By: BLΛCKCHΛIN COLLECTIVE
I have been a long-time lurker on this and many other Crypto-centric subreddits. This is because once I got off of the newbies’ on ramp and merged with general traffic, I experienced a visceral sensation of ineptitude. During my life, I’ve been considered the “tech guy” of my family, even though I usually did little more than unplugging routers and connecting my mother’s phone to her car’s radio. Getting into cryptocurrency took me completely out of my element from the first time I heard the word and has yet to return me to my comfort zone. I love this. Even learning CS for the purpose of Game Design seemed trivial once compared to the blossoming DeFi field and its related software. Often, I see calls to focus on the real-world application and use cases that have been neglected in favor of determining what coin or coins will be next to liftoff.
It seems that despite not creating anything that physically resembles traditional currencies used before 2009(FIAT), Bitcoin and cryptocurrency in general, if only in name, made an easily understood link between what has always been in our bank accounts, and what newer projects were trying to exchange for it. Whether for long-term holding or for the widely discouraged “Crypto Day-Trading”, people flooded the market in hype-based waves. Regardless of the applications offered, a large chunk of the people joining the fold came running because of sensational or misleading news around the space telling them what gains awaited them in the magical crypto market. 500X this, 146% ROI that. Many felt burned by immediate losses doled out buy the remorseless market and left never to return however, those who held out and faced the nerve-wracking days, weeks, and months in the red, served to strengthen the community and without these folks, there would likely be less word-of-mouth about the space and fewer price spikes to date. Traders fleeing the stock market, investors searching for appreciating assets, and the everyman hoping to secure a livable future for their posterity in the face of social unrest and worldwide monetary inflation, all arrive and butt heads with those more familiar with the “real reason” crypto took off, the tech.
The advent of Blockchain Technology and the new types of business opportunities it provided financial services, shook a completely different sub-group than those with their eyes glued to alien-looking tickers waiting for the next 30% spike.
New programming languages were (and are still) being tested and used to create immutable agreements, called Smart Contracts, on the Ethereum Blockchain. Learning a language such as Solidity enabled Developers to create a new source of income from the increasingly versatile blockchain tech and had 0 reliance on mining of any coin. The bar for entry into cryptocurrency mining has always been about the same height as large monetary investments, capitol. Instead, Smart Contract Writing became a way to dip your hands into the endless stream of appreciating assets on the market and pull back a handful of returns with their only investment being time (and effort and knowledge etc.). Next comes the recent NFT craze. These pieces of media, serialized and deployed on different Blockchains, opened the doors for the sale of intellectual properties with no middleman or predatory corporate contracts. The only cut you needed to mind, was transaction (gas) fees. These grew over time shifting the immediate craze from the general community to those who pay transaction fees no mind.
NFT’s create a clear picture of one area where the ideals of different consumers and their dependencies on the other sides of the Crypto Community. Artists needed help from both sides though. Well maintained platforms for NFT Minting are great but without investors chasing the next big thing, there’s no traffic for auctions of non-essential media and merchandise. Just the investors, though and were stuck with the traditional method of selling and distributing merch with an unconventional currency type. It is a two-way street.
Each part of this awe-inspiring community is a valid and necessary part of its growth and future success. Miners stressing the system with their 90% scalped-parts rigs, the millions of people with disposable income or long-term savings to “stake and forget”, the soccer mom throwing a few bucks in on dips, and even the whales moving 2 Trillion worth of BTC in one go, all create the part of this community and market that the DeFi coders, NFT minters, and smart contract writers are a bit busy changing the world to focus on and that’s OK. Regardless of what a given person aims to achieve by jumping in, we the initiated, have a unique responsibility to hold the door open for those shuffling in before it’s “too late”. For too long, those at the top of a system use their position to grease the stairs behind them on the way up only to laugh point fingers at your neighbor when you ask why it feels like nothing is progressing. Stocks, Properties, vehicles, technology, HELL, even animation, filmmaking, and music have ALL been dominated by those who use a different entry ramp into these industries than you and me. Decentralized Finance may be the most significant event in our lifetimes and even if it’s not, I can’t articulate how excited I am to be here with you all watching innovation in the making.
For once, if newbies, veterans, developers and investors all grab ahold of the same vision, CryptoCurrency may be the first invention that could realize all of our goals simultaneously.
Thanks for Reading!