When you do a search for smart money here’s the current definition:
“Experienced, well-informed investors, gamblers etc considered as a group.” -Wiktionary https://en.wiktionary.org/wiki/smart_money
Wait a minute! We have smart cars, smartphones, smart TVs, smart toilets but we don’t have smart money?
This is absurd! But we do in fact have smart money right now and I’ve been living off smart money for almost a year now. It does exist and it’s better than regular money for a number of reasons.
I read an article on Steemit written by @pfunk and in it, he suggested that everyone in the cryptocurrency world should just start using the term, ‘smart money.’ That made a lot of sense to me too, as I have been gnashing my teeth about this issue for some time now. I think he made an excellent point to start using the term ‘smart money’ and I’m ready to embrace this too. After all, cryptocurrency truly is an advanced and very smart form of digital currency.
It can do things that regular money cannot, like, be transferred to a friend in a foreign country in a matter of seconds with very low transaction fees. Some digital currency has privacy features that regular money cannot begin to compete with. And the most advanced feature of smart money is that no one government, corporation or powerful entity can control it. This is a huge deal because that means the flow of smart money cannot be restricted, contained or blocked by a particular group of people.
It’s pretty obvious that mainstream society will not be adopting cryptocurrency as long as it’s still called cryptocurrency.
The ‘crypt’ part of this word conjures up images of evil goons who inhabit rat-infested, scary underground crypts where spiders, used needles and drug deals gone bad live side by side. There is just no getting rid of evil imagery as long as the word ‘crypt’ is involved.
The average person has no idea what cryptocurrency actually is, and they won’t bother finding out due to the creepy sound of it.
Humans are still wired in such an emotional way and this has not been properly factored into the understanding of how to help Bitcoin and other alt coins become adopted by the masses. Smart coins would be my favored term to describe alt coins because of the negative association with Alt-Facts, Alt-Right, etc.
There’s another thing that’s crucial to mainstream adoption: trust. Most regular people trust their banking institutions with their money. Individuals spend very little time worrying about the safety of their money. They are fine letting someone else deal with that. There are fraud departments that exist in banking institutions that make people feel more secure. It takes a long time to build up enough trust when money is at stake. Most people are not willing to gamble with their hard-earned cash in some alternate alt coin cryptocurrency world. It all sounds too risky and too scammy.
We are accustomed to money being like water whose flow has been constricted by giant dams. Those giant dams are the multi-national corporations, governments and uber rich families that have dominated and controlled the flow of money in the world for a very very long time.
But what if money flowed more naturally like water and in a decentralized way that is separate from the control of corporations and governments?
What if money flowed from person to person and banks were not in the middle? What if governments didn’t create money in a haphazard, willy-nilly fashion but instead, a mathematical algorithm created digital money in a stable, methodical and logical pace, with predictable outcomes?
What if security was built into this new smart money in such a way that it was resilient and robust? What if people from all over the globe secured this system and maintained its safety, security and value? How would that disrupt everything? How would smart money change the power dynamics in the world, in the corporations? How would this change the way we work and live? It is changing all of these things. I’ve seen it with my own eyes.
However, I think the same forces of centralization will rule in this new digital currency world as greed has a way of asserting its nasty head over and over again. I think over time there will just be different rulers. Call me pessimistic, but I see the real obstacle towards progress as being a flaw in human nature, not technology. Technology is only as good as the humans designing it and using it are. Just because you can write code doesn't make you a genius. Holistic thinking is more important than ever before. The era of the "lone genius" is over. The ones who succeed will be the ones who can bring forth the best in everyone and create a cohesive, unified force that keeps attracting intelligence and shared values.