What a hell of a week it has been.
Cryptogeddon: A week of blood in the streets, FUD between teeth, and a mark of survival for the blockchain
Billions, billions, and more billions of dollars were ripped through as markets fell to bloody red daggers across the board for all cryptos in the ecosystem.
But what is pushing this contraction?
The belief, or sometimes disbelief, that surrounds cryptocurrencies is, much of the time, founded on a very loose understanding of blockchain technology, and in some cases, people are making judgement on markets they have absolutely no grasp over.
Which is fine, we all have our opinion.
But to unnecessarily spread fear, uncertainty, and doubt, like it was doing anything good for the future of blockchain technology, or even society in general simply holds no wait in conversation.
This is what I would tell the fudders.
“Ok so you don’t have any coins?
Then there is absolutely no reason for you to try and be your friend’s financial advisor if they see long term value in Ethereum - sorry.”
“You see red in the markets for a couple of days on the year and say the ecosystem is crashing for good?
You are probably also the same person that says the market is in a bubble on green days - I’m extremely confident that this is true. You are the same person.
Your FEAR of missing out (FOMO) has given you away. You want this ecosystem to fail because you aren't a part of it.”
I’m willing to wager that many people who discredit cryptocurrencies, don’t understand that a cryptocurrency, is actually the necessary by-product of a new blockchain platform, or smart contract on the network.
See this article I wrote on Ethereum that digs a little deeper into it.
But in other words…
The coins, or tokens, or units of accounting for transactions on the blockchain, must come with the technology.
Here is an example of a federal government confusing the relationship between the two.
India’s government is quite literally showing support towards blockchain technology, but at the same time, trying to eliminate cryptocurrencies…
A laughable attempt at taking control of the situation as the very notion of being a proponent of blockchain, but not cryptos, is in itself, contradictory.
We can clearly see that the government has yet to even fully understand what the ledger is.
And what becoming a part of it will mean for the nation.
That is why I feel it is so important to actual learn the technology.
Yes you are buying coins, they do have a value on an exchange, but make sure that you understand what these coins can actually do as well as how they were built.
Because once you do this, the fear, uncertainty and doubt that you hear from the people around you, that truly have no idea what they are talking about, is just noise.
Just like the up and down waves in the market place.
It is all just noise trying to drown out this epic uprising that is the blockchain industry.
Haters are always going to hate, but when they do, you know it's time to celebrate.
That's why I write at times like this, to the let the ecosystem know.
That the survival of the blockchain has already been baked in. Battered bruised and bloody, it will survive.
Because you cannot hold back the trajectory of the future.
You cannot hold back the trajectory of this technology.
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