The Misinformation & Ignorance Around Crypto

Hey Jessocailists

Bitcoin and Alt Coins have become second nature to a small subset of the population, I mean if you're reading this post you're pretty much knee-deep down the rabbit hole, and you realise the value of what we're trying to build with this new technology. If not you're in it for the money, and that's fine too, cryptocurrency means something different to everyone, but we're all welcome.

A technology like this is hugely disruptive, and it's going to step on toes and challenge beliefs and while most people have no idea what it is, what it does and how it can change the current system there are a few who see it as a threat. Those who have benefitted from the current fake fiat money system are not going to let it go without a fight, those who can't understand concepts like a trustless environment, a blockchain and instant settlement refuse to realise that there is so much value in this new way of transacting.

Writing crypto off when the writing is on the wall for fiat

Instead of trying to learn and contribute to what we're trying to build and support here, they instead try to spread misinformation. While some think they are smart because they succeeded in the previous system and because crypto challenges conventional financial believes they feel these clashes make the project illogical.

Both these ways of thinking means that they don't take the time to view things from another point of view and instead try to spread misinformation to try and deter people from wanting to find out more and to get involved in cryptocurrency.

Image source: - YouTube

We have the right to exist

I recently saw this video of an old head who understands the current economic system and has some smarts in tech but nowhere near enough knowledge of crypto to be able to provide an educated opinion. This is a snippet of an entire interview I have not seen, but this 5min clip does kind of some up the many stories I've heard from normies when I've spoken to them about crypto.

While I could debate all his points one by one

Deflationery system

He says a currency can't survive to be deflationary as no one would want to spend it and his correct in that assumption we all HOLDr's know this to be true. No one will spend it because it keeps getting more valuable.

However, BTC like gold could be used as collateral to get debt and doesn't need to be the final settlement layer which is one option

The other will be once BTC reaches a large enough market cap where daily volatility doesn't matter for overall buying power it can be used as a daily settlement on the Satoshi level, especially with help from the Lightning Network.

Mining power

As the hashing power of the network improves it gets harder to hit the network with a 51% attack as the malicious person would need way more resources to overpower the rest of the network.

Even if some country or government wanted to spend billions to try and acquire it to bring it down we would notice a consolidation of power way before then and could tank the price making it not worthwhile by moving to other cryptos.

Only used by smugglers

Why on earth would anyone want to use a currency where transactions are open and available to anyone and remain there for life, and no one can alter those transactions?

We've already seen proof of people being caught for illicit activity using Bitcoin. With financial security only improving and reaching of the blockchain becoming even better, I don't think criminals would be keen on using BTC. Why would I take that risk when I can use the corrupt fiat system where the illegal use of it far exceeds the total market cap of BTC and I can bribe central authorities and gatekeepers along the way.

We've seen many banks accused of money laundering and those are only the ones we know about so far. Surely you can think logically and assume any centralised system where transactions are only privy to a small set of people are easily compromised.

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The fate of fiat, awaits

I thought I'd some up by saying if crypto is so shit then the market will work us out eventually and we're not hurting anyone. If crypto is shit, then we should still have the right to exist since we won't have much effect on how the world works. If crypto is shit, it still has the right to exist, and people who want to use it should be free to do so.

Unlike fiat we're not forcing anyone to get involved in crypto, it is only by choice of the individual.

On a personal note I'd like to say that people like this can keep their failing fiat I don't mind one bit, and by the time we are on a mature crypto market sadly these baby boomers will be long gone. Like it or not, but your system and the people supporting it are dinosaurs and cannot live forever. Change is coming whether you like it or not.

Let's connect

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