As a new type of asset class, whether it success will get up to a trillion dollar market, like forex, bonds, stocks it all depends on building products and services and growing the community. But the crypto market comes with so much freedom that we call decentralization making it have less governance and people are not really interested in building product and services again but just creating tokens and distributing it.
Most crypto projects lacks utility thus, the quality of being practically used and in most cases these projects come in the market with raw marketing creating demand through empty talks and promise just to make few bucks and at the end of the day investors get themselves in a deep mess. All what these projects care about is creating tokens, designing a mind thirsty whitepaper that everyone will love the project after reading, and then from there they just use that opportunity to distribute the tokens and at the end of the day because of the project having no real use case, a time to come and the project scam people or just die making people lose a lot of money.
For this new type of technological asset class, to grow and get the grounds and as well dominate and be accepted by masses across the world, we should have more practical real use case product and the community, projects or the whole space should have some sort of governance and evaluation aspect to protect investors and to give credibility to a particular project and the space.
We always have a saying that; Audience is currency, as people tend to know how government controls everything including what we watch on TV, imports , exports and all our finance we all come to realize one thing, our state currency is backed by the words of the government and the fact that the people accept that currency is what really makes it a currency, since cryptocurrency started emerging, it really makes sense now that audience is currency and for that fact everyone who could put up something to catch people attention always end up pulling people all over with their sugar coated manifestos claiming they got big plans which may not be the case. I totally agree audience is currency but we as a community must access every project well enough to understand what they have intended before siding with whatever they bring up by doing our own research and understanding the projects and the developers motives.
Most at times people tend to misuse the word decentralization and violate its credibility, making people have less faith in it. To me I believe, because of too much of anonymity in the crypto space, we kind of get less efficiency on crypto projects for a fact being that most project don’t open for you to see their intentions and the work they are putting in. In a case of centralized systems at least sometimes you see the centralization in some cases create a sort of efficiency.
Engaging crypto currency in illegal activities is one of those things, the fact is illegal activities started way too long before cryptocurrencies emerged and people and the media thinks cryptocurrencies facilitate most illegal trades and the usage of crypto on the dark web, to me this really not a case, money laundering and illegal trades happened way before crypto and we should not look at the bad side of crypto I think we rather look at the amazing things it could do in our socio-economic lives and how it will change the future of finance.
The crypto space still remain manipulated, it being trading volume reported by projects, exchangers, and information and analytic providers most you see a ridiculous info being fed to the community and for that fact making investment decisions based on these reports sometimes leads you to the opposite of what you expected and shift the whole fundamentals.
For your information, crypto is not get rich quick button that you can just hit and start enjoying , it requires investment knowledge, patience, observation and more tenacity. You will need more insight on everything that you are doing because not really everything that glitters is gold.
After Bitcoin became the mother of all other alternative cryptocurrencies , you always see the struggle of the other alternative coins trying to fight to the top to compete with Bitcoin but the real question is, do they have what it takes, like is there a demand for their utility and how can one really see what is behind the project their real intention and what they really want to achieve.
The crypto space really look overcrowded, and when you go to twitter people call themselves influences and cause a lot of FUD and FOMO letting people to make reckless decisions and later lose money.
For some instances you see a lot of people post disclaimers that they are not financial advisers and people should do their own research, I see that to be cool but I feel most at times the masses who are supposed to get enlighten themselves with new ideas and research more on the space think they are not smart enough and depending on people they call influencers. Most at times these influencers lead them astray.
In conlusion, I believe the crypto space need a sort of governance, transparency, more educational content, building of more practical utility projects to create demand for the market. Because most of the altcoins you see today without a real use case in the next 2yrs to 5yrs to come will be no more and if you invested in them you will be in a mess at that time. In an emerging asset class like this we need more builders and awareness creation in my opinion. We really need to build a well organized community and utility because list of scams,fake projects, fraud, heist are too much to handle right now
I Am CryptoRas.