Crypto Space and U.S. Politics

Dmitry Savelyev
Sep 2, 2018 · 4 min read

I intend this post to be helpful to newcomers that are just getting into this insane world we call Crypto Space and try to explain continuous bickering that goes on Crypto Twitter. Yes, we are adults (well most of us are), but we are so passionate about our cryptos that sometimes we forget it. The space reminds of current U.S. politics where party views became so polarized and inherently entrenched in our minds that acceptance of new ideas or thoughts became impossible.

My story is fairly short (about eight month long) and not UNUSUAL. I FOMOed in at the top of the market and kept on averaging down over the next couple of months. It’s been very painful financially, to say the least, but in the process, I started to dig deeper into the rabbit hole and found myself fascinated with the space. Happy to say that my next career will be dedicated to crypto.

The perpetual argument in Crypto Space is between Bitcoin Maximalists and Altcoiners which is reminiscent of arguments between Democrats and Republicans in the U.S. Both are focused on their own truths, unwilling to compromise and prefer to live in different dimensions. Recognition that not everything is black and white seem to escape both fractions.

First, let’s examine the group that thinks that their Magic Coin will somehow replace Bitcoin. Let me dispel this, if this was to actually happen our little experiment we call Crypto, Blockchain, DLT or whatever else you wish to call it is DEAD. In order for the industry to survive Bitcoin needs to remain a King. The king has been born and crowned, get over it, there is no “Flippening” that is going to happen and if it does God help us all.

The second group is the so-called Bitcoin Maximalists, which is usually very tech savvy and harder to dismiss than a previous group, as they usually have much better understanding of the technology and as the result their arguments are way more convincing. Their belief is that everything besides Bitcoin is shit and deserves to die. If you have any sense it’s hard not to agree with them most of the time, but the point that they miss is that this is the nascent industry, and no one knows what it will look like five years from now.

The third group, to which I pledge my allegiance, have a deep belief in Bitcoin and everything it stands for. Bitcoin’s main use case of being trustless, decentralized Sound Money is revolutionary and has potential to change the world from the economic and social perspective. However, we also believe that there are plenty of other use cases out there and many industries and processes will be disrupted by Distributed Ledger Technology.

If short Crypto history is of any indication the top 100 coins will not look the same in five years. Most projects we know today will fail while new ones emerge. dApps, lApps and the like will run on Ethereum, EOS, NEO, ICON or some other yet unknown platform. New computer languages will be born, today’s leaders of the industry may become obscure while unknown newcomers will arrive on the scene and disrupt many industries. There is nothing wrong with that model and we saw it work in the recent history with the rise of internet.

As the reasonable person I like to listen to both sides of the story and try to stay as objective as possible. For example, when I see something happening in the U.S. I usually turn on CNN for and then Fox News, I believe that gives me a more balanced point of view from which I can later form my own opinion, even though I rarely if ever agree with either of those network.

I believe in the same approach in the Crypto Space, listen to smart people no matter how different their opinions are to yours. There is more value in listening to someone that disagrees with your world view. Make your own conclusions and never be afraid to change your mind.

Do yourself a favor learn how to filter the noise in Crypto Space, because there is a lot of it. The market is immature and volatile, it’s Wild Wild West out there. Crypto is the baby that is just learning to crawl, then walk, and when it runs it will be spectacular.Separating the truth from fiction will take skills and hard work, but the rewards will be awesome. Witnessing and being a part of revolution gives me chills.

Dmitry Savelyev

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