The Biggest Shift In Cryptocurrency In 2022
We saw a lot of evolution in cryptocurrency over the past 5 years. Much of what was taking place back then is no longer. There was the ICO craze which provided us with the original "rug pull" environment. Of course, we have hundreds of projects that were going to be the "next big thing" only to wither away to nothing.
During that time, however, we saw massive advancement. Ethereum really pulled things forward with the smart contract technology. This opened a door for a massive transformation of society, something that we are only starting to embark upon at this time.
Technology is only one piece of the puzzle. The other is perception and how people view things. We saw a path taken by those in the cryptocurrency world that hindered our path a bit. That will change in 2022.
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Cyrpto As Stock
There is a great deal of discussion about how cryptocurrency is going to change the ownership model. Between NFTs and stakes in DAOs, we certainly can see this coming. However, we carried this viewpoint forward over the last half decade, changing the meaning of things.
Bitcoin came onto the scene as the result of the Great Financial Crisis. Satoshi envisioned a new form of currency that operated outside the traditional environment. This was to be beyond the reach of either the banks or governments. That goal was achieved but only to a degree.
The idea was to have a unit of exchange that people could transfer back and forth. Of course, it would have to also act as a store of value to be effective. Sadly, this took on a totally different meaning.
From what we can observe so far, it certainly appears the industry took a different route. This is often common with technology so is not totally surprising. In this instance, it is not so much the technology but the perception of people that charted another path.
It is safe to say that most cryptocurrency is viewed in the same way as stock. Perhaps this makes sense since many do provide stake in a particular ecosystem. Nevertheless, this carries with it a connotation which differs from what Satoshi set forth.
Talk is of mooning and Lambos. Discussions around Bitcoin and Ethereum mimic those around Tesla or Amazon. What is the price going to get to? How high can it go? What will the pullback level be? These are all natural when the monetary component is built in. Nevertheless, it does entail a totally different mindset.
This led to an industry that, for the most part, was built around speculation. Certainly there are the developers and builders who carry a different mindset, a group that is the minority in terms of the numbers. That does appear to be changing as people start to see the long-term vision.
The Biggest Shift In Crypto
The coming year, 2022, will see the biggest shift in cryptocurrency thus far. It is not going to be a technological one. Instead, we are going to see the mindset completely change. This bodes well for a blockchain like Hive.
What is going to happen is people are going to stop speculating on cryptocurrency, preferring to earn it. Here is where we will add an entirely new layer of crypto adoption that will accelerate the march forward.
For the most part, one needed to bring some resources to the table to get involved in cryptocurrency. The idea is to convert one's fiat to Bitcoin or whatever. It is safe to say this is what the majority of people involved did. Yet, when we think about that, does it truly make sense?
Here is another way of framing it. How many people engage in FOREX speculation? Is this something the majority of the population does? Are there large numbers of a given community moving their holdings from dollars to EUROS or vice versa? The answer is no.
While people do invest, they tend to take money earned and put it into something such as stocks or bonds. Few engage in currency trading as a means of profiting. Nevertheless, that is what most people were doing with cryptocurrency.
It is something that will continue but we are going to see a powerful layer added. This is going to align with the masses and tap into their sweet spot.
In other words, people are going to look to be rewarded for their time (and focus). If we are truly witnessing the establishment of the "attention economy", this is going to be a major component. It is, after all, a role that cryptocurrency can fill very well.
Play2Earn
This year saw the #Play2Earn environment starting to gain some traction. Games such as Splinterlands and Axie Infinity did a wonderful job of laying the foundation for what is possible. The former already laid out a road map revealing their plans of how to expand even further.
It is a concept that we can expect to grow in 2022. As more people are exposed to individual games of this nature, it is likely the idea will resonate with people. For the moment we suffer from a lack of options. That will change as more is rolled out.
The idea of earning a living from gaming appeals to many people. This will not be the only approach though. We are going to see many ways for people to get rewarded. As expansion occurs, the opportunities grow in number. We are already seeing this across many different platforms.
We often discuss the idea of network effects. Getting people involved is the key. It really does not matter what level they enter. Those who start with gaming will find themselves involved in many different aspects. This is unavoidable.
For example, when one receives rewards in-game, what does the person do with them? They might reinvest back into the game or they could opt for something else. It is the latter that will bring them to exchanges; to swapping out projects; to getting involved with different communities. As the infrastructure is built, more of this will be seamless.
Of course, there is always some form of speculation required. This occurs when one decides to hold one token over another. Anytime there is a swap, one is making a decision as to what he or she is optimistic about. That will continue to drive the cryptocurrency markets.
However, by adding this other layer, we see a couple things happen. To start, the numbers can appreciate significantly. The amount of people who are in the stock market is minimal compared to the total people who are compensated in the USD. By using cryptocurrency as a means of earning, we can see the potential for a lot more people.
The second is these people have a different mindset. They are not so much focused upon the "mooning" but rather what they are doing. Any transactions they embark upon is based upon activity and interest. Sure there will be a monetary component yet that is not the driving force. Instead, a token (or NFT) swap occurs because of the utility in terms of what they are doing.
All of this is going to revolutionize cryptocurrency. We already see the early foundation in place. It is probable that this expansion occurs at a rapid pace since the potential market is enormous. This is how we can catapult from an estimate 300 million people involved in cryptocurrency to near 1 billion.
The key will be shifting the mindset away from cryptocurrency as an investment mechanism to one that is simply the monetary component for our online activities&+. Gaming appears to be an area where this fits in nicely.
As this transition takes place, it opens the door up to a lot more people.
It appears this will be the biggest shift we will see in cryptocurrency in the coming year.
What are your thoughts? Let us know in the comment section below.
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I dont see a single improvement .. as long as Cryptos depend on Fiatmoney they will just serve the system instead of replacing it which was the intention behind the first Bitcoin in 2009 ... the seed of failure was already planted into the BTC-programm .. as long as the value of a Crypto depends on Fiat it cannot become a replacement .. so why Cryptos if they do not build a new world but just become some "assets" for (fiat) speculations ?
One reason I could think of is exactly community-driven websites like Hive. You can't have that system based on Fiat because of so many bottlenecks that are unsolvable in tradfi and the legal system around it.
I would also say that it is too early to judge if crypto will replace fiat or not. It can certainly be complementary during the transitory period but it's not that easy to value things in crypto or BTC when we can't really determine the real value behind it. As long as the speculation game is played very little will change in that sense.
But, again, crypto has already changed a lot of things in the world. Earning potential online has gone through the roof. Seems to me anyone can earn money working in this industry as long as they want to commit and treat it as they would a "real job".
That is a big step forward imo
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if something depends on Fiat it cannot replace Fiat !
the only crypro replacing fiat would be one with a fix value -- maybe connected to the goldprice .. and then split into nation-values (started by giving them the value of the BigMac Index)
If I want to pay with cryptos .. the only way to replace fiat .. and build up an alternative economy then I need a coin which keeps its value .. If I sell my car for 2 BTC today and this could be 120.000,- Euro and tomorrow the US government sells the 1,5 Millions BTC they own after the raid of Silkroad then my 2 BTC will have the value of maybe 2.500,- Euro instead of 120.000,-- and what can I buy for 2.500,- instead of 120.000,- ???
To build up a real alternative economy we must become independent from fiatmoney .. and one thing which is protected from all sides -- also by the elites -- is gold. so a goldstandard-covered coin would be a beginning to have a value .. and if Fiatmoney crashes, if - or when - we go into hyper-inflation in 2 years or whatever -- a fiatindependent Coin would survive and give people safety of what they earn or spend .. and only this way we can replace the fiatsytem !
Its really amazing what people DO NOT understand about the money system !
To replace fiat you need something that is (more or less) equally valued worldwide, like the US dollar. Before something like that appears nothing will replace the fiat system, ever. No one will accept a currency that exists on the internet because it is "fake money" for most of the world. You simply can't force an idea onto the whole world just because it sounds good to you.
Gold is priced in US dollars, thus Gold is also dependant on Fiat. It's really nonsensical to even discuss this because everything is valued in fiat for many very good reasons. How can you value Gold if you remove the US Dollar value from it? In houses or loaves of bread?
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yes thats what I said -- create a cryptocoin depending on the value of gold .. gold is protected even by the elites themselves so it has a stable value .. and start using this gold-value coin like every currency should be .. as an exchange instrument between buyers and sellers, employers and workers .. money must be stable and independent and NEVER be an object, a "good" for speculation itself ! This new coin would grow into the current system because many people would use it .because they can trust it . and it finally could replace the fiatsystem without hurting the small ones .. just the elites would lose ! Would break my heart but I think I would survive it !
Fixed money never resulted in major societal advancements. Do you think it a coincidence that you saw the greatest technological expansion in human history after the end of the gold standard?
And beside, Nixon ending it was just a formality. The Eurodollar system zapped that since the 1950s. Effectively it operated around the gold standard, meaning the US simply was shipping more of its gold out of the country.
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the greatest technological expansions as you call them were made before money existed .. the wheel, the fire, astronomy, the invention of writing or buildings still standing for tenthousands of years and will still stand after our crap will be long gone .. .. to the greek and egyptians .. we have nothing that was not there before .. or in our time was made in Germany when it tried to become independent from the centralbankers .. Germany was bombed to the ground twice because it wanted to get away from the banksters and was successful with it !
The only reason for ending the gold standard was expansion .. conquering the planet .. quantity instead of quality and centralization of power .. or simply called globalization !
And also in the US the founders warned - but greed finally overruled them !!
"If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered". — Thomas Jefferson
But there is one thing you are right -- it would not be impossible for corporations like the BigPharma or BigTech to take over the planet, to force people into vaccinations or steal their reedom if we had a stable (national) currency .. this "growth" is only possible via global-fiat-money !
PS: Gold has about the same value since thousands of years in history .. if you measure it in Dollars, Euros or Kauri-seashells of the pacific (in fact the daily goldprice is very different in different currencies - check it - and is NOT connected to the Dollar -- Nixon-Kissinger ended this in the 70s) ) .. its like the metric system .. its does not matter if you walk a special distance in feet or inches or meters .. its always the same amount of steps you have to make .. take a moment in time of the worldwide average goldprice and use it as a start .. gold will always keep its standard .. beside the new one you create .. later you can split the coin into national coins and give them the national power of economy and culture .. (you can use the bigmac index for this to start) .. so we could go back to a natural system where nations can trade like their economical power allows them .. the end of all kind of globalization !
2 days ago I wrote a post about the goldprice and hyper inflation .. in German but there are good online translators and its not long !
PS: Your "earning" depends on the loss of others who speculate to "earn" something .. its a speculation game and not an -"earning" -- real earning would be if someone sells his products and offers his services and gets good coins for it keeping their value .. what you are mentioning is nothing else than what the elites do with us .. speculation to make many poor for one getting fiat-rich !
Huge difference. People (including the rich) are putting money into crypto because they see it as an investment. Builders then take that liquidity as pay for their work because if no one is building the future there is nothing to invest in.
These two go hand in hand and it's the most efficient and fair system we came up with if you ask me. This is so much more than "stealing from the poor and uninformed" imo
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... if "builders" take the cryptocoins to build something then it might have the value of 60.000 today and tomorrow maybe 600,-- - depends on the mood of the "investors" to gamble a bit .. if Elon Musk sells BTC for 20 Millions the BTC crashes down 50 % .. and Musk has fiatmoney enough to buy them back cheap and earn another 20 Millions overnight .. always because somebody who paid 50.000 or 60.000 before is afraid that BTC will crash totally and sells in panic what he is holding althoug he is losing 50 % .. its a pure speculation .. like shares .. just hat shares usually have a companay behind and cryptos have nothing .. only the stupidity of Millions who think they can make a little extra and are betrayed by those who have a lot to gamble ! The Casino always wins !
Cryptos are one product of many possible running on a blockchain .. of course you can run a "community-driven network" without the "money-value" behind .--- remember the SETI-project .. Millions were spending a little energy of their computers to run a big project listening into the space ... instead of SETI you can run any other energy-driven project -- you dont need fiatmoney-backed cryptocoins to run it !
The days when people gave away their resources for free are long gone. You need a really good cause to make millions of people to contribute their computing power pro bono. Crypto is nothing more than a measurement of your contribution to running the network and a very accurate measurement as well.
Give people financial incentives and they will participate. Ask people to give you computing power or personal information for free and you will become the new Facebook and new SETI very quickly. Our economy is run by capitalism and every individual should be rewarded for their contribution fairly. I see no problem with that.
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You give your computer power PLUS your data to every idiotic app-owner for free .. just that you dont know it .. or did you ever see or hear that people cancel their socialnetwork accounts because their userdata are abused and sold for a lot of money to companies who again trade their data for a lot of money ? Or that anyone wants to get paid for this ? No - they go on using their profiles because they cannot see or ignore whats going on behind them and dont want to miss what their "friends" are posting for their last dinner .. .besides -- also Hive is spying on you and selling your data .. for the peanuts ou "earn" here .. and nothing of what you "earn" here has any value .. it will crash with the system .. and this will happen soon .. its long overdue !
PS: SETI did not use any power you needed .. just when you had your system running and did not use it .. all those years I had it installed it used less energy than one Bitcoin-transaction is using (for which I have to pay extra)
If you have the utopia mindset then you won't see improvements. We can't entirely change a system over night otherwise it will fail guaranteed. The slow replacement is the best method forward. Governments do it all the time because you can't flip a switch. Same thing with movements like crypto. You will never succeed if you are determined to go without fiat currency. If you try to complement and replace it though, you'll have much better success.
You will NEVER replace it if you use the wrong instruments and fiat-based cryptos are supporting the system and not replacing it -- not today and not in a million years .. also a fiat independent stable coin with goldprice values would not make changes overnight but softly growing into it and after a while it would replace the fiat system step by step .. something that is totally wrong from the beginning cannot turn out right after a million of years !
I don’t think the defeatist attitude is productive for the discussion. I’m not saying it’s not helpful to be devils advocate but with the constant mindset of “no” you won’t achieve anything substantial. There have been plenty of silent coup’s that have gone on with playing by the rules they’ve created and coming out better in the end.
I am Asperger, I say what I think and how I think it ... with the polticial correctness paraphrases I can not do anything
If something is wrong then it is wrong
If I want to harvest grain, then I have to sow grain in a soil that is intended for grain.
If I sow seeds of weeds in that soil, then I will harvest weeds, whether I sow a handful or a ton ...
That being said, I cant recall any "coup" that defeated the fiat system, central banks, and turbo-economy ... anyone who tried was either banned or there was war, with the result that we became even more dependent
This is the only chance in 200 years to clean up and replace the masters of money -- but as they said themselves ... hardly anyone understands this system and the few who do will never be taken seriously ...
one who was "nearly" successful showed how it works -- and with a few changes and on the blockchain theycould not get rid of it today .. like they could in 1932 ..
If it would have been successful we would have avoided the second worldwar and another 80 years of destruction plus what will come up soon ..
https://showmethemoneytbone.blogspot.com/2013/05/the-worgl-experiment-austria-1932-1933.html
The problem with that viewpoint is that you attribute fiat with manipulation. Unfortunately, the sound money concept is susceptible to the same concept. You mentioned, below, commodities. That is even more prone to manipulation and control.
Cryptocurrency is not dependent upon fiat per se. It is how most enter the market, that is true. However, the expansion of the entire platform is dependent upon many different variable like expertise in coding, time developing and users embracing.
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I know what I am talking about .. and I know what fiatmoney means and how it is produced .. ,my parents one forced me through an academy teaching that stuff
Its no coincidence that the US produce "money" out of nothing an "cover" it by forced purchases of state-bonds by other nations who want to trade in the US-forced WTO .. you should learn a bit about it to understand !
any currency -- no matter if crypto or real-life depends on something . .either on trust of the people that their nation and economy back the money or a forced "value" like its Dollar or Euro or any other fiat-currency -- .. they are no "money" anymore, they are not backed and they are the instruemnt in the hand of a few fuckers ... if they tell you tomorrow they end this system its gone ! Fiat-currencies are forced instruemtns for payment - not money ! ! And what would a Bitcoin be "worth" if you deconnect him from fiatmoney ? tell me please !
Always bringing in the latest well done boss and we look out for this shifts as well
Play 2 earn is huge only that you need to put the heavy time into it. Still, crypto will indeed metamorphose its speculative character and rather become an investment.
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I think it would be an interesting perspective to look at instead of the bitcoin price, the number of people involved with crypto in the coming year. We could say we are at 300 million which sounds good. How to track the number as it climbs would be an interesting part that I think would be a good measure for how things will develop.
I like the idea of shifting the perception of cryptocurrency from asset class to a decentralised monetary pathway, which I think was the original plan for creating Bitcoin. The skyrocketing price of cryptocurrencies led by Bitcoin has also made it difficult to achieve the aim of a freer, more independent financial system. Even though it would have been more accessible if it was cheaper, I also understand the number of people it has made rich... Positive and negative sides I guess.
I think play2earn is the most interesting part that have become more popular at the end of the year which is the beginning and in 2022 it will take a revolutionary scope.
Sound reasoning.
In my opinion it will go all directions and many people (especially younger generations) will be able to be active and as participants, traders, gamers, content creators, or simply supporters, whatever.
The only people unhappy with various potentials of these digital ecosystems and opportunities, are those representing old world that is desperately trying (using this pandemic) to usher their vision of the future.
I expect upcoming year to bring long awaited clash with the old mindset authorities, while in the same time this environment will continue to expand and attract more and more people.
One thing is certain. It will be everything but boring. Interesting times we are living in as good old Chinese wisdom people would say.
:)
Regards.
!LUV
@ugochill, sorry! You need more $LUV to use this command.
The minimum requirement is 10.0 LUV LUV in your liquid wallet.
More LUV is available from Hive-Engine or Tribaldex
I hope that as of 2022 people will stop seeing crypto as a stock. It's about time to move forward from that buy low sell high mentality. I'm more and more interested in usability.
The monetary aspect is something that is frowned upon by a lot of the mainstream gamers right now. So I think it will take a while and it's no surprised when big game companies such as Roblox and Ubisoft run their own NFT related shops. The concept of play to earn and NFT needs to happen in a more decentralized manner without allowing the big guys to rip the small guy off first.
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I agree that earning crypto rather than speculating with it will grow rapidly. But in order for people to earn crypto, value has to be created equal to the earnings given out. The actual earnings level needs to improve significantly if we are to get to a stage where it is viable for significant numbers of ordinary people to make a living out of crypto (rather than it being aside hustle - sorry, but earing a few cents on a paid platform for a blog post that may take an hour or two to research and write just doesn't cut it). The real question is where that value is coming from.
Some of it will be people and organisations converting fiat to crypto, some of it will be from crypto mining, and some will be for performing economic activity or services which benefit the crypto ecosystem.
But I see a serious risk that large organisations could come in, get people to work for crypto, paying out a small percentage as "earnings" and keeping massive profits for themselves, effectively replicating the fiat economy of lots of wage slaves with a few mega-wealthy holding all the cards.
I sure would like to be on this montetary earning train. What a great way to build earnings that will hopefully help looking fwd. I am already grateful for what i have been able to earn with Hive by showing up day after day, best i can. Hopefully, it will lead to more as the days progress into 2022. Love the sound of that!! 😊
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I'm not sure I'd be interested in any of those shooter games but a strategy or thinking game would be very interesting to me. I like solving puzzles etc. If I could get paid to keep my mind sharp that would be heaven for me. Really amazing times we live in. I'm just glad we're old enough to remember how it was before laptop / home computers & cell phones but still young enough to be able to enjoy all this new technology. We may really be the last great generation to have the best of al worlds !
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Earning money from playing a game??Wow who could have seen that one coming down the pipeline??LOL I still stand by my premise that some will understand and embrace the crypto changes. Others simply won’t understand or accept it. And they will be left behind. Just my 2 cents…
Gaming is definitely a good entry point into crypto, decentralized governance, etc. Many gaming guilds are taking the DAO concepts and running with them into multiple games. The more games the guild participates in the more of their members attention they can retain. As players participate in these guilds more they are learning more about how crypto and decentralization works.
I wonder how long the land sales in virtual worlds will take to reach real life? Just imagine a DAO set up to purchase real estate from people who are so far in debt they can't afford to keep them. As part of the sale these debtors get some of the DAO's crypto token and can participate in the governance of how to handle the DAO's holdings.
The DAO in question can also offer to employ renters paying them in crypto tokens that can be used as rent at a reduced rate. So then renters can pay in Fiat most months and save that crypto for a rainy day or the holiday season. Actuallly as I think about this the fiat rent payments could be more an option with Crypto being the primary focus???
How many real life areas can be effected by the DAO concept as gaming guilds advance the model beyond what is being used today?
I agree as earning is far better than speculating as you have some control. This has to become a major way everyone thinks at some point as taking control is the safer option.
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I feel very fortunate for having Hive being my conduit in the world of Cryptocurrency. I have heard of Bitcoin but was reluctant to invest.
That is right I was a huge coward. Then I started the crypto lessons inside of CTP and have been very lucky to have learned how to earn crypto rather than trying to learn how to trade crypto.
Earning is much easier than trading.
Stakeholder Capitalism is the next phase and it will be run by the big banks with coins like Ethereum 2.0, Algorand and others as they centralize the marketplace as they did the internet.