What Happened To All The Excitement in Crypto?
Rewind about 7-8 months ago...
The crypto space seemed to be on fire. Bitcoin was crashing through all time highs everyday, the markets were green and moonshots were a regular thing...ICO's were all the rage and it seemed like all you had to do was drop a dollar in these markets and then it would double instantly.
Was it all just a dream? Did it really happen? Or maybe the better question is...Will it happen again?
My biggest concern with the crypto market isn't the fluctuations in price, because something like this is so new, people are not sure what to make of it yet...
No my concern is that it attracts the wrong audience...
You might have seen a few of them back in late 2017 and early 2018...They were everywhere!
The YouTube 'experts' that showed you how to get rich with crypto in a week or less - Of course you only had to drop about 500 bucks on their 'online training services' to learn their ways....
There was also an influx of highly visible 'content creators' here on the STEEM blockchain as well that seemed to say all the right things like; "I'm here for the long run!", "We've got so much planned for the future!", "I'm going to only use STEEM from now on, I'm done with SnapChat!!!!"
Lots of talk, lots of hype and a whole lot of promises...
So what happened?
Obviously at first glance, one would say that the markets haven't been that great in crypto this year. It's hard to get excited for something that you lose money in daily...
But I feel that's the easy way out. To blame the markets....
Personally I feel because of the hype and hoopla we attracted the....Get rich quick crowd!
A little back story of mine, I've been involved in the internet marketing industry for almost 20 years now and these type of people are common place in my line of work. They will hear stories of instant riches and drop everything (including the kid's college fund) into a brand new shiny opportunity that is guaranteed to make them rich...
Of course, this doesn't happen and they end up giving up and saying 'internet marketing is a scam'...I 'lovingly' call it the internet marketing vortex of doom...
(I'm a horrible artist!!! But this a visual representation of the 'vortex of doom')
And yup...This is true for crypto (and STEEM specifically) as well...
People join this platform because they hear they can get paid for blogging and sharing content. They spend about 2 weeks to a month, learning the ways and poking around. They may even buy 50 bucks worth of STEEM to power up...But then, it starts to spiral down...
The markets take a hit, and they aren't making any huge return from their efforts. Less people seem to engage with their posts so they stop engaging with others. The fear mongers start screaming that STEEM is going downhill and it catches their attention...
They give up!
And then they find EOS...Rinse and repeat!
So I thought long and hard about what I was gonna do for this month's HODL challenge and I came to the conclusion...Right now...I don't WANT any other 'opportunities / crypto' in my portfolio. I refuse to become a victim of this vortex of doom and will focus my energy, research and promotion of the projects I already hold and will continue to hold for the long term.
And yeah, that means I'm all about STEEM going forward!
Call me crazy, ignorant, naive...Whatever, but I will not end up like the get rich quick crowds because when I say I'm holding long term...I mean LOOOOOOOOOONG term!
That doesn't mean I'm not doing any more HODL challenges going forward, in fact I'm always looking for some awesome crypto projects...But unless I can actually USE the token now, and it has value for me right now, I'm not interested.
So apologies if you were looking forward to the HODL challenge this month...But now I think we need to start USING these coins and crypto currencies as much as we 'hold' them!
Catch me live in Toronto this September at the Steem Creators Conference and SMT Summit!
Posted from my blog with SteemPress : http://plus1daily.com/what-happened-to-all-the-excitement-in-crypto/
Jon, I can relate to this message on multiple levels. What you are explaining is the difference between the dabbler and the master.
The dabbler sees a shiny object, tries it out for a bit, gets discouraged, then gets distracted by another shiny object and goes down that path, but ultimately never gets anywhere. They are like a hamster going around on its wheel keeping busy but not making any progress.
Then you have the master who chooses an opportunity or a passion of theirs and pursues it UNTIL they reach success with it. Masters do not allow shiny objects to deter them from their chosen path.
I had that get rich quick mentality in the past, but along the way I realized that going deep with a single plan of action is what leads to success. Honing your skills and building a solid foundation of expertise in one, maybe two areas, is key.
Steem is definitely my number one. I enjoy both blogging and cryptocurrency is having them both within a single platform is truly phenomenal. Keep on Steeming my friend. We are on to something huge here.
-Ken
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thanks for the comments man. appreciated. and yeah i think we all had that mentality at one time or another.
so important to stay the course and like you said ‘master’ one thing instead of dabbling in a bunch.
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Well said. Many people joined steemit for differnt reasons doh vast majority would fall under d get rich quick reason, everyone wants to make a few extra bucks.
But my question for u is do u have any idea on hw we can revive d crypto market? If yes, i would be glad if u shared. Because its high time we stop pointing accusing fingers and start looking for solutions. Thanks
i think it comes down to actual use cases. and people spending crypto and using it daily. then it’s more than just potential and a store of value. it’s real currency! thanks for the comments :)
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Thanks for d idea
Ah yes, November and December 2017 were . . . what put us where we are today? A correction was imminent.
Many of the ICO's everyone hyped are now in the micro-penny market valuation, or, long gone. I see that as an improvement overall, as not everything should be on the blockchain and stronger projects have moved forward.
Taking a brief hiatus from the HODL Challenge is logical at this point. Focus on what we have and make better determinations about 'where' we are going. It's not gone, we are just holding the HODL!
Great post overall, and one that brings up valid points for consideration. Good stuff!
ya lol exactly. and to be honest i wanna see more use in the projects we are holding now too.
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This is IMHO one of your best post! I have seen so many get rich schemes and pitches over the years... you are right... when you show it like a scam you attract the scammers and the naive people that are around for the big pay day. When the going gets tough... the not so tough bail out! The tough ones and ones here in the case for the right reason will take it to the moon!
So stay the course like you are doing... In fact, you are doing your on correction! Sticking with what works and you believe in. Why jump into something that has not been proven? Steem has been proven... it was started from pennies and at a dollar+. It is not about the big buck as you point out... it is about doing +1 daily! Building relationships, continual postings, live shows, recorded messages, reading others, and showing you really do care and are hear to help others!
HODL on tight!
YouWe are taking the LOOOOOOONG ride!! :)yeah man. it’s not perfect by any stretch but it’s a proven social media platform. and we need to remember that!
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So true... for me it is a much better environment than others I have worked on!
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I think you're totally right, it was the wrong people that were attracted, which set the entire market off balance. And I can see how that would be a particular vulnerability with steem.
I'm so grateful that I never was told that I'd make a lot of money here, so I didn't start that way, though I was drawn by the idea of simply being paid for my content at all when I was having to pay Facebook for people just to see my content on there.
But the main draw for me has been having a community of people interested in reading the rather meaty ideas I write about. That's just so precious. That I've started making a little money (that I never withdraw) is just a sweet bonus. Though perhaps there will come a day when I can actually support myself with steem earnings.
That day will only come if enough people are attracted to the crypto market in general by the idea of what it can do for the world that they want to be a part of and benefit with. It won't come from people showing up with their begging bowls out.
appreciate the comments! yeah i think in 2 years or so this platform could potentially replace some major social media markets. i know myself i’m focusing my efforts here. it’s a bonus if i even get one penny from an upvote but what keeps me coming back is the potential of this place in a few years :)
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Yes Jon I was one of those people looking for a get rich schemes and quitting when it wasn't working. Now granted this is not a get rich quick scheme, but at least you can see some kind of funds coming in on steem every day, so this makes it easier in my opinion to listen to experienced people like you and stay for the long haul. In my opinion some activity forward is better than no movement at all
Agreed. Oh do I have stories of falling for schemes and scams over the years. But you are right. At least you can see the growth here. Easier to get behind something with strong community and potential.
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I agree whole heartily
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I will start by thanking facing the reality. There is a point you missed though
I'm currently all about Steem at the moment though I've got a few Cryptos that I don't wanna sell in lost.
BTW Steemit, Discord, YouTube and Whatsapp (only use Telegram for signup and bonus purposes) are social media for me right now.
it’s remarkable isn’t it. everyone was an expert on youtube 8 months ago....they seem pretty silent these days lol
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Exactly!
When I got to know about steemit about 3 months ago it was overwhelming. There was just so much to do with discord, airdrops (I got know about airdrop trial some articles I read on steemit), and so many other things. But I decided to stick with steemit because it's the perfect outlet for me. Yes it might not be as lucrative as I was told, but I rather build little by little.
The crypto world is going through a transition where those who are genuinely interested and those who are just here for the quick cash are being separated and it since like a daunting experience. But I believe those who stick long enough to see things through will be glad that they did.
That’s exactly how I feel. I am never gonna get rich off this but it allows me to create content, meet amazing people and invest in something I believe in. It’s been an awesome journey so far as I’m sure you have seen!
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A very good plan Jon you are always saying you want more coins of the ones you use. So I can see more steem and lite coin in your future.
for sure. i’m pretty happy with what i hold now and the first half of this year taught me to stick with things i believe in within crypto.
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@jongolson The market may be down but we choose to keep earning steem and keep hodling it, you can still profit. Great attitude to go for steem! My little upvote goes to you!
Appreciate that :) and yup. Accumulate STEEM. that’s the mission :)
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