Following video is an interview of a journalist (non-crypto user) that went around the world to research Tether (USDT) but instead ended up behind the scenes of major events in crypto. Events like SBF and FTX, Axie infinity collapse, El Salvador BTC adaption, etc…
It has an honest take of why regular people may never adapt Eth or BTC, however there are many lessons that Cardano projects can learn from this. Especially about what to build or not to build if they are looking to on-board new users.
User experience improvements have been lacking in crypto for a very long time due to some imaginary feature race of TPS or TVL or some other metric of the month. Yet the only thing that can guaranty mass adaption is seamless, easy and universal user experience. With some networks these days even giving up and wasting money to on-board individual projects and users it is more important then ever to focus on users and not on numbers.
Watch this video like it was a story of a new user trying to onboard to the world of crypto and see if you can spot the echo chambers that are impeding the progress of your favorite project(s).
Lol, “I know the merchant pays a fee but I don’t see that” - That’s abouth the dumbest comment I’ve heard this month… 25 minutes in and this confirms my fears that crypto can’t become a thing to the general public because people are simply too dumb and lazy. Sure the traditional banks can become the custodians of your crypto but then that’s abit of an issue for pos chains since their security is based on the decentralization of their native asset.
Maybe dumb, but if we are going to even attempt banking the unbanked our competition is not other blockchains. It’s the current financial system. The lesson from that part is that wallets need to be waaaaay more streamlined, so users don’t ever have to see anything except ADA, assets and spending passwords. Current wallets are very much built for “Crypto-Bros” and not for an average person.
Not if it stays in the current echo chamber. All these Twitter/X people pushing dev’s to Over-Dev some other chains devs instead of focusing on building simple and safe UI for all people. The first chain that stops trying to live rent free in the minds of other chain users and focuses on delivering to all non-crypto people will “win”.
Thanks to Bitcoin Maxi idiots this false narrative of why crypto has scarcity is now spreading even outside of crypto circles.
Scarcity is NOT what gives crypto value, it never was. Scarcity is imposed to remove a need to trust some group of humans with monetary policy of a crypto eco-system. Almost all well know thinkers and economist from liberal, conservative and others spoke of dangers of letting people mess with monetary policy of a nation. People like Milton Friedman (now considered conservative), Noam Chomsky (liberal) all spoke against misuses and abuses of monetary policy. Even F.A. Hayek who was revered by Thatcher and Regan openly came out and said that monetary policies have done ONLY harm to people. (If you don’t believe this part you can hear it from the man himself):
That’s why Satoshi included link to this article in genesis block of Bitcoin:
It was anti monetary policy corruption. The fact they companies were considered too big to fail yet cities with millions of people just abandoned while population went jobless and hungry. It was never supposed to be some dumb “numbers-go-up” theory.
But you can’t argue with any other chain maxis anymore. They are too deep in. They either don’t listen or yell louder so they can hear you.
Another lesson for Cardano. Don’t put blinkers on, you may forget the main reason we are all here.
Yes. Bitcoin’s “store of value” and “digital gold” narratives are pure ponzi-nomics. Early investors need newcomers to be their exit liquidity. The general belief that Bitcoin must double in price as a consequence of the next halving just amazes me. I am further amazed by the complete ignorance / denial that halvings cause an exponential increase in rewards for attacking Bitcoin relative to the fees paid to miners for securing the protocol. Bitcoin cannot provide enough real world utility to pay for it’s proof-of-work security.
For Cardano to be successful we need to focus on providing real world utility not ponzi-nomics features.
I don’t even see that as dumb. Just true. And if businesses can still on the one hand afford the credit card processing fees, on the other hand can’t get a competitive advantage by not offering credit cards and saving them, they have to be okay, don’t they?
It’s not that transactions in crypto are free. Ethereum’s are legendary expensive and Cardano’s probably would have to be if they would have to be sustainable and we wouldn’t subsidise them by inflation.
A system that is deliberately inefficient, that let’s thousands of nodes process instead of just a few redundant systems cannot be more efficient ever.
“Almost all” is an interesting interpretation of that selection.
“known thinkers” is the limiting phrase in that sentence.
When I think of people recognizing the names or economic theories it boils down to maybe dozen individuals. I HOPE that a few names I picked out that dozen are representative of the group (with exclusion of Adam Smith since everyone seems to have their own interoperation).
I think the dumb was referring to blatant acceptance of way things are with out questioning nor looking for better way.
I don’t even care if they all want BTC be “The New Gold”. However, the fact that they perverted trustless nature of limiting token supply into a half-baked sales pitch really makes all crypto look bad. Now all newcomers are using that line thinking like it’s some magical way to guaranty a price increase. While in non-crypto world everyone thinks price and scarcity is all what we are about.
True, so I suppose he’s using a false argument against another false argument.
But it is a halftruth, I can give them/that, the way I see it, one reason bitcoin has value because it’s scarce AND immutable. But the real underlaying reason is because people want it, and they want it for above reasons. So theres a kind of feedback situation going on…
Yes, but how can they? The point of a decentralized blockchain is, at least partly, selfcustody of wealth = basic knowlage about how it actually works.
It’s dumb because it’s like saying “yea I know it costs money to transport the gas to the pump, but I don’t see that, I just pay for the gas at the pump” So he’s using a kind of “visa is free” argument, even tho he clearly says it’s not free, but it’s free because it’s not specified on his receipt… And then they laugh and think they won somehow…
So I say it again the biggest hindrens for our decentrilized “utopia” is that people are too dumb and lazy, they dont even want it, people want to be controlled and told what to do… At least the majority… I hope to God I’m wrong tho…