In 2021, glossy speculation drove the market. In 2022, boring utility will reign. Covered:  The Building Continues… Neon Lights Drone and Flicker The Building Continues… It’s hard to imagine a crypto market that isn’t guided by the adrenaline boosting, mercurial whirlwind we are all accustomed to. Despite today’s price action, we can all look fondly […] The post Silver Lining: How Utility Will Overtake Speculation appeared first on CryptosRus.

Silver Lining: How Utility Will Overtake Speculation

In 2021, glossy speculation drove the market. In 2022, boring utility will reign.

Covered: 

  • The Building Continues…
  • Neon Lights Drone and Flicker

The Building Continues…

It’s hard to imagine a crypto market that isn’t guided by the adrenaline boosting, mercurial whirlwind we are all accustomed to. Despite today’s price action, we can all look fondly upon the very recent ‘wild-wild west’ era, which whiplashed constantly between euphoria and dejection. Why? Because, as the saying goes, “maybe it’s not about the profit, but the friends we made along the way.” Of course, that saying is based in irony, but irony is the rambunctious sibling of truth. The good news is that the mania of 2021 and the speculation therein didn’t fizzle out into a flatline like it did in 2017.

The maturity of the market, and the stalwart builders of the crypto economy, are not solemnly spamming their resumes at Cisco–in fact, it is the opposite. In 2022, the market is veritably more than a cutesy plaything of scamming and skullduggery. Rather, the clay has been molded, the use cases clearly wrought and born out, and the shortcomings unmistakably bulleted on the docket for improvement. The crypto economy now has the wherewithal, depth, and capital that’s been lacking hitherto. There are dozens of examples that prove this, but one recent and stark example is the partnership between FIFA and Algorand. Simply put, FIFA is larger than the NBA, NFL, NHL, and MLB combined. 

That partnership occurred on May 2nd. Sure, it was a week before the Terra debacle, but the market was already getting bludgeoned before that. Ironically, the venture capital and TradFi liquidity that is allowing for robust development in a bloody market is clearly a reason that crypto, before Terra’s downfall, was a hostage of the macro-economy, equities, and, more specifically, the trajectory of tech stocks. Nevertheless, that monumental partnership displays one clear fact: crypto has utility that is desired, required, and inspired–irrespective of price action. No longer is crypto a function of its most hokey elements. The short-sighted, raccoon trap days of Cum-Rocket, Burger Swap, and the like are over.

Neon Lights Drone and Flicker

In life, there is one truth that is immutable and applicable in every circumstance: “the best lack intention, the worst are full of passionate intensity.” When the surface area for malfeasance is large and appetizingly present, the magnetism of that reality has a far greater pull than the magnetism of its opposite. Ask yourself: can you be addicted to being sober, or can you be addicted to drugs? Of course, the answer is the latter. So, maybe the saga of Do Kwon and Terra was a necessary lesson for the space. The flashing lights and the shiny objects they house are only as powerful as the reaction to their presence. No one cares if no one cares.

In this case, when the shiny 20% yield on Anchor goes, then the attractive lights of Luna become a buzzing and eery drone, like a Motel 6 sign in the Nevada desert. The boring reality of crypto needed to set in, and right now, we are all moving from the detox stage to the halfway house. Soon we will be back home, lamenting our naive and impulsive ways. Maybe some are already there. The point is that, while it’s a blessing that the neon lights attracted everyone from the humble gas station attendant to the slick CEO, initiating them with the Satoshi philosophy, a rational come-down was needed. Think of it: the core tenet of Bitcoin, elucidated by Satoshi, centered around fixing a problem, not “gold-rushing.”

“The root problem with conventional currency is all the trust that’s required to make it work.” -Satoshi Nakamoto 

Let us reflect on the root of crypto-currency and the utility born out by its philosophical repudiation of the centralized economic power structure that global citizens are unwilling participants of. Far from neon lights, Satoshi would be sickened by a cult-of-personality figure like Do Kwon crashing the market. While it may sound wistful, cryptocurrency cannot be commodified and prostituted as it has been. Let us embrace the boring, the mundane, and the unrelenting will to progress. Let us embrace the vision of Satoshi. The silver lining of this year will be the hastening of utility and the jettisoning of speculation.

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