Why Crypto Believers Won’t Convince NoCoiners That the Future is Blockchain — They Must Create Products Which Prove it Beyond Doubt
If you believe crypto is the future a huge question that needs to be answered is: How do we get there?
The time for talking is over
Now is the time for innovation to arise from actions
A majority of people aren’t going to wake up tomorrow and realise the merits of frictionless exchange or encrypted digital ‘money’ — the onus of responsibility is on the believer to build great products or services which provide a gateway to participation. They can’t just be marginally better, they must be several orders of magnitude better to ensure there is no doubt.
Products which resemble those which they currently use
It means innovating around the current user interface. By doing so we remove barriers to participation while expanding opportunities/need for use. If we create products which resemble current FinTech, we can assist them in transition. This comparative reference point enables comfortability with a new normal and aids in building trust. To cultivate widespread adoption this is the only way it will be achieved.
Tremendous value will arise from a wider spectrum of society utilising the tech. If you can innovate around service they already use, improve them by several orders of magnitude by utilising blockchain/crypto, it is no longer a question of taking a leap of faith — it’s obvious. It becomes a no-brainer where the reason to change is the value they receive in return. Ultimately that is the psychology that must be used — rational self interest. If it is beneficial to you individually to make the switch, you are going to do it. You don’t care about the back end tech or the collective benefits. You care about you.
The techs utility acts as a bridge, and the choice is one of usability and reward instead of belief in a new system. The question shouldn’t be Crypto or Traditional Finance, it should be what is the best choice. A use case which convinces everyone not just a subset of users must emerge or the whole space will stagnate.
Too many people expect the opposite
That there will be some collective moment of clarify which will convince everyone to migrate. This is unreasonable and impossible. People didn’t buy computers en masse until they have proved their usefulness — this is the stage crypto is at. The technology exists but there is no widespread need.
At Nexves that is what we are building. A key piece of infrastructure which straddles both traditional and innovative financial platforms. We provide a ramp to participation which allows everyone to understand the benefits they are receiving and usefulness of participation.
We are enabling anonymity to remain, while cultivating the rise of Web 3.0. Our belief is that this is a requirement for the emergence of the future of the internet, of which we all need to live in a better world.
Back to the Future
To get there we need to understand the technology of money and it’s history, to appreciate the aspects which have made it fail. Unilateral control, arbitrary decision making have eroded our trust. Banks exploited us while acting without due regard for their customers.
If you look through history that hasn’t always been the case. Money has at times been asset backed or underpinned by commodities. This removes the control of central banks and governments and provides transparency to the people. They can see and understand what there money is worth and why.
When these currencies failed it was due to a lack of technology to provide transparency. The lag between value, how much money is worth based on the price of the commodity, allowed arbitrage meaning the holder of money was often the bag holder. People could buy money and turn it back into the commodity and make more money. This can’t ever work.
Fortunately we now have the requisite technology to achieve what historical precedent hints at. Smartphones and the internet have filled that gap of knowledge which is why crypto is emerging— the problem is that it has become a gold rush of creation and speculation.
Current prices are probably a speculative bubble
That doesn’t mean they won’t last
Novelty proceeds Utility, we are crossing that chasm
Crypto is critical if we are to control our sovereign fate. Individually we must posses ultimate fiduciary control of our future, and right now that is simply not the case. In a world of quantitative easing and inflation there is no way to guarantee our wealth. We are in desperate need of better safeguards.
That breeds opportunity
We must assert dominance over those who try to control our financial future and the only way to so that is to own it and decide on its evolution.
The future of money is digital, it’s consensus distributed control of a currency underpinned by assets. John Law might have failed in the 1700’s but that doesn’t mean he was wrong. His system works across both Crypto and Traditional money. It can be used as a mechanism to enable the other, while providing a route to participation for everyone irrespective of which side of the debate you align with.
He didn’t have the technology
Now it’s our job to build it and realise a new operating system for capitalism.
It’s about enabling universal access to asset classes which have let the wealth gap grow to outrageous levels, taking back control and endowing each of us with the potential to subsist more fruitfully in the future.
We don’t need everyone to believe, we simply need to build the future we see.