Vitalik Buterin and my first 6 months in Crypto

My first six months in Crypto are well and truly over and I have to say I can understand some of the feelings Vitalik Buterin is complaining about in the Crypto space as so much orientates around making money and not enough around solutions to problems. Although I am sure there are many that would say it isn’t up to him to dictate to others what is right and what is wrong.

At the same time although I am living full-time on Crypto income its a mix of incomes rather than 100% purely financial gains. But then again the Crypto Space is very similar to the stock market in that respect as many people invest to make a profit and as such the more profitable it is the more people who will invest. At the same time though I do find with some of the solutions for Crypto out there we are finding more is driven by price than what it is aiming to achieve. A prime example of that is Bitcoin Cash that offers not much more of a solution than Bitcoin but is heavily manipulated by the people behind it in what seems to be purely for profit and egos. While at the same time we find many projects have simply not come to fruition but raised a lot of cash and then the project just seems to limber on to eternity.

At the same time I look and find many projects are starting to evolve and simply just need more time to develop. I find that the biggest problem in the Crypto Space is media manipulation that is often used to pump or dump coins at the same time the teams behind the various projects do not utilise media enough. As this would not only counteract the issue but also reinforce and update the project position. But part of a new enterprise which is a bit Wild West such as Crypto is that we are on a learning curve. The evolution of Initial Token and Initial Coin offerings for example are seeing businesses evolve on the blockchain that may not have been able to exist before due to red tape and expensive start up costs.

But moving away from the blockchain and ICO’s we start to look at the media evolution that is ongoing with the crypto space that has evolved its own army of promoters, experts and amateurs in every part of social media and even leaking into the mainstream. One of the most colourful characters has to be John Mcafee who even had his account hacked on Twitter to be manipulated for Pump and Dump pushing of crypto coins.

If you ask what I have learned over the last six months it would be this. That the markets are still evolving, Bitcoin needs to evolve to handle its demand. Some individuals have too much power and too much control over the Crypto Space and I think more people need to recognise the influence they have and look to steer things away from them to encourage natural growth and not something that will be simply absorbed by large initial Bitcoin investors. As the interest in Crypto grows so does the legislation that currently is now seeing many countries looking to recognise Crypto as some form of income or asset for tax purposes. Was it a good thing to invest in? I started with $400 and financially been able to live on Crypto income along with having a growing portfolio. It has allowed me to spend more time with my family along with financial stability. Although realistically I can see this being a window of opportunity of 3 to 5 years and 2018 is certainly going to be the year of Crypto. I would say as I often do that I am not a financial advisor and you should make your own decisions but the opportunities of growth in the markets right now are huge along with the opportunities to develop industries and technologies on the blockchain. We are seeing the possibility of the next generation of banking although the traditional systems will not give it up lightly and no doubt already involved in Crypto in many ways we can’t already see. As well as things like Ripple (XRP). Not only do they recognise the risks of Crypto to their systems but also they see it as opportunity if they can control and manipulate it. Which gets us back to Vitalik Buterin as no doubt he can see the same as me in that respect that more has to be done to not just generate cash from blockchain but build real world solutions and overlaps to reinforce stability and revolutionize.