Crypto Maximalists Don't Get it
Maximalism means doing things in excess or having an excessive mindset about things. So crypto maxis are people who have an excessive view on crypto, they go all in on it and stick to it no matter what happens. The most famous are the 'bitcoin maxis' and here's a great post about them and why they're needed.
You see, There's nothing entirely wrong about being a crypto maxis. However, it's good not to go over the top with it to some airy fairy paradise. There are angles you tend to miss and I'd like to discuss two of them in this post.
Blind EnthusiasmGranted, it's an amazing technology that has the potential to revolutionize entire industries, lift millions out of poverty, fight corruption, give everyone an equal opportunity, and a bunch of other things. It's like the utopian technology - we normally see in sci-fi movies - that has a solution for all our problems. Maxis are overly enthused about it's capabilities so they believe crypto is the future, it is the way.
Crypto can't solve our problems. It's just a technology, which is a tool that can be used for good or bad. It's a tool we can utilize to solve our problems. The key word is Utilization. Maxis make the mistake in this part, they think since the technology exist, everything will be fine and it’s all good, the work is done. Let's hodl and the future is ours!
This is not the case now and might not also be in the future. We're all banking on the potential it can become but chances are it might never reach this overly optimistic potential we have of it. Crypto is a blip in the ocean and there are many factors that are beyond it's control. The more people we can rally to join this 'blind enthusiasm' the more powerful the force becomes but at the end of the day, reality sets in. Maxis don't factor in the reality part.
Unrealistic ExpectationsLet's poke at bitcoin maxis, shall we? Bitcoin might never reach $1 million(per coin) even at the end of this decade. Not everyone will end up using bitcoin as expected. Bitcoin is mainly a store of value, a hedge against external influences like inflation. It's dubbed the digital gold. Well, gold has been around for like forever, is everyone using it? What makes you think that the majority of people will end up using this digital gold as a store of value to protect their assets from the likes of inflation.
Cryptocurrencies can be viewed like stocks. The crypto project is the business itself and the token is an add on layer to use as a means of transactions or whatever seems suitable. The crazy thing is that people expect the token to 10X in price whilst the business hasn't provided 10X in value. Amazon, Apple and the others experience an overall steep and steady growth on the stock market and it took decades before they reach this huge valuations. They built valuable product and service offerings, they provided value.
Do people treat crypto like a business that needs dedicated work like building valuable products/services, marketing them and forming partnerships? Nope, they're investors. They buy some couple of coins and wait for it to 10X in price looking to get wealthy with it. A few months, they add more to the list or sell some. Many are like traders rather than investors.
The volatility of crypto is nothing other than the impatient behavior of humans and the lack of structure. Building something great takes time but maxis expect the price of a token to 10X in just few years and stay there. Thereby making them 'stabilized wealth'. The party doesn't last forever so it's good not to get drunk!
In ConclusionThere are some things that crypto maxis don't get because they're out of touch with reality. There's a lot of work to do and even doing that work doesn't guarantee success. Let's prepare for the worst and hope of the best. That way we'll be able to see things clearly and do things properly.
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