Vitalik Buterin Was Right
Author John Potter, XTRABYTES Head Writer
It’s no secret that cryptocurrency investing is becoming mainstream. Almost every notable exchange has had to temporarily close new registrations recently. And as such, a surge of new exchanges has entered the market in recent months. Robinhood, a reputable securities trading app, has garnered nearly a million registrations just within the past few days. As is apropos here, nothing succeeds like success. But cryptocurrency was not envisioned simply as a means to generate tremendous amounts of wealth. If you recall, it was about something much more notable.
However, if you scour various cryptocurrency forums, you’ll quickly come to realize how little investors really know about blockchain technology. Worse yet, some investors have infected the crypto community with a particularly toxic attitude, viewing trading as a zero-sum game. That is, where deploying FUD and steering newcomers in the wrong direction is simply good strategy. A means to “buy the dip”.
Alas, the vast majority of investors entering the market also expect to see immediate and massive gains. They have little interest in crypto for its own sake. Nor any interest in furthering decentralization or digital commerce. And since their expectations are out of line with reality, they simply seek to manipulate and “game the system”. If examined closely, this behavior is not altogether different from that found on Wall Street.
It has not gone unnoticed. Particularly within the forums. New investors appear blasé about the tech behind existing projects. Experienced crypto traders remain heavily focused on discerning trading patterns. And its gradually wearing down the crypto/tech aficionados. As Ethereum founder Vitalik Buterin warned, the crypto community needs to “differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society”.
Likewise, as a blockchain technology advocate, I can’t stand by idly and watch the crypto community waste such time and energy. Imagine the projects that would flourish if crypto fans spent their time researching or educating others – instead of constantly analyzing price charts and playing FUD games. What will it take to remind investors that furthering education and awareness is a win-win scenario? If newcomers were properly educated, their financial security would be achieved more quickly and the markets would be far more stable. Moreover, traders would no longer be subject to the anxiety that accompanies fear.
Great things are happening in the crypto field. However, we must promote education and awareness if we expect that to continue. Consider what XTRABYTES has accomplished, simply by instituting help desks and employing tech support specialists for new investors. But this is not about a single project, its about further decentralization and the health of the cryptocurrency movement. Investment education can serve as a win-win for everyone in this regard, if we’re willing to look beyond immediate financial gains.