progress.
But when I stated for steemit...... I don't have so much guide here also... From my side, I could not found someone to help me. I start to read how could I be successful. And now in this position. No, I don't say that I a successful till now. I am learning. But I am not depressed anymore.
What is wrong with people seeking monetary gains from being the early investors in a potentially game breaking technology? Cryptocurrency needs fiat to survive at the mean time to transition to mass adoption. Also, the teams working on these projects still need to make a living.
This is why I love the cryptocurrency Gridcoin! It promotes Science and Mathematics through BOINC. Most of the Gridcoin community aren't in it for the money, rather they see it as a bonus for helping scientist and mathematicians.
Community Places for Gridcoin:
Gridcoin on Steem
Gridcoin on Reddit
Gridcoin on Cryptocurrency Talk
Informative:
One Gridcoin Website
Another Cool Gridcoin Website
I was wondering what would happen to the great platforms the blockchain has helped establish once the huge bull run ends. I believe Steemit will lose of its many valuable content creators as profits decrease and Steem Wallets are a mere fraction of its former selves.
You're most welcome! I look forward to reading more from you. It looks like you're very deep into the world of cryptocurrency, so I will have to follow your adventures closely!
chhaylin!! Thank you, your Post.
It is depressing at times. For I look at what I have and it's not much but I have shelter, food, an internet connection. It does seem unsettling the thirst for wealth and the people believe it will come so easily. I had not thought people could be so naive but then I'm an idealist.
I really don’t see the crypto space depressing at all.
I am actually very excited for what 2018 will bring to crypto and especially to steemit.
I suppose as crypto grows, more and more people join, and with this comes more friction and perhaps more differences that can causes fights, like the one we just had here between huge whales that luckily for all, ended up being resolved.
Even if people come here for the wrong reasons, even if fights get more common because there is more money involved, none of that will change the fact that crypto will succeed in the end, no matter what.
Blockchain technology will establish itself around all industries in all the world. We are lucky to be able to see this spectacle up close.
So bring me my popcorns and soda, and let me see the world being changed right before my eyes.
Hear, hear! It looks like crypto currencies are sucumbing to their own success. The profit hunters are mostly not aware of the higher goals sought after by the initial proponents of crypto currency. The crypto space seems to have been filled with those how value quick (financial) gains over long term revolutionary restructuring of society as a whole. However don’t be fooled by the power of the masses. As even those with non purist libertarian ideas, can be part of a larger reinvention of social structures without full sentience thereof 😁.
Let’s hope the contemporary indulgence in crypto currencies will eventually lead to a wave of enlightenment.
"*To me, blockchain and cryptocurrencies had always been about creating a more peaceful world. To release man from his self-incurred tutelage. To show that he is capable of living without centralized control from governments, banks, and other legacy institutions.
People who only enter the space for monetary profits are so blind. We are on a course to change the world, to make the government more obsolete, and the world a much more peaceful place."
While I agree cryptocurreny would make people less controled by governments and banks I have my doubts about bringing complete peace for two reasons.
1.) There are ideologies that seek to dominate the world according to their vision and prosperity wouldn't change that dramatically. I could be wrong.
2.) There's also the question of overpopulation. Some races have to few children and other have to many.
African women for instance still have on average 5-6 children even with economic growth and aid from western countries.
"We’ve had economic growth, and child mortality rates have dropped dramatically over the last 20 years, but fertility rates haven’t started to shift.
Fertility rates are highest in west Africa. Chad, where women have on average more than six children each, is near the top of the table.
It isn’t easy to speak about and work on family planning in a country like Chad, because of many cultural and social problems,” said Moydoty Maranga, director of the Chadian association of family wellbeing (Astbef), the main organisation working on family planning in the country."
https://www.theguardian.com/global-development/2016/aug/25/high-birth-rates-poverty-undermine-generation-african-children-odi-report
By 2100 Africa's population could be three billion to 6.1 billion, up sharply from 1.2 billion today, if birth rates remain stubbornly high. This unexpected rise will stress already fragile resources in Africa and around the world.
https://www.scientificamerican.com/article/africa-s-population-will-soar-dangerously-unless-women-are-more-empowered/
I was just comment on your facebook. It is a good news and nice writing.
Indeed! For me, getting into cryptocurrency is not so much an investment strategy as it is a transition; from the currencies of today to those of the future.
Don't let speculators and profit seekers depress you friend! They are a a necessary part of the environment and essential for growth. The only reason crypto has gained the traction it has is because of the eye watering profits some have achieved from this sphere, often accidentally. This is healthy, and I'm certain, as the field matures, volatility in the markets will decrease and this is when the investors will be rewarded in humanitarian and monetary terms. We need the speculators to crash the exchanges, so that upgrades can be made, clog the networks - so we know how to scale efficiently. Think of the profiteers and speculators are essentially battle testing the entire sphere as a whole. If you look deep, you'll find that even btc gets is value from two avenues (i) utility and (ii) speculation. Todays, the main use of btc seems to be speculation, and that's perfectly all right, 'coz use is use. It's a bit like a snake eating it's own tail. An oroboris. Every yin needs it's yang. So yes, you're absolutely right ' As even those with non purist libertarian ideas, can be part of a larger reinvention of social structures without full sentience thereof'!
Later or soon these people will open their eyes! and cryptocurrencies will be leading the market in a near future!
When that happen, the world will start to change
I entirely agree with you. The profits are also bringing in a lot of new money that is funding crypto projects.
But nonetheless, I find it depressing to see that very few try to understand Blockchain technology and to understand how disruptive it is.
Thank you for following me! : )
Yup! You cannot put it back into Pandora's box.
I entirely agree with you. Nonetheless, I find it annoying to see people making quick money without understanding what they are investing in or what the philosophy is behind it all.
:) Love what you're saying there.
Yes, I agree @davinshi! :)
Hi, @theblindsquirl, haven't seen you for some time. Hope you're doing fine.
Sounds like what I am trying to be.
Haha, yes. Just the fact that many people don't try to understand what they are investing in is annoying. For example, I had someone texting me the other day:
"Hi Chhay, I want to invest in crypto-currencies or whatever that thing is you call it..."
https://wedelmom.files.wordpress.com/2012/11/facepalm.jpg?w=630
@humanearl, entirely agree. :)
I will just do that despite feeling somewhat depressed by the money-chasers who don't care about the idealism of cryptos. :)
Good luck!
Thank you! :)
Thank you for your comment.
Thanks @chhaylin
I am well, just have other things that take up most of my time now.
It also seems like quality content is more and more difficult to find here.
Looking at your blog it seems you've been here less as well.
I hope you're doing well.
I miss your philosophical posts.
Absolutely! I was happy to. I had a scroll through some of your content and saw a lot of interesting things about the cryptospace. Also, your tagline was very intriguing.
Anyways, I am very glad you noticed. I look forward to more content and conversations with you.
Seeking monetary gains per se is not wrong. It's just annoying to see people invest, but don't try to understand the technology and the philosophy behind projects. I am happy that, although they do this, so many projects can be financed.
thank you, I will look into it.
Happy to know that you like it.
What is most unsettling is when people are making money because of things they don't want to understand.
I'm happy to see that you don't find it depressing. I'm happy to be in this space as well, and to have had the opportunity to get involved relatively early one. Nonetheless, it's still unsettling to realize how much money people are making without wanting to understand what they invest in.
Thank you for your comment.
People make it that way, but only some people, I think that the majority of the crypto users are benevolent and future oriented individuals who are enjoying the ride.
I don't see a reason why should I 'lose' it over some momentary thing, no matter of the nature.
There was a depressing moment within my group, but it was just a moment. I said to my pals there will be a 'dive' mid-month and when everything started to bleed, including steem, I was not
overthinking it. Of course, I have no doubt that there was some major panic with the people who are new to this and can't grasp the full beauty of volatility. If it is 10 perc. up, it is a good thing for me, and I am just a dust size user.