Life has been hectic lately and I must apologise in advance that my thoughts might not be sorted very well. But there are some reasons to be very positive about crypto right now. But let’s try and do this in chronological order.
As you may very well know, my mind has been mainly on the gambling dapps on EOS lately, but as they have fallen one after the other I have like many others lost a little bit of interest. Revenues from dividends is down 90% and it is a walk in the desert. Dry and boring. The thing, like it or not, is that to be able to use EOS right now you need..well, let me put it this way..some IQ. I’m guessing 60% of the world population or more will have a hard time onboarding. There are just too many steps. Put fiat into Coinbase, create an account on an exchange, set up 2fa, send btc/ltc/eth to an exchange, buy EOS, create EOS account, send to EOS, and then download Scatter, create keys..it’s just something that takes people HOURS of their life. And the average person can’t even focus their eyes on something for more than 6 minutes. So there are mainly pretty smart people in crypto and in EOS. And that’s what I’m seeing too. Everyone I interact with on Telegram is smart. And I know this – I’ve been studying intelligence and psychiatry. Even the ones that like to call them selves “gambling degens” are clever guys who is not really gambling in the traditional sense. They are investors who are willing to take higher risk basically. And when 99% of the people using the gambling dapps are high risk investors who after some weeks and months are done acumulating and waiting for dividends to pour in..well..but where are the real degenerate gamblers? Of course they are no where to bee seen, because they are not in EOS.
But the reason why I am not selling my main gambling tokens is because of two things. Simpler onboarding to crypto and EOS is bound to happen at one point, and two, these gambling platforms will evolve and eventually add more advanced pvp games. And when game theory games as well as games like Texas Hold’em etc arrives it will keep the attention of the smart high risk investor – that IS 99% of the EOS community.
So the main reason that EOS is having a lot of problems has to do with onboarding. We are just not getting people into the space at a fast enough rate. And while EOS dapp users has stagnated TRON is moving fast and essentially copying most of the stuff that has been done on EOS, but with their..how to put it, funnier and more laid back approach onboarding is easier. Not very complicated. Whereas on EOS when you browse through the different Telegram chats – it is starting to sound more and more like a UN meeting. Too much political-ish stuff. No one wants that these days. Politics is out. We don’t want politics. At the same time one can argue that in order to build and be at the front lines of a decentralised blockchain we must discuss these topics like vote buying, block producers, decentralisation etc. Building a hassle free centralised network would be drama free, but then again..not decentralised. And I’m sure TRON will run into difficulties as well, and if they are just going to copy EOS..well, EOS will always be ahead.
It’s interesting to witness that the Telegram groups are not increasing, and other than the “genesis-people” there are very few new people asking about EOS. This is not just for EOS, but a general trend. However, looking at
So what are some potential triggers for crypto adoption right now?
Well, any news is good news as they say, and today I read about a tragic case in Norway where a 68 year old grandma and wife of one of the richest men in Norway – living a humble life in a normal home just outside Oslo, was kidnapped 78 days ago. The media was never informed and the police had been working in the shadows. The kidnappers wanted the ransom paid out in Monero. Unfortunately neither the kidnappers nor the woman has been heard from for weeks, so now they are finally going to the media. What a horrible horrible scenario, and you can just feel the panic her family must have been going through. And while these crypto-ransom cases are extremely rare compared to criminals asking for ransom in USD..it is increasing. And in a morbid kind of way it shows utility and adoption. The more the media writes about it, the more it gets into peoples head. Crypto crypto crypto..it’s bad, it is used by criminals..but at the same time each time a story like this gets out, people start to do their own research. “What IS Monero really?” “How does it work”. There’s enough intelligent people on this planet to make crypto go 100x. And we have to grab their attention somehow. Not suggesting you kidnap people and demand ransom in Monero..of course you demand in EOS! Just kidding obviously. But any news is good news. And any rational person will understand that these 10-20 reportings of crypto related kidnappings are dwarfed in comparison to regular kidnapping ransom demands,
And that might not be a trigger for crypto adoption to be honest, but something else is. And this something else is how I see it, the extension of the Occupy-movement. The Occupy movement was back in 2011, and was mainly a left-wing protest against wall street. Of course, very much like the hippie movement they were taken inside in a warm home and given hot chocolate and now the former occupy protestors are online SJW’s who’s main purpose is to make sure the rest of us has “Rekt SJW’s” and “This week with SJW’s” and so on to watch and laugh about on Youtube.
But the yellow vests in France that are now spreading accross western Europe has a different character. This is more heavy metal. They don’t pledge any particular political affiliation, and while the increasing tax on fuel triggered the protest, it was probably just the last drop in a full glass. Now they are protesting immigration and finally, finally…they get it. Now they are aiming at the banks. The money. And of course, that is finally the root cause of the problem. Or at least very close. The problem is of course government backed FIAT currency. But attacking the banks is very powerful. I’m not an expert on this, but of course if you can organise a bank run, like they are organising now and sufficient amount of people withdraw their money at the same time – the banks cannot stay solvent. The banks only hold a few % of the money, the rest is out there in a dark space of derivatives and debt speculation. And while most yellow vests probably doesnt know about Bitcoin yet – Bitcoin enthusiasts are increasingly visible. Painting Bitcoin on the back of their vests, doing grafitti and art and telling people about it on social media. Because if you take your money out of the bank, you need some other kind of money. Hello crypto.
Ultimately this bankrun could have a huge effect and crash the French economy as well as the Euro. Of course, the old money will not give up easily, but eventually people have had enough. If you cannot see that well too bad. You can’t keep messing up the economy by taking in millions of people and put them in a suburb without any jobs causing crimes to raise and segregation. You cannot force people to live together. Money has to come from somewhere. And when the original population feel the effects of a policy where you take from one group to benefit another, well..you get clashes. And aiming the hatred towards the banks and the politicians is exactly what you should do. NOT towards each other.
Russia Buying Crypto?
According to a person allegedly working closely with the Kremlin (yes, take this with a pinch of salt) Russia is, because of US sanctions, dumping USD and buying Bitcoin instead. This will happen within weeks.. I don’t really believe it, but perhaps it is iinevitable that state actors do this eventually in an economic war. Putin said that it is not them leaving the USD, but the USD leaving them. And if there is one country that might strategically buy a lot of crypto, it could be Russia. They are not stupid, and as the west becomes increasingly intolerant against anyone who is not a political correct SJW and playing a dangerous game with free speech and the welfare state and money politics, we are seeing a shift towards the eastern european countries are basically just doing smarter things. So it would not surprise me at all that these countries and even Russia (I’m not saying that Russia is a free speech utopia…) could be taking big moves towards real liberalism instead of well..socialism that we are increasingly getting here in the West. If there is one thing they don’t want in the east it is socialism, because they know what that leads to.
We could literally see a national level FOMO..even if countries invest 0,5% into crypto. Think about it.
So all in all, there are a lot of exciting things happening for sure. Big things, and perhaps people are going to have to move over to Bitcoin and crypto more out of necessity than investing sooner than we might think.