Perpetually Wrong - The Daily Gwei #441
The crypto haters and detractors have been wrong since day 1.
Since the earliest days of Bitcoin there have been staunch detractors and haters of the entire crypto ecosystem. These people call crypto a scam, say that it’s only used for criminal activities, and truly believe that it’s all a big bubble that’s going to $0. Now, imagine how these people feel after seeing the crypto ecosystem continue to grow and defy their expectations time and time again - all while they sit on the sidelines missing out on the entire thing.
Instead of admitting they were wrong and joining the party, these people will double down on their hate for crypto and continue to miss out on the opportunities (and money) that this ecosystem brings. Of course, these same people will cheer when the market goes bearish for a while and they’ll do victory laps (with some even “dancing on the graves” of investors who lost out). Now imagine how these people feel watching the prices of assets like ETH and BTC continue to bounce back from 80%+ drops in price defying all of their celebrations.
I think another important aspect to all of this is that this extends far beyond just crypto. Over the last few years the middle class in western societies has been shrinking and people are generally doing it really tough - especially over the last 2 or so years. Now imagine how these people feel when they’re working long hours at shitty jobs for measly pay just to make ends meet while random 20 somethings are getting ultra rich from NFTs - the resentment is totally understandable in this case. But again, instead of taking the more positive approach of getting involved with crypto, people will turn to rejecting it and even cheering for its demise.
What I find particularly weird about the people who cheer for crypto’s demise is that they are essentially cheering for people to lose their jobs/livelihoods, their money, their sense of being - all because of some misguided notion that crypto is “unfair” or an outright scam. Though I would assume that these people don’t view it from this lens - all they’re seeing is what the mainstream media tells them which is usually headlines about some big crypto scam or whatever the markets are doing on any given week.
All in all, the crypto ecosystem is so powerful because it truly gives anyone with an internet connection and a smartphone an opportunity to be involved. It doesn’t matter if you’re poor or rich, doxxed or anon, technical or non-technical - there is a home somewhere for you in the crypto ecosystem. But this home doesn’t just fall into your lap - you need to get involved and search for it - and everyone that I know who has done this has completely changed their lives.
Have a great weekend everyone,
Enjoyed today’s piece? I send out a fresh one every week day - be sure to subscribe to receive it in your inbox!
Join the Daily Gwei Ecosystem
All information presented above is for educational purposes only and should not be taken as investment advice.