Opinions Unfiltered

The State of Crypto

We got what we wanted

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In the span of two years, the crypto scene has devolved from a series of enthusiastic tech idealists to an endless swarm of get-rich-quick schemes. Today, I find it harder and harder to wade through the loud cacophony of mind-numbing senseless information that comes crashing into you in the form of NFTs and Play-to-Earn gimmicks.

The goal was adoption. Through the adoption of cryptocurrency to the masses, more would own a coin, in a perfect system this would be an inflation hedge as with sufficient people, we would reach a global threshold that would be less volatile to the stock market, as when people sold for one reason or another there would be people to buy some place else. In addition to the limited supply such as that of bitcoin, that would mean that demand should only increase, leading to the cryptocurrency becoming more and more valuable.

However, the perfection of systems is always tarnished by the greed of man. Everyone wanted to be first, even if they started in the race last. Creating their own coins, which at the start were basically forks of existing cryptocurrencies, it has now devolved to the creation of tokens which serves to not improve the community but to feed off the insecurity of those afraid that they were being left behind. The hard and fast…