People have all kinds of beliefs, many without relation to reality.
The FUD on cryptocurrency is fierce.
2018 is the year of cryptocurrency FUD.
Each of us encountered those people who believe cryptocurrency is a fraud. Why they believe Jamie Dimon about anything is beyond me but they do. They think it is a scam and everyone is going to lose their money.
Here is the bottom line: Cryptocurrency is not going away just like email did not disappear. It will grow in use just like email until it becomes the main form of currency. Fiat might stick around just like snail mail did yet the applications will be specialized. Most of the transactions will take place using this new innovation.
Anyone who contests this either has an agenda or is listening to the wrong people. We know the mainstream media is going to mislead the masses on this issue.
So how do we deal with someone who is of this mindset?
To me it is simple.
"You are either going to be early to this party, or late, but make no mistake, you will be attend."
This is basically beyond dispute. A bit of research will reveal all that is taking place within the blockchain/cryptocurrency world. They are appearing everywhere.
The other day I wrote about what Kik went through in bringing their token to life. The big thing is that this is one of the largest messenging programs in the world. Facebook is looking at cryptocurrency and it is only a matter of time before they implement it in some form. They have a couple billion users.
Venezuela already created one with Russia on their heels. Wal-Mart and Amazon filed blockchain patents, is adding a cryptocurrency out of the question for either of them?
This is quickly moving from a fringe industry to being mainstream. Large corporations are starting to get involved in varying degrees. It is only a matter of time before one of the big ones brings a currency out.
Over the next couple years, the number of tokens created will be mind-blowing. By the start of the next decade, 1,500 different cryptocurrencies will seem small. There will most likely be over 10,000 by then.
There is no way people are going to get around this. Just like almost everyone online uses email, the same will be true for crptocurrency. There will be little done online in fiat. The advantages of cryptocurrency are too great.
Even our STEEM blockchain will have thousands of different applications, most with their own token, that people will be using. These people will care little about STEEM. Their focus will be the fact that they are able to earn cryptocurrency for doing what they like to do. The opportunities are going to be endless.
So again, one is either early to the party or late...but attendance will take place.
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While there may be thousands of cryptocurrencies, I think the main players that dominate 95% of the space will number less than a dozen or so.
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I like to visit the #introduceyourself tag on a daily basis to see the flow of new faces to Steemit, to remind myself of this fact.
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They will believe soon enough!
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I'll talk to people about cryptocurrency if they want to listen. For those that don't, I'll just let them be. There is no sense trying to convince them because they'll get on board eventually, whether they know it or not. They'll be the ones looking back thinking about how they should have listened years earlier.
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I will use that quote of yours for all people who will need to hear it. So far I did only encounter my uncle opposing cryptos (guess what his work is). All my friends are just ignorant about it. They don’t like Steemit because they don’t want to write. At some point I just stopped talking about it. They will come to the party sooner or later. ;)
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Is your uncle in banks or government?
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Banks!
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Hello, boys and girls!
Can you spell DINOSAUR?
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Use away....if you can convert one person with it, then my job is done. LOL
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My experience with the general population is that they have no opinion on crypto. They are just like... "Oh you mean that Bitcoin thing?"
As you say, corporate interests have embraced the blockchain. Mainstream adoption won't get here until they are ready to champion it. It honestly feels a lot closer than most people think.
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I agree that the party is going to start and everybody's going to attend.. But this still does not convince non-believers. It is the same as back when the internet was new, I remember the 1996-2000 period very well and it was very hard to get people to understand why they should get onto the internet. Just telling them that 'everything is going to be connected!' at that point didn't work then either.
I find that the best argument for crypto remains the fact that it goes up: FOMO. I truly believe that 99% of the community, true hodlers and believers included, initially were drawn to it because of the monetary incentives. The technology, possibilities and realization of implications only come later. I think it's going to keep following this pattern, and more people will only enter the space when the price goes up.
I think it is one of the strong points of crypto though, not a weak point. Contrary to the internet, crypto has a very strong attraction from the get-go and FOMO may be one of the most powerful human emotions that exist. I hope it's going to drive crypto to be adopted faster than the internet initially was. Else it's still 10 years off until mainstream adoption..
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If Steem blockchain will have thousand of different applications, no matter if they will use Steem or their own tokens, one thing is for sure Steem price will raise like there is no tomorrow and we will see the day when Steem will be in top 5 crypto-currencies, where by the way i think it belongs!
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That is my belief @georgemales.
We are already starting to see applications developed on almost a daily basis. Once SMTs are introduced, many will have the ability to create their own token.
I honestly do not see it going any other way.
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For sure SMT's will be the engine that will push Steem to the Moon!
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Comparing email to crypto is a good analogy. So is comparing fiat to snail mail. I’m going to have to use that on the naysayers from here on in!
I’m noticing most of the people I know who have a hate on for crypto are people who are waaaaayyyy too old school. One of them is a mailman for Canada Post ffs.
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It is something that will grow to the moon!
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People are essentially ignorant about the creation of money. I had an interesting discussion last week. I'll just quote a few lines:
She: But where does cryptocurrency come from? It looks like it's being created out of nothing.
Me: Did you know that the FED creates money out of nothing? It's backed by nothing. Trillions of dollars backed only by the good faith of those that use it. (She did not know. In fact she thought our currency was backed by gold.)
She: But isn't cryptocurrency worthless? You can't spend it, so what good is it?
Me: I showed her the wallet of some Steemit whales and indicated that the values can be converted to USD's.
She: How do I sign up? ( she is a writer and blogger so will do just fine).
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So people belive jamie dimon for the same reasons they believe Warren Buffett or Barack obama or vitalik buterin or dan larimer. Its these people have done something successful in life that most people aspire to do.
While cryptocurrency, specially bitcoin, isnt a fraud.. saying that cryptocurrency will take over the world and will replace fiat is extremely naive, to say the least. For bitcoin to replace fiat, things have to be valued agaist it as opposed to bitcoin being valued in dollars. Something like that will not happen anytime soon. Moreover fiat isnt snail mail. Fiat currency is an extremely powerful tool to control the flow of capital globally and as long as we have nations and governments, we will always have fiat.
I agree with you that everyone will be at the "crypto party" but the scenario will be very different. Banking will evolve in my opinion to adapt to increased bitcoin adoption. I refer you to my article on it because its long to type it here -
https://steemit.com/bitcoin/@karamyog/is-bitcoin-going-to-destroy-goldman-sachs-the-answer-is-absolutely-not
Regarding there being 1000s of tokens, i first refer to this article by nouriel roubini-
https://www.project-syndicate.org/commentary/ico-cryptocurrency-scams-by-nouriel-roubini-2018-05
While you may call him stupid, he makes very valid points in his article, this one being very relevant to your post -
Imagine living in a country where you had to rely on 200 crypto currencies to purchase different goods and services. There would be widespread price confusion.
Regarding cryptocurrency by fb and amazon, thats absolute bullshit and pure marketing. Anyone who gets bitcoin and cryptocurrency, understands that bitcoin is not a loyalty point scheme.
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I will have to disagree....it is naive to believe that crypto will not.....
I got news for you, everyone is living in a country where they are going to be dealing with hundreds of tokens. That is the nature of the tokenized world. And how is there any confusion, wallet systems are going to take care of that.
I guess ole Nouriel is not aware of the prospect of cross-blockchain applications like a wallet system.
Regarding FB and Amazon, you do realize that commerce is conducted there? So to believe that it is a marketing ploy by those institutions is a big jump. Some are already aligning Amazon with Litecoin.
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You havent got news for me, what youve got for me is science fiction. We are currently living in a world in which bitcoin adoption is tiny, forget other cryptocurrencies, 95% or which are scams. Tokenised world?!
Wallet systems only help store or convert one crypto to another. Keeping a track of the price of 100 cryptos, their volatility and then also keeping a track of bitcoin price is utterly confusing, may be not for you. for majority of the world, keeping track of interest rates and oil and gold and eurdollar or jpydollar exchange rate would be tough. And those are just 4 or 5 variables. You know how people react to inflation? They dont care about what macroeconomic factors are leading to inflation. They blame it on governments and want them to ensure things work right. So just because 1% of early adopters think there will be a tokenized world, that wont actually happen unless a decent majority adopts crypto.
I think roubini had a lot of valid points in his article that need to addressed for mass adoption. Unless the likes of roubini also accept the fact that crypto is useful, mass adoption wont occur. The world wont automatically be convinced because cryto has turned out to be a great investment. People have to be convinced about use cases. Roubini's arguments are arguments of the 95% that are yet to adopt crypto.
Commerce is conducted everywhere, in FIAT! Bitcoin has existed for about 10 years now and without adopting it, commerce has still grown. Why? Because commerce has nothing to do with cryptocurrencies. Fb'd advertising revenue isnt going to increase if they launch a crypto. Amazon wont lose any customers if it doesnt accept litecoin.
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Again I disagree. It is science fiction to think that things will be the same a decade from now. Just because commerce is done in fiat does not mean it will always be that way. You know there was a time when products were sold face to face. 40 years ago, to think someone would purchase something online was absurd. Yet billions of dollars are sold in that manner.
Yes it is going to take mass adoption and the industry has a lot of things to work out before that time. However, there also was a time when the internet was a bunch of disconnected networks of information. And look at it now. I guess you do not realize what is coming down the road with breakthroughs in this area. If they are as advertised, it is game over. Mass adoption will start once the developers get going.
I like how you focus upon Bitcoin...and then expand out to other tokens. You realize you are seeing only a small part of the entire picture. I guess that is why you cannot envision a tokenized world. There are going to be hundreds of trillions of dollars in tokens in the next couple decades....hundreds of trillions...
It was science fiction in 2000 to think most people would be walking around with computers on their waist but that is exactly what happened.
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I think we disagree not about the fact that future will change but about what the change will be. Commerce will always be done in fiat, the payment gateway may have evolved to include alipay and paypal, and may evolve to include a crypto payment processing gateway. I dont see why 100 cryptos are needed for each project. The only reason they are needed is to crowd fund a project right now because simply asking for money may not have the same effect.
Yeah, given all the breakthrough, for something to be mass adopted, it has to add value to society. The internet added value. Reducing the size of a pc added value. Amazon added value. Bitcoin adds value. Tokens add 0 value. All these decentralized systems or projects that are being created.. can they use ether as a currency? Do they need a separate token? I dont think so.
Moreover we already live in a semi tokenized world.. loyalty points, air miles etc are all company tokens except they arent "currency" and cant be exchanged for money or other tokens.
I focus on bitcoin because that is the only currency with a a specified use case, that has been proven and is the most legit project out there. What bitcoin achieved is immense because it removed the requirement of what forms the basis of banking - trust. It is a phenomenal innovation. I also think ether is a great evolution but projects on ethereum.. bulk of them are bullshit. I cant envision a tokenized world because it makes no economic sense and doesnt add any value. dencentralization or blockchain is not the solution to all problems faced by mankind as these projects claim. With a false claim, i dont see them going far.
Hundreds of trillions of dollars of token. Global gdp is apprx 100 trillion dollars.. you think free money worth 100s of trilions will be printed out of thin air.. man where will the money come to buy all this?
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One day cryptocurrency believers will become presidents and governors all over the world, and these people who does not believe in cryptocurrency will still remain stagnant
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Half two of 2018 i think will be the pinacle with the race for blockchain smartphones, instant liquidity and mass data protection, all its going to take is one of the aforementioned super companies to roll out a product and the world will see that they are at the precipice for a new form of value and we will have whole new heights and values on all the chains that really mean something.
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Being an antisocial rat bastard, at most parties I’m that guy who’s holding up a wall and trying to figure out what to do with his hands.
But at the crypto party I can greet people at the door, hand out drinks, and offer party favors.
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Who knows what will happen in future,but if crypto has any chance,ill be on board that train. :)
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I do something similar, if they don't like it, I don't pressure them into it, just warn them they are missing out.
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love to read it about this.
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you 'll say just mad .
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I even lost some friends because of crypto. Some think I was scammy(?) then stopped talking to me.
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You can't fix stupid!
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