Back to School - The Daily Gwei #262

Education is critical for the health of the crypto ecosystem.

At this point we’re all well aware of how much Elon Musk loves to “troll” crypto twitter with memes and random tweets that seem to move the markets. If you ask me, I think that he’s just doing it for entertainment purposes - billionaires get bored too - but if we dive a little bit deeper I think we can see that there’s possibly more to this story.

As Bobby mentions above in his tweet, Elon choosing to troll crypto twitter instead of actually focusing on fundamental things like Ethereum’s move to Proof of Stake is puzzling. You’d think that a guy who runs an electric car company would be interested in how PoS is going to be using much less energy than PoW. Hell, Elon Musk co-founded PayPal so you’d think that he’d be interested in something like DeFi which aims to literally replace the entire traditional finance system! What I really think is happening here is that Elon is simply uneducated about this industry (especially Ethereum) and my hope is that he will eventually get up to speed and come around (and maybe even build a company in the industry).

In saying that, Elon is far from being the only person out there trolling the crypto industry or being bearish on it - there’s many critics who will look for any reason to deride this industry. Of course, most of these critics are uninformed and only see the surface-level stuff when it comes to crypto (such as the dog token pumps and scams) but I’ve personally seen some people go from harsh critic to believer after being educated. And education is really all it takes for most people because it becomes much harder to dislike something like crypto once you actually understand it properly.

I have personally had many experiences educating people over the years but one that really stands out to me is something that happened a few months ago. I had someone say to me that they thought crypto was all a scam, that the government was going to ban it and that it was all going to $0. I kindly asked them how much they actually knew about crypto and they said they’d just heard about it on the news. So, of course, I did what I do best and educated them about what crypto actually is and how if you look passed the scams and pump & dumps there are real world-changing products being built. After just 30 minutes of talking to this person, I was able to get them to go from thinking crypto was a scam to being intrigued and wanting to learn more.

This may be an unpopular opinion but I strongly believe that the day to day memes, price movements and narratives don’t really matter in the end. Technology tends to speak for itself over a long enough time-frame and as long as we keep building innovative products and educating people about them, I believe that the world will continue to embrace Ethereum. After all, even the people who were “bearish” on the internet are actively using it in their every day lives today!

Have a great weekend everyone,
Anthony Sassano

Join the Daily Gwei Ecosystem

All information presented above is for educational purposes only and should not be taken as investment advice.