The Crypto Evangelists Failed

in LeoFinance11 months ago

The Objective of Crypto is Privatized, Digitized Currency NOT Wealth.

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Let's go through a thought exercise, ask yourself the following questions.

  1. In your local area, how many businesses take cryptocurrency? How many actually accept Bitcoin or any alt-coin that exists?

  2. Have you ever tipped a server in a cryptocurrency?

  3. If you work for a company as an employee, does your business take cryptocurrency as a method of payment?

  4. If you work for a company as an employee, does your business use cryptocurrency as a method of payment?

  5. When you shop online or in a mobile app, how many sites/apps actually take cryptocurrency as a form of payment?

  6. How many people buy homes with cryptocurrency? How common is it to hear about people making mortgage payments and down payments with cryptocurrency?

  7. How many people pay their rent in cryptocurrency or put their security deposit down in cryptocurrency? Are landlords actually accepting cryptocurrency as a form of payment?

  8. How many people pay their insurance premiums in cryptocurrency? How many receive insurance claims in cryptocurrency?

  9. How many people pump cryptocurrencies and talk about cryptocurrencies as opposed to those who actively engage in spending cryptocurrencies?

  10. Look at your investment portfolio (stocks and bonds). Is it presented in fiat or crypto? Are you receiving dividends that are not being reinvested in cryptocurrencies?

  11. How long have cryptocurrencies existed?

Crashing Down to Reality

By this point, it should be very clear that cryptocurrencies have unfortunately become transactable securities rather than been treated as currencies. The value of the cryptocurrencies is not in the ability to spend a currency that has unique, non-fiat characteristics, but rather the appreciation in the cryptocurrency in fiat terms. The major appeal of cryptocurrencies to the masses is unfortunately NOT in being an alternative currency or technology, but rather it is a higher volatility asset that is perceived as a shortcut to living a higher lifestyle in fiat.

HODLing for pure appreciation in another currency is not what you do with a currency. Currencies are meant to be spent, saved, invested, and lent out to others. The SEC's actions are anti-crypto, but they are also a reaction to how the vast majority treat cryptocurrency.

Grift, Laziness, and Greed Define Crypto Evangelism

There is too much self-congratulating, hype, preaching to the choir, and false hope in this space. Evangelists do not speak to the regular attendees, they are supposed to preach the good news to the masses. Evangelists are supposed to be selling crypto as a solution to businesses and individuals to change their habits. Evangelists are ineffective within echo chambers and mere words mean very little. There's no actual work being done to change the on-going sentiments, status quo, and frustration that exists in the 11 questions presented.

In 2023, the state of crypto evangelism is simply a grift.

Cryptocurrency without true adoption is just an exercise in Greater Fool Theory. The hope of many is simply that people will value something that the vast majority do not care about more than you do. This is unfortunately where we are. We let greedy, financial illiterates with no concept of monetary history dictate the narrative and so regulators are naturally going to treat us as such.

We have to build and sell solutions, but is it too late?

It's a different era than the Free Banking era of the United States. Cryptocurrencies need help from those who build and invest into the future of these currencies to gain adoption and behave as alternatives to inflationary, sovereign fiat currency. We actually have to put in the work selling these financial solutions to all, otherwise, it's just a lazy attempt to get "rich" in inflationary fiat with a few hoops to jump through.

Here come the comments...

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The answers to your questions depend on where you live. If you are in South America or Africa crypto is used widely as money.

Mass adoption is driven by the failure of the traditional systems, not evangelism.

It is bottom up not top down.

Mass failure of the Western financial systems and hyperinflation is inevitable.

Then crypto will take over.

More developed countries have a higher median age, which would be less conducive to technological and economic/monetary changes and shifts.

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The evangelism comes in a multitude of forms, but most of what the most developed and wealthiest (by GDP and Income) countries encounter is simply "to the moon" sort of stuff rather than boots on the ground sales and adoption. It's about selling immediate benefits, practical benefits and we know they are a massive upgrade over the fiat system.

We don't need a situation like Venezuela, Lebanon or Argentina to bring about mass adoption. It's about building solutions and then actually doing the marketing and sales work. Inflation and fees have battered businesses and consumers, crypto is a way out. Digital content providers are hammered by chargeback trolls, crypto as a transparent option sans chargebacks gives them protection. Savings accounts still can't keep up from a APR perspective, there are options within crypto. Allowing people and businesses to diversify their currency holdings is a good thing, after all, investors are encouraged to have diversified portfolios (well, they were until index funds).

The colossal meltdown is inevitable, but it's a lot like preparing for "The Big One" earthquake in California along the San Andreas Fault. It hasn't happened yet and it still may not happen for a while, but why wait for the meltdown when the benefits can be had right now from preparation?

U.S. styled financial hegemony has been copied. FATCA spawned CRS elsewhere. CFTC crackdowns on FX firms were copied by ESMA. The SEC's actions and rhetoric toward Binance are being copied in Nigeria.