RE: "Cryptocurrency Should Focus Less on Profit" Says Vitalik, and my thoughts on this topic
Thanks @dana-edwards. I was hoping to see where you yourself come down on the choice between the two targets of focus.
I believe that building trust and perceived utility in whatever you're offering is on the pathway to making big profits, and so it is a strategic error to start down the road with a focus primarily placed on profits. I feel that profits should be viewed as a hoped-for longer-term goal.
"But what if you need profits now to buy food and pay rent", you ask? Fascinating question. I'd love to do a survey across the world to see what proportion of those who are making profits now started doing so from Day One.
As you know, in our business world a substantial proportion of profit makers started out with having a friendly banker or other financial backers in effect providing the money to buy food and pay rent while they were waiting for profits to arrive.
You make a fascinating comment here: "So far only making $$ has been found to have global appeal." I say this because what I have learned from the history of $$ is that the worldwide appeal has come about in part due to some rather Machiavellian moves made by powerful people. I'm sure you know that story.
Cheers!
Ask the average person, and a lot of people just want a job. If they have a job, a lot of those who have a job want a better one. If people can earn money form the blockchain that is an example of something globally appealing. Steem has that global appeal.
Bitcoin has the problem of someone always asking others to buy it. People don't want to buy a product they can't understand. People who don't have money don't want to buy a new money they barely understand. It is still very hard for most people to earn crypto. I would think making it easier to earn is globally appealing because if people need to pay bills, taxes, or whatever, then easy to earn combined with great store of value is a double win.
Thanks, and your remarks resonate with me, especially "It is still very hard for most people to earn crypto.". I cringe every time I see these "ra ra Happy Days" videos about how to earn crypto profits; because I have "been there" as an experienced options trader.
Yes, the early adopters have done great; but there are few of them (despite the hype). Even 5,000 is few, and I doubt the number s that large.
For the rest of us coming on board later, we had better develop some trading discipline and skills fast! And for every winner, there is likely to be a loser. And a very big winner might be associated with a large number of small losers (that's the story in the stock market.)
Cheers!