Cryptocurrency: A Brand New Mindset
We are in need of some major brainwashing. Of course, many will say that is what humanity endured for decades. Leaving that aside, there is little doubt that a new mindset is required. Much of this is due to the fact that we have technology that is radically altering the world. Hence, we are embarking upon the design of different models.
This is going to completely change society. More specifically, it is going to shift the existing power structure.
For this reason, it is time people start to realize the impact about what is taking place and understand what the target is. Most of what we know in our lives, from an institutional standpoint, is going to get obliterated over the next 20 years. The number of entities that are going to join Kodak, Blockbuster, many retail brands, and the majority of newspapers will be legendary. Entire industries are going to whittle down to almost nothing due to the disruption that is already occurring.
Naturally, 20 years is a long time so the tendency is for us to underestimate the potential impact. The status quo is no longer. Also, the disruption faced by a half dozen industries was very quick. Just think about the how quickly the demise of Nokia and Motorola phones was after smartphones were introduced.
This is going to take place everywhere.
Cryptocurrency Brewing Up A Storm
It is no secret that cryptocurrency is getting a lot of attention. Whether the industry wanted it or not, we are no longer flying under the radar. With all the discussion of regulation and attacks by people such as Senator Warren, this is making front page news.
Why is cryptocurrency getting so much publicity? The answer could be in the fact that it is a total disruption, one we never saw before. Whereas the technology in the past affected a particular industry, cryptocurrency is going to impact all industries. There is not a single one that is going to be exempt.
For this reason, when something is so powerful and those who prefer the status quo are onto it, we see all the ammunition pulled out to stop it. Most often that is government and hacks like Elizabeth Warren flexing her muscles. This is happening all over the world as governments step in to try and harness this.
Of course, they understand what is "under the engine". Is it any wonder that politicians and bureaucrats are drooling over the idea of Central Bank Digital Currencies (CBDCs)? They want the technology for themselves.
It is time for us to fully grasp this concept. We also need to take this opportunity to turn society, and the existing power structure, on its head.
Guerilla Attacks
When facing a more powerful opponent, it is best not to strike head on. That will lead to getting crushed before the battle even gets going.
A much better approach is to stage guerilla attacks. This allows us to hit the systems strategically and at points that it is weak. Fortunately, the enemy is like an oil tanker, very slow to move. We, on the other hand, are on SeaDoos, zipping around at a much faster rate.
This is a battle that is fought at the keyboards. Development is the key and the enemy provides the roadmap. Whatever they set forth, it is up to us to develop around it.
Of late, we had a number of conversations about the Hive Backed Dollar (HBD). One of the reasons for this is because we can see how the stablecoin market is coming under attack. The entities behind USDC and Tether are going to have to comply. Do not be surprised if the regulations are so onerous that it renders those tokens mostly useless. They might not be able to stop some things but they can past so much crap that makes it impossible to fully comply.
HBD is an algorithmic-based stablecoin at the blockchain level. This is something that puts it outside the scope of regulation. Here is where we need to focus a lot of attention since that is the future.
We need to pick our battles accordingly.
Resiliency
This is a term that we do not see mentioned a great deal but it is something that is vital to cryptocurrency. We need to build resilient systems. What this means is that it can withstand whatever comes at it. This can be financial such as a bear market or in the form of regulation. No matter what the source, the system needs to be able to stand up to it.
It is a mindset which has to take place from the beginning. When we approach our challenges with the same ideas as before, we get nowhere.
An example of this is a discussion I had about a week ago. The people on the call are developing a project. They were mentioning how they are going to have to float some things out of their pocket for a while. What is ironic is they are already incorporating a token into their system, incentivizing certain behavior. My suggestion was to use that token to pay for the base operations during those early days. It might take a bit of maneuvering but if the user base is solid, they can be incentivized to cover some of the costs.
In other word, charge them for the service yet provide the money through the incentive mechanism on the platform.
This is the new way of thinking.
We are watching the emergence of Web 3.0. One of the reasons why it is unlikely that most of the existing platforms can transition is because they are looking to incorporate a token to their application. Web 3.0 is a completely new concept, restructuring the entire incentivization and ownership model. Just adding a token to a Wall Street controlled entity is not going to transition it to Web 3.0.
Nevertheless, those entities are not going to give up power easily. That is where the battles have to be strategically chosen.
Everything Is Under Attack
When we look at cryptocurrency from a deep dive perspective, we see that, at its essence, it is a shift in power. Basically, new power structures are being developed. This means that anything is susceptible to disruption.
This might seem like a bold statement. Yet, 25 years ago, if you told anyone in the music industry that a single application was going to take down some of the largest record companies, you would have been laughed at.
The laughter stopped when many of those entities filed for bankruptcy protection.
One of the topics we covered is the idea of the decentralized network-state. It is clear this is a major part of our future. All the talk of the "Metaverse" is overdone. That said, the core premise holds true in the ensuing decades.
As the digital world expands at a massive rate, the ability to operate under a different set of rules exists. We are now seeing the Internet "grow up". For the first time, It actually has its own manufacturing of products, currency to transact in, and way to govern. This was previously was the domain of nation-states.
Here we have the concept that is going to render much of what we see today obsolete. In short, a vast portion of our lives is going to be digitized. The number of industries this is happening to far outpaces what took place the last 20 years. Nevertheless, when we look back at how things were done in the early part of this century, we can see the change that took place.
Of course, as they say, we haven't seen nothing yet.
Over the next decade, how many people will make their living from cryptocurrency? Just think about how that alters the physical world around us. What happens if 15% of the workforce is engaged in activities that enable them to support themselves via cryptocurrency? Consider all the established entities that will collapse due to the loss of business.
This is the power we have. There are certainly powerful forces lining up against us. However, each day we get a bit stronger. With the expansion into different areas, as well as the continued wealth generation, the cryptocurrency realm gets a big larger and more resilient. It is a process that will likely continue for the next decade.
Cryptocurrency ought to change our thinking because it is presenting everyone with completely new opportunities. This allows for problem solving on a level we never had access to before.
It is going to be a wild ride.
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