It has evolved from simple trade-by-barter up till now where we have e-commerce and various forms of trade systems.
This is how things naturally are and this system drives people to create and innovate, so as to make their lives better, either directly or indirectly, via rewards for their contributions.
What drives the most successful of enterprises is their ability to generate income from solving problems and create better ways to get things done. Conversely, setting out on a venture with the basal drive being income generation creates a fundamental breach of reward-for-value that sometimes eludes rational business thinking and mostly leads to failure. Therefore it is safe to say that our current level of technological advancements is a product of accumulated value additions to existing systems.
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. It is the basis of the capabilities and security of Web3, cryptocurrencies, smart contracts, NFTs and other related technologies. “The prospects of cryptocurrencies and self-custodial assets, that are free from institutional oversight are thrilling and the buzz around it is seemingly creating distractions from the value propositions that these innovations should and could stand for. This may be the truth, but it depends on how you choose to see things.
Cryptocurrencies have many benefits, some of which are 24/7 markets, faster borderless transactions, decentralization, tokenized commerce, and more. These are very decent value propositions by most standards, but there are (inevitably) some characters whose goal is to ‘game the system’, get-rich-quick, and for the more devious ones, exploit the system to perform illicit transactions, avoid tax, and exploit users of these technologies through hacking. Even though these concerns are legitimate, there are none of these issues that are already not in play for existing financial systems and web iteration.
I like to think of antagonists as free bug spotters, and protagonists as bug squashers. They are both very essential for the growth of Web3 and cryptocurrencies for this basic precept, offering varying perspectives to the trajectory of the system, thereby giving investors and inventors a counter-weight of opinions to balance perspectives. In some cases, this helps people make better decisions.
Also, cryptocurrency and Web3 are seemingly taking on the position of being the enemy of existing systems and the status quo. This narrative doesn’t sound like purpose, it rather builds deterring forces against innovations that are still quite in their infancy.
While some people are conservative, and some rely on primitive constructs (jab intended) which reduces their ability to embrace innovation and would instinctively criticize them, there are those who have genuine concerns about safety, volatility and ideologies. For example, there are those that believe ceding more power to everyday people via self custodial assets and funds makes governments control less.
https://www.investopedia.com/articles/forex/042015/why-governments-are-afraid-bitcoin.asp
The success(and perhaps failure) of Web3 will cause an undeniable ripple effect. Considering the changes in the way humans now socialise, shop, work, and recreate since the inception of web2, there are individuals and corporations whose interests will need to adjust (or be phased out) if Web3 and Blockchain technology takes the leading role in how the world uses the internet. One would expect most of the activities and even more that were not captured in Web 2 would be drawn into the Web3 ecosystem, thereby causing a further shift in the existing way of doing things.
There’s a belief that most governments and the status quo are repressive, and the chances of people in the lower and middle class becoming elites get slimmer as time progresses. Cryptocurrency suddenly created the opportunity or dear I say illusion that this can easily be circumvented by a few clicks and keystrokes, wallet address, and of course, swapping one’s fiat for crypto ergo get-rich-easily crypto investments.
The system repressive system doesn’t seem fair at all, so much that it seems like a rat race that only a few ever break out of, or at least break even.
The buzz coming from people who think of Cryptocurrencies as a means to make quick bucks also influences the narrative about the actual value proposition of cryptocurrencies and what accompanying innovations bring to the table. It is sad to see this generate so much attention, while only a few people talk about the core merits of these innovations.
The order has a way of balancing itself and those who think they could count on trading their fiat for crypto and cash out when the time is right, without doing their research will find it’s not going to be that easy, as crypto market volatility and bear markets are naturally there to counter those menace and create a sustainable balance for the system. People need to think more about bringing value to the system and lower their get-rich-quick expectations.
Those looking for a quick upturn in fortunes by gaming the system might be in for a big surprise, especially when they don’t do their research and lower expectations.
Ultimately, everyone on each side of the divide has a role to play, the critiques, the lousy investors, the exploiters and the genuine innovators and patronizers. There’s a need for balance on all sides of the divide as this is only the natural order of things, but ultimately, the success of Web3 and accompanying innovations will depend on the ability and opportunities available to creatives to out-innovate and develop the system in a manner that beats the noise coming from every other side of the divide.
So basically, antagonists and opportunists help to point out issues that need addressing, the lousy investors help fill in the trade volumes and move prices, and the innovators keep innovating, because, that’s the natural order of value and reward, and it will never stop balancing itself.
https://www.ibm.com/topics/what-is-blockchain
https://www.investopedia.com/articles/forex/042015/why-governments-are-afraid-bitcoin.asp
