A letter from Newb to Newb: 2018 Crypto Community
When I first started to research Bitcoin (5 months ago, I’m such a newb) I was immediately hooked. The whole idea of a Decentralized banking system inspired me and fueled me to research more about the mystical tech behind Bitcoin, called Blockchain. I’m far from being an expert on the matter. Let’s say I know the basics. I just like to think about the opportunities it’s creating and about the mainstream applications for our daily lives. Today you can already see a lot of those applications being worked out. So, it’s an exciting time. We can be apart of a community that is literally reshaping the world as we know it.
But there are somethings that have made me worry lately about the future of Crypto. And that’s why I felt I had to write this article.
I’ve been active (a little too active) on Twitter. I’ve been actively sharing my favorite coins, trying to get the word out about the tech behind it. So, I must admit, I’ve made myself guilty of the same problem, I want to address here. And which is, in my opinion, effecting Crypto in a negative way.
Twitter has become a brewery of people trying to share their favorite coin, guaranteeing that the price will only go up. Losing sight of the fundamentals.
A lot of these people are just speculating. And all that it does is pump the price up a bit because of the hype, and as soon as some FUD (Fear, Uncertainty, Doubt) sets in, those same guys who believed so much in that coin start panic selling and the price drops.
Some even go so far, to deliberately push some coin, and just rides the wave of the hype. And after some significant gains, just dumps it on the same people who bought it because he pushed it. (Never listen to someone because they have a lot of followers on Twitter) And so they end up stuck, holding the bag trying to get their losses back. Hoping the coin will go back up. Well, let me be straight, and this might be an unpopular opinion, but if a coin doesn’t have any mainstream application, it won’t go up, other than buy speculation, which means it also will come down. Because the matter of the fact is. If a coin is only traded on exchanges, and not truly Implemented in the mainstream yet. It has no true value, at least not enough to cause significant rises, that’s why you must do your own research. And not just blindly follow someone else.
Not to judge.
But OK, let me just back track a little bit here. I just want to say here. There is nothing wrong with having your favorite Crypto and putting it up in your bio. Or sharing an article about it. (I do it as well) But you’ve got to do your own research. Have a look on the site of your favorite coin. Check out the road map and read the white paper. That is where you’ll find the vital information where you can learn what value the project is planning to give.
And don’t get me wrong. There is nothing wrong with day trading, although, it’s risky, and most people don’t last very long. But my point is, the Blockchain tech can become so much more.
The whole idea of a Decentralized system, through the Blockchain, where no one is the owner who takes profit, but where the profit, or part of the profit, is given back to the users, is what inspired me to join Crypto. I started to see all kinds of opportunities and how this new tech can be implemented. For the betterment of everybody. But somewhere along the line we get lured in by the idea of becoming the next Crypto Millionaire. And let the idea of making it big blind us of the real opportunities that lie in front of us.
Lately I keep on thinking about a book I read, a few years ago. It’s called “Start with Why” by Simon Sinek. The title says it all. Start with why. It’s not about what you do, or how you do it. It’s about why you do it. Are you trying to be an active member of the Crypto community by adding value to it? Or are you just hoping one of your coins will moon and you can get out and live the easy life?
Well I don’t want to dampen your mood or cause any FUD but it just doesn’t work that way. If you just blindly follow every hyped coin, because of greed, you’ll only end up rekt. Don’t allow greed to blind you, find a good Crypto you belief in, study it. Never put more fiat in you can’t miss. And just hodl it. Put it somewhere save. Any Crypto with real applicability doesn’t need to be speculated about or hyped up, if it’s a good project. It will become profitable when it will have applied by the mainstream.
And the Blockchain tech, will be creating other opportunities as well. The Blockchain will give the people the opportunity to get more freedom. Not only financially. So, first start looking where you can add value. There are so many opportunities to give value in the Crypto Community.
We should take a different approach, because just trying to enrich our self doesn’t work. That’s how the centralized systems have been setup for years, taking from the less fortunate, or the less educated. So, they can fill their own pockets.
So, to come to my personal why. in Cryptocurrency, the money grabbing can finally change. A system that is Decentralized. Where profit can be shared with the users.
What would you think if you could earn tokens in a game by getting more xp and you can just exchange them for a different Crypto, or, for fiat. That’s just one example of how the exchange of value can change dramatically using Blockchain tech.
So why write this article? Because I’m seeing to many people who get on Twitter and just try to get rich quick. And it hurts the crypto community. Just look at all the FUD that has been created about Crypto in the mainstream news. Blockchain has ability to became something big. But we need to actively start participating in it. Adding value to it, instead of taking value from it.