The crypto Why?
WHY?
Why is a form of a question - basically you put "why" in front of a sentence to ask a question to know the reason behind a or sets of consequences. The reason why I am writing this article on "Why" which is very vague and vast topic is to understand the behavior or more accurately, the reason why we do what we do. But the why I am referring to is exclusive for the crypto industry.
My first question why in crypto space is "Why people are gullible to scams in crypto?".
My second why in crypto space is "Why people are being impatient?".
And my third one; "Why people always try to exploit a system that provides you a platform to thrive on".
As always, my aim is not to find a conclusive answers to the questions, but rather to explore the possibilities that bring this types of behavior into crypto. As we go about exploring this, we might find a clue, or combinations of them.
While I have been in crypto for quite sometime now, I still has the tendency to observe the behaviors of other. I guess you can call it a habit of mine, and I do this a lot even at workplaces and in public spaces. The reason for it is because I took interest in people's behavior or reactions when confined in a space with a certain catalyst. What I do for a job in the past is that I manage people, and observing people is how I learnt of the best method how to. Since then, it has became a habit.
It is often surprised me a lot to how some of it still annoys me:- No problems can be fix without trying to put an effort to fix it. People tend to talk a lot about their problems, without trying to do something about it instead. I hated that. And I hated politicians because of that. I'm an engineer by trade, and I love moving parts of systems. Not seeing a for a problem at hand, is the most absurd thing in the world. But, I digress.
Anyway, the "Why" that I mentioned previously got me thinking a lot. Some of them are;
Are we still in the early days of crypto adoption?
This phrase has always been the hook line sucker for those who thinks that crypto adoption is still in its infancy to think that we all still going to make it together. I have to reiterate this every time, there is no such thing as WAGMI (short for We all going to make it!). News flash, all crypto projects are a zero sum game, in order for someone to win, someone has to lose! WAGMI is a motivational tool that is used to deceive you to hold your bags, while those who shouts it cash in their banks.
We are already more than 12 years since the inception of Bitcoin, and today we already have its ETF! These are not an early day of adoption but rather in the mid life of it. During this time, things will get a whole lot confusing where chart patterns could change and randomized.
To truly achieve the maturation stage of adoption, first, it must be acknowledged by worldwide that crypto is a viable investment albeit its volatility. I mean 100% worldwide. Countries adopting crypto as one of its legit tenders. 100% functional crypto policies and regulations. Agencies that are working to protect crypto users exclusively worldwide. The whole yard of investment tools to trade. Banks' acknowledgement and beyond. But we are far from that state, and one of the reason why is that because people whom are invested in crypto, has learnt close to zero knowledge of how to protect themselves online. Heck people are still getting their bank accounts scammed by a simple phone call!
Humans in general has the high tendency to be gullible in front of the possibility to be rich overnight and that is easily preyed by those who are willing to go the extra mile to disguise themselves as "beautiful girls" and "Rich giga-chad".
The simplest answer to this is "No, we are no longer in the early days of crypto adoption", but we are yet to be at the stage of mature. Perhaps this is one of the reason why people are still getting scammed - we have yet learn how to protect ourselves, while the society and the governments ignore the most part of it.
Will government crypto policy contributes to the betterment of crypto society?
As much as we hate parts of the policy that enforces KYC, we have to be thankful that even the most corrupt government tries to protect their civilians from being scammed and hurt. But we all know that KYC is not the BE ALL END ALL situation as it opens up another door to problems like "DATA LEAKAGE" (some of it is by design - they sell your data for more money). We have to admit that some of the bad actors are being punished accordingly for their deceitful behavior - like SBF and DO KWON to say the least. Long story short, we kind of getting mix result, and as a result, people whom are in crypto are getting mix feeling about it all too.
With better legislative system put on place for the crypto industry, we might see better result of curbing the bad actors who are hurting other people financially. Let's face it, that will never happen. The fiat system has been around for more than 50 years, if we should have better legislation, it would have happened a long time ago. Of course, one could hope for better things right? Let's dream. I would argue that none of the policies or legislative effort would work 100% unless we as the crypto users learn to protect ourselves against the bad actors.
Does culture and upbringing has something to how we act and treat others?
Post-internet era, people start to get mixed around worldwide. You can say that without noticing, we have witnessed something more than just connectivity, but rather the clashes of cultures. As someone who experienced both western and eastern (Not most of them), I must say that they are totally alien to each other. If you are someone who has been to eastern countries, people tend to be more reserved to themselves. That is normal to us, as we learn how to survive by keeping our trust at bay when it comes to dealing with other people. lol. No, seriously.
While that is the case in the eastern part, the western are more opened minded. For the most case of it anyway. I was in the UK for quite sometime and it surprise me that people does not shy away from conversations with strangers with different skin tone. Maybe I haven't been to most of the part in the UK but imagine if both culture to meet over the net - chaos. In crypto, these clashes are often forced, especially in discords, or any other social media and SOFI platforms. All the while things to be considered normal by the western culture, could mean an offense in it's eastern counterpart. From there, taking offence has become a normal thing in crypto. Bear in mind, I am talking about the general culture - not any specific culture. For that is much more chaotic when forced to merge.
Will learning the investing language helps?
We often forget that in crypto space, there is only one country. What I mean by that is everyone in crypto lives in the Bitcoin Nation. And in that nation, we are segregated by the altcoin cities that we choose to be comfortable at. Some live in Cosmos land, some live in Ethereum sea, some live in Meme mountain, but ultimately, we share the same flag as opposed to the non-coiners. And its official language is English. Even the protocol's coding and whitepapers are in english, what are we talking about.
For those who are not familiar with the language, let alone its jargon, are left in the dust when there are any new invention or investing opportunities in crypto. I believe there are more languages coming into the mix, like Hindi and Chinese. There's a problem though, not everyone understand english. Nor hindi. Nor Chinese. English is not my first language to be quite frank, as it is my 3rd language after my native language and Country's language. My english is not great, but I do get by somehow as I speak english for my professional jobs. In order to understand the "Why" that I had mentioned, language is a barrier that everyone whom do not wish to be scammed, to be more patience and understanding of others.
Language is important, and I can't stress that enough. Google does a bad job at translating your language to english. Believe me. But learning the investing language, or the jargons of it, will help you to understand your community better. Bulb is a good example of it.
What are the better options? (Where do we go from here)
People whom are bad actors in the space could care less about others to be honest. They see people on the net as purely numbers. The psychotic level you have to be in for you to view people as that is above normal that is for sure. Since we have no measure for that (I have to ask anyone who are into psychology for this one), I can clearly say that these people are selfish, nay, they are evil. For this reason only, any positive interactions (these includes getting angry at and critics) are much to be thankful for in our space.
To be quite honest with you, the internet has become a peaceful place to be if you know where to be. If you like chaotic things, you can be on twitter and kik. If you like to see people who show off you can be on instagram. If you like to learn more you can be on youtube and Bulb (Any SoFi). If you like something that is off the market, you can try the dark web. The internet has become safe haven for everyone, yes, even for the bad actors. I am unsure if any legislation or censorship will help us with the situation. They may not, and we have a very long way to a complete paradise for those who want to invest peacefully in crypto.
Thing is, everything that I have written here deserves their own article as they are very broad topic to be discussed in one go. Perhaps I'll try to give them a go in the future. But until then, that's all from me today.
Thanks for taking your time to read till the end!
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