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.