Why is crypto hated so much?

What nobody is talking about that is burning some under their clothes

Photo by Pawel Janiak on Unsplash

You turn on the TV and flip to the business stations. They talk about stocks, bonds, currencies, ETFs, etc. Sometimes they drift into techies and geopolitics. Then there is the drift into bitcoin. Very rarely but deliberately. They talk about its all time high like Apple reports beating Q2 estimates. Only that it does not get analyzed. It is just said in passing. But bitcoin plunges down by 10%, they might even set up a 1-hour panel for it. Why is crypto hated so much?

They don’t really hate crypto, but they don’t like it. They don’t like it because they are not involved. They are not involved because they saw it as something for the outcasts. They saw it as something for outcasts because they swallowed what they were taught in school hook, line and sinker. They swallowed it because it was elegantly forced on their minds. It was elegantly forced because they paid so much for it. They paid so much for it because it was their way to get to sit on the big table. What’s the big table? It is where the large chunk of the wealth distribution gets allocated.

So who are those into crypto? They are mostly those who believe the big table should not be restricted to a select few. There is one thing those at the big table love, they like every other person who comes up to their level to eat from their very own table. They like it when life progresses like that. But when there is another table, another pathway to economic prowess that doesn’t involve the soul-piercing method they have known, they are against it. They don’t like it. They don’t even want to understand it.

Giving away money is easy, making it easier for others to rise to the top is the real deal

This is not just about bitcoin, it is about the whole crypto. A lot of people have bashed the idea of ICOs saying that there should be a lot less and people shouldn’t take part in it. I differ. Over the years, the major challenge of “from the scratch” businesses is capital. Many are subjected to hawks and sharks and cripple their business dream long before it launches. Private investors and VCs are good but they are not suitable for every founder or entrepreneur. So, Initial Coin Offering! Hate it all you want, but it is here to stay. I’m aware about the scams but it has only made the crypto investing community wiser. Have you lost money in crypto? If yes, thumbs up. Now you understand the pain of losing money. Your mistake was not investing in crypto, your mistake was not digging deep enough to understand what you are getting into. For the sake of giving everyone in the world a chance at success, I say thumbs up to the ICO model.

Take a look at the criteria to becoming an accredited investor in most countries. How can you get to that level without investing? Then, how can you invest (and get to that level) since you are not an accredited investor? It is possible, but quite slow and in many cases requires ‘luck’. People have got to learn somewhere. If losing money is the way Little Pete is going to learn it, so be it. But imagine Little Pete never finds out. He goes to school, gets a job, keeps working until retirement, only to find out the amount he’s got is half what he thinks it is. Little Pete born broke, showed the illusion of wealth, lived in the frenzy for a while, only to end up broke again. If that’s the life you want, it’s okay. But count me out.

Bitcoin doesn’t care if you had formal schooling. Crypto doesn’t care if you speak good English. It doesn’t care whether you are a stay-at-home mom or a fully tatted bike gang leader. It is just some bunch of letters and figures with some awesome characteristics. Value is exchanged, coin is exchanged. Life is a wonderful place if you have something wonderful to offer me and I have something to offer in return. It is the basic unit of every economy — transaction.

Why are they angry with crypto? It is because it tips the economic balance of the world

More people are going to participate in the economic world without borders. People want to pay for what they can see. Nobody wants to fund what they don’t want. Imagine a world where the government is crowdfunded, that seems to be where we are heading. People want to build, people want to strengthen, nobody wants to destroy, nobody wants to pay for another man’s laziness. People want to have control over what their money does. This is the new democracy.

Economic experts mock crypto. Very rarely does anyone of them speak graciously of it. They sheepishly acknowledge the technology but ridicule it’s practical use. However, contrary voice doesn’t mean independent voice. You can short bitcoin to $2k, but you can’t make me sell mine. I may not be able to influence it’s adoption today, but when my time comes this day will certainly be over. Your crypto dropping in value doesn’t mean you are rekt, you are in a bad shape when you don’t have a good income flow. Or your expenditure is greater than your cash inflow. Or your wealth is not well diversified.

Let us remember the main purpose of crypto. Let us not forget what bitcoin brought; Economic freedom, Economic options. Another path to financial resources. Let us stop begging institutional investors to come in, instead let us work more on things that will disrupt the status quo and add more value.

I rest my case

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