The banks are going to win.
Because as I circle around many crypto communities, I see the same kinds of discussions one could imagine occur in the backrooms of family banks after a market shock.
"I bought your dumb coin and it went down right after launch! What are you doing about it?"
And the company rep [read: the Discord admin] is no better:
"All of your concerns have been taken into account. Rest assured that we are doing everything we can to make your investment profitable. We have many high-level partnerships on the horizon as well as scheduled buybacks. Thank you for your patronage to the project."
So the success of a project depends on its first week sales like it's a Dwayne Johnson summer blockbuster movie. Forget disruptive tech that could bring a 100X in 2 years and improve the lives of millions.
And yes, I have fallen victim to this thinking as well. I was pissed beyond belief when the dev behind Deus.Finance switched directions on his vault rollout schedule, causing me to have to spend money on Ethereum fees to dismantle a liquidity pool and do some other interactions. I gave that dumbass a piece of my mind on multiple social media channels. I continue to diss his ass in my sig to keep people away from his project until he learns how to conduct a profitable rollout. So I understand.
I'm not rich. Even with a diversified portfolio and pretty good gains, I still feel a $1k loss. But after looking at some of these other conversations, I had to take a step back.
We're acting just like the people we're trying to replace. And that's no good. So this is me checking myself as well as all of the crazies I see online.
First of all, the launches of these crypto projects mirror launches of traditional stock IPOs. Some fail, some succeed. For instance, Snowflake did extremely well in the first week, but the IPO of a much more established company, Rocket, didn't do well.
So Snowflake was like Base and Rocket was like Reef. The difference is in crypto, you've got complete idiots like Ivan on Tech calling Base a success and Reef a failure. Even though Base is a complete failure now and Reef hasn't even had the chance to come out with any products.
Don't get me wrong — I'm very happy the investing process has been democratized. We have a chance to make decisions and come in on the ground floor of groundbreaking technologies through simple social media groups. That's insane. We're ahead of the "big boys" of the last generation, shaping technology and morality before they have a chance to come in and mess it all up.
But when we act the same way as they do, that gives me pause. So I encourage anyone reading this to take a good look at himself. Are you conducting yourself in the same selfish, greedy way as the current crop of lying, scheming bankers? Or are we ushering in a new era of ethics and responsibility towards our fellow man that will take humanity forward?
YOUR GUIDE TO MAKING MONEY IN CRYPTO STARTS HERE ---> Making Money in Crypto Part 1
Gems I'm investing in: