Memoirs Of A Former Bulltard


A Reality Check.

Despite the media frenzy, and the intoxicatingly glorious moonshots of the 2017-2018 bull run, the harsh reality for those hoping for infinite ‘gainz’ is that the cryptocurrency market had become grossly inflated into bubble territory. “This will never end! I am a genius” we all thought, only months later to see it all come crashing down on us. What goes up must come down, right?

Not since the advent of the web itself has a technology come along and promised such a bold and adventurous set of ideals and standards for the future. And considering bitcoin’s mainstream “success”, or at least “attention” last year, how many of these promised ideals and standards for the future were actually realized?

Let’s look at a Tweet from Ethereum’s Vitalik Buterin during the height of the bull mania:

He then dives deeper with an onslaught of ‘realness’.

  1. “How many unbanked people have we banked?”
  2. “How much censorship-resistant commerce for the common people have we enabled?”
  3. “How many dapps have we created that have substantial usage?”
  4. “How much value is stored in smart contracts that actually do anything interesting?”
  5. “How many Venezuelans have actually been protected by us from hyperinflation?”
  6. “How much actual usage of micropayment channels are there actually in reality?”

“But What About Partnership With Oggabogga? Why Price Not Go Up, Sir?” – Literally everyone on Twitter

On Mainstream Adoption

Granted, the past couple years have brought some blockchain cross-industry partnerships of epic proportions. Here were some of the highlights:

  • Stellar Lumens’ partnership with IBM
  • Mastercard joined the Enterprise Ethereum Alliance
  • Ripple’s partnership with Amex
  • Omisego’s partnership with McDonalds
  • Verge’s partnership with Pornhub (still cracks me up)

You’ll only need to spend a few minutes on Twitter a day to notice the barrage of disgruntled people, confused as to why ‘X’ partnership didn’t do much for their token’s valuation. It really did become almost meme-worthy.

What many of these people fail to realize is that these partnerships with mainstream companies do NOT equate to mainstream adoption. These partnership deals, while momentous for the companies and blockchain as a whole, set the wheels in motion and strap both parties in for the long-haul (5-10 years minimum). That’s fine though, right — because you were planning on sticking around that long anyway, yeah? Because you’re a believer in the tech, right…?

If adoption is the topic in question here, then surely a better metric of mainstream adoption would be the actual day-to-day usage of these tokens?

One ‘genre’ of tokens that are currently being used on any significant level are exchange tokens, due to their attractive discount/compensation utility for traders. Binance Coin, Kucoin Shares, Huobi Token are the larger players in this space, and even then, Binance Coin is arguably the only one out of the lot that has a braggable amount of volume.

Binance Coin is still up over 80% in USD since the start of the year — one of the only altcoins to have performed consistently well throughout a bear market.

And the honourable mention goes to:
Ether and its short-lived stint with Cryptokitties (5144 ETH total volume in 1 day, accounting for around 15% of the entire network's volume at its peak.)

To Conclude…

Bitcoin and blockchain in its current state are philosophies and ideologies, and fantastic ones at that — but by no means have they even scraped the surface of Satoshi’s vision, even 9 years after their prolific Bitcoin manifesto.

Besides this article being a little bit of a personal thought piece, there is a point to my ramblings. If there’s anything I hope to achieve with this article, it’s to offer some perspective — particularly to those who feel disillusioned and torn apart by 2018’s crushing bear market.

We are the early adopters. Bubbles, greed, fear — it’s all part and parcel of the emotional market cycle. Money comes, money goes. But the tech is here to stay. And considering how we’ve barely scraped the surface of blockchain’s potential, we’ll be laughing about this bear market in years, or even months to come. To all the hodlers and believers out there — stay strong.

I’ll end this blog post with a relevant quote from 0x’s co-founder, Will Warren:

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