I keep seeing this ludicrous argument pop up from time to time. Most recently in this post about how 95% of cryptocurrency investors lost money.
Do people know how their smartphones work? No? Maybe people should stop buying smartphones. What about the Internet? How many people know how that works? Let's shut it down!
People don't have to know how technology works. In fact, it is literally impossible for one person to know how everything works. The product just has to be useful. With over a quarter million developers working on the Ethereum platform alone, it becomes obvious that usefulness is coming soon™ to smart contract platforms.
The cryptocurrency space is simply grossly underdeveloped right now. Imagine that Ethereum is a smartphone. All the informed tech enthusiasts know it's going to moon again and again. Why? Because it's a smart phone and the rest of the population is still using a desktop calculator. The operating system is up and running, but there are no apps, so ignorant people who look at it are like, "WTF is the point of this phone with no apps on it?" "Must be a scam."
Just wait for development to catch up to the hype. Patience is key.
What makes the market so speculative and volatile is all the dumb money entering the space with weak hands. Seriously though, SBD up to $13? Give me a break! People care way more about making a quick buck than supporting the foundation of a new economy. Greed ruins everything. This is why we can't have nice things.
This poll is a farce. Practically anyone who bought crypto before December made bank. The only thing that this poll shows is that a ton of people have been lured into a bear market because they saw Bitcoin hit $20k and they jumped in at the worst time. Maybe next time don't jump on the hype train as it's crashing into the mountain. Ah, who am I kidding? It's going to keep happening over and over again until the top coins are so popular that they lose a lot of their volatility.
If anything, this poll shows that most people who entered the cryptosphere did so in the last 7 months (I did), which only points to the fact that we are closer to mainstream adoption. What's going to happen if crypto moons again this winter? That 5% will jump to 50% and all the rest of the weak hands are going to be kicking themselves. Then the market will crash again, Bitcoin will be declared dead for the 1000th time, and the process will start all over again. The cycle continues.
Return from "Cryptocurrency Can't Become Mainstream Until People Understand It" to edicted's Web3 Blog
