At this present stage most coins are casino chip. If you join in their telegram groups most discussion are about trading and price targets.
Because the basic economic is the space is “casinomics”. The developing technology are focused on how to build a better casino. Defi is capturing this market building a trading and exchange platform that does not need to do kyc (know your customer).
You collect fees on the trades and the projects are instantly profitable.
Most lucrative or perhaps the only viable business model in the space is still building better tools and user experience for speculation. Million dollar digital art is another example.
You do not need to be a technical expert to use crypto, trade, invest and make money from it. It is like learning how to use apps with more complicated user interface.Agree. I find that to transact anything crypto related, I find myself needing to understand extremely technical terms. Till now, I still can't grasp the concept of blockchain. It feels so abstract. And then there's all there terms like "staking", "NFTs", "uniswaps", and a whole mess of computer science protocols. Does one need a double masters in financial engineering + computer science + trading experience to understand these? Because I sure as hell am not going to touch anything I don't understand if it's money related.
Unless you're able to get the rural-living, 68 year old grandma who does nothing but sews all day long to understand all these, crypto in its current form will not get mainstream adoption lol.
With fiat, it's simple. I take out a $5 note, made of paper, to exchange that chicken burger of yours. No complex "bitcoin addresses", "hashes"......and I don't need 10+ mins to figure out, install and setup some shitty Google Authenticator app on my phone which the Binance app requires.
This area is a huge gap, ripe for disruption. The next person who can solve this need will be f*cking rich. Imagine : a world where using crypto is as simple as buying candy at Walmart or sending money via PayPal.
You can always start with learning how to deposit, withdraw and trade in centralised exchange like binance.
Then you can learn more complicated stuff like using hot wallet like metamask to do the more complicated things like staking or earning yields on decentralized trading platforms.
It is a hell lot of work for sure. Why bother? I forced myself to scribble some digital art to sell for a few cents just to learn through the entire process of minting and listing nft.
One thing is for sure if there will continue to be money made in this field. Saying that crypto economy is a casino is not trivializing it. Gambling business is much much more profitable than “real” business. We live in a world that a lot of socially respectable business are hard to make money. You can just contribute a tiny bit to the crypto ecosystem and the reward is insanely high relative to your output.
There was a 20 plus young man in Singapore who started with low six digits of family money and made 9 digits as an early stage defi adopter. Granted that It is a one in 1000 story with strong survivorship bias. But there is no other industry that can come close to that.
From bitcoin to ethereum to defi and nft, if you want to catch the next big thing to invest or project to take part you have to get your hands dirty as early as possible.
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