In the vast cosmos of cryptocurrency, we can liken it to a new planet being colonized.
Skeptics perceive it as a desolate realm without purpose, or even a refuge for the avaricious. Optimists see the potential of this planet: a blank canvas where we can construct a better financial system and internet platform.
Early settlers on this planet comprise a diverse group—explorers drawn to the frontier, speculators, innovators, and researchers fascinated by new possibilities. Ordinary people, especially those marginalized on Earth, join the pioneers.
Governance remains ambiguous. Some Earth jurisdictions prohibit their citizens from visiting, while others seek footholds on this new world.
The history of speculation and hysterical cycles has created social taboos around this new planet, prompting many to wonder about its future. Current speculation is part of the establishment process. Like the gold rush of 1849 transforming San Francisco from a simple village into a major port (and eventually a tech innovation hub), the speculative frenzy in the crypto world attracts pioneers and drives the infrastructure needed to transform this barren planet into a thriving crypto civilization.
Why Crypto?
Building a new planet is a colossal task. Why is it worthwhile?
A new ownership system is desperately needed where existing systems fail. Crypto-based currencies like BTC, ETH, and stablecoins are used globally, with significant adoption in places like Argentina, Turkey, and Ukraine.
Many skeptics question when the "killer app" of crypto will emerge, but it's already here. Crypto is beneficial at the lower end of the world spectrum and speculative at the upper end. However, this is rapidly changing. As crypto infrastructure evolves, it will enable new consumer applications, allowing creators to take ownership of their creativity and users to control their identities.
Looking more broadly, this new planet offers an opportunity to build from scratch. Crypto can do for money, financial systems, and digital assets what the internet did for information and media—upgrade and build previously impossible systems.
Equally important, crypto serves as a fortress against an increasingly centralized world, providing a balance against the dominance of "Big" entities.
Speculation and Crypto
Is all this speculation necessary? It turns out that speculation is not just necessary but also productive.
Speculation is integral to technological revolutions. From the telecom and internet hype to the emergence of railroads, electricity, and cars, new technological breakthroughs are always closely tied to speculation and asset bubbles on the journey to mainstream adoption.
Speculation in the crypto world not only attracts attention, funds, talent, infrastructure development, academic research, and major player adoption but is also a crucial step in the digital ownership process.
The Dark Side of Crypto
Skepticism towards crypto is somewhat warranted, as too much speculation can be unproductive and noisy. Fraudsters, false promises, and blackhat hackers create disturbances, emphasizing the need for regulation or self-regulation.
Why So Long?
Crypto is nearly 15 years old. Shouldn't it be mainstream by now?
Settling on a new planet takes time, and most people won't move until the infrastructure matures and societal taboos diminish. Technological development can only advance so quickly, and the spread of new ideas can be highly erratic.
Building social consensus around crypto is more challenging than developing network effects around communication protocols or social networks. Yet, progress has been made, with over 100 million people transacting in BTC, ETH, or stablecoins today.
More Than Just Speculation
Many technologies once deemed impossible, useless, dangerous, or fraudulent are now commonplace.
Crypto is no different. Bitcoin has been declared dead every year since 2010. Risks, volatility, and speculative nature have been perceived as dangerous. Yet, these inherent characteristics are stronger reasons to openly build something better.
Skepticism's existence is not an argument against crypto but an acknowledgment that crypto is a substantial idea about money, value, governance, and human coordination. This is not a topic we regularly reconsider, making it reasonable for some to be hesitant. However, this very nature is a stronger reason to openly build something better.
Crypto may be disruptive, but it is also a pivotal force for freedom in the world. As we continue to experiment and build on this new planet, the journey may be uncertain, but the potential is boundless.
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