Crypto is a religion, not an investment
I can see why many people refer to crypto as a religion. When I was in my teens, I went to church on a regular basis and participated in most of its activities. There is an outreach program in which evangelists travel deep into the jungle to share the good news of Jesus Christ to the unreached. Not sure about other religion but for Christianity, I think Jesus made this viral 2,000 years ago when he commanded his twelve disciples to go make disciples of all nations.
“Therefore go and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, and teaching them to obey everything I have commanded you. And surely I am with you always, to the very end of the age.” — Matthew 28:19–20
The West then embraced this as a colonizer. During my history class, I vividly recall the catchphrase “Gold, gospel, glory” during the Portuguese colonization in Southeast Asia. I’m always curious how much of it was genuinely gospel. Just as some attended the church to meet their match before online dating was a thing, how much of it was ever for the gospel? It’s okay, no judgment.
In any case, looking at pictures from Crypto thought leaders and crypto bros is often a trip down memory lane. Obviously, the crypto bros can’t keep such exciting technology to themselves. Same outreach strategy, different prophet this time.
The following are my opinion and I hope it will give you some insight and encouragement to start exploring crypto and DeFi, it’s probably nothing.
Taking a step back and seriously thinking how to deploy my capital as we hit the depths of the bear market/recession. Not financial advice, but I think we are probably closer to the bottom of the market than the peak, the darkest before the dawn. If you are with me on this, you should consider yourself extremely fortunate to be blessed with potentially the best investing opportunities of your lifetime. As such, how should you deploy your remaining funds, if any? Should you invest in cryptos?
Birth, growth, maturity, and death are all stages of life for any living creature. Just like the circle of life, every business and industry has its own lifecycle and life span. I believe that Web 3.0 is in its growth stage. The Web 3.0 has seemingly endless possibilities. As long as the funds don’t halt, devs continue to buidl, new features and use cases will emerge, perhaps leading to the next bull market when the money printers are turned back on.
Traditional finance is dominated by large institutions and packaged to look secure and well-governed, yet it is filled with exclusion and exploitation. It creates a false sense of security.
The appeal of Web 3.0 is based on its permissionless and trustless state. The blockchain technology enables self-custody, which is what gives us sovereignty since it grants ownership of the asset as long as the nodes are active. What good is Web 3.0 if it is not permissionless and trustless?
Watch Balaji (formerly the CTO of Coinbase and General Partner at Andreessen Horowitz) discussed the eventual users of Web 3.0
Time stamp - 2:56
https://www.youtube.com/watch?v=Ilx7M8mRPyQ
Permissionless and trustless allows for decentralization in that it is not governed by an individual, organization, or even the government, whereas most asset classes and currencies are controlled by particular groups of individuals who may make policy errors. This has become more obvious in recent days, as seen in the devaluation of major currencies against the United States Dollar and the implosion of banks and Ce-DeFi.
Through innovation, blockchain technology has forged a new paradigm for banking the unbanked. It has provided the world with equitable access to the new Web 3.0 financial infrastructure, DeFI.
DeFi does not evaluate your eligibility based on your background or current status. There will be no arbitrary assessment, as in our existing financial system.
Of course, most people reading this probably don’t see the necessity for DeFi because they probably have access to a decent enough financial infrastructure. However, putting yourself in the shoes of an unbanked person, not having access to the fundamental financial system forces you to remain in the back seat of society. That said, you’ll never know when you’re banked until you’re not.
Insurance, investing, funding and trading are examples of financial services that allow individuals to gain assurance, access to capital, and compound wealth that would otherwise be unavailable to the unbanked population.
Big thankyou to the evangelists that has helped fight FUD and spreading the word since only through evangelism will such technology be adopted, broadening the possibilities and the overall Web 3.0 economy and addressable market.
Thanks for reading, stay tuned for more crypto & DeFi content!
As part of my new year’s resolution to tell better stories inspired by my friends at work & crypto OGs, I will be sharing my experiences with crypto.
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