When the color tv came out in Italy in 1970s, the local authorities revoked most TVs claiming they didn’t do enough testing and that they could be harmful to the watchers. Maybe they were right, maybe not. The point being that it was a disruptive technology that the government tried to regulate because they didn’t understand it.
Another example is the internet.
First considered a “passing fad” , then massively adopted by everyone with a smartphone or a laptop in the whole word.
I remember Bill Gates in an interview on the David Letterman Show being made fun of because he was explaining what the internet was and how it was going to change the world.
Bill: “[The internet] is becoming a place where people can publish information […], sending electronic emails…”
Interviewer: “a couple of months ago there was a big breakthrough announcement that on the internet […] they were going to broadcast a baseball game […] and I just thought to myself “does radio ring a bell?” “…..
Bill: “You can listen to it whenever you want”
Interviewer: “Do tape recorders ring a bell?”
… and so forth. It was honestly painful to watch, but Bill was laughing. Not with him, but at him.
You know where I am going with this, but I want to make it crystal clear.
I humbly believe that whenever there are big innovations involved, people get scared.
People will try to defend the status quo because “change” scares people. Changing jobs, changing homes, changing partners (lol) is a scary feeling because we are programmed to seek security and stay in our comfort zone.
If our ancestors found a good cave, with plenty of sources of food, they didn’t need to “get out of their comfort zone” and fight some lions to secure their next meal.
Change is scary and this technology is hard to understand. Some people are trying to understand it, but it’s honestly hard as hell. I have been in this space for many years and I am still learning new things everyday.
New consensus mechanisms, different types of blockchain, validators, delegators, miners, has rate, incentives, oracles, etc etc. The more you learn the more you want to learn and the more you realize there’s more to learn.
This is to say that most people will just brush it off because they don’t want to use brain power to understand it.
Let me get this straight: it is totally OK not to want to learn it. I don’t know how emails work and yet I use them everyday.
I don’t know how the internet actually works and yet, again, I use it everyday.
Same with phone calls, text messages, TVs, etc.
That said, it takes time to get used to a new technology and that’s why people are freaking out.
Most people will just brush it off because they don’t like what they don’t understand, until they realize that they can start using the technology without really knowing what’s behind it.
I believe we are still early. As of today it’s pretty hard for the average user to setup a wallet, write down the seed phrase, engage in decentralised finance protocols, $AAVE , Uniswap, Pancakeswap, Curve, then finding the right staking provider, then sending tokens between wallets etc.
As it is now it’s not set to appeal to billions of people, and this is a good thing. It’s a good thing because once companies start focusing on customer centricity and experience, everyone will want to be a part of it.
New companies will be born on the blockchain, new services will be provided. Web3 is all about shifting power from big corporations to the users and it’s happening right in front of our eyes.
$BTC and $ETH are not 1 year investments. These technologies will change the world as we know it and they will find resistance from the very same people that benefit the most from an inflationary fiat based world.
I am willing to trade and invest in the aforementioned crypto for the next decade and possibly even beyond that.
With all of this being said, not every crypto is the same, just like not every stock is the same.
Comparing BTC to TurtleCoin is like comparing $TSLA (Tesla Motors, Inc.) (Tesla Motors, Inc.) to Theranos. And there’s a reason why Theranos doesn’t have a ticker.