Written by: Brook
Translated by: Elaine & Sissi & Leia, TEAO
The chaos and lack of innovation in the crypto world raises the question: Are we making substantial strides towards an ideal future? (Protocol Revolution and DigiLaw Project) This introduction explores the essence of the crypto world, the bottlenecks in its development, and the infinite possibilities for future construction from a systematic perspective, providing important insights for understanding the true nature of this new realm. This article is part of the introductory content series three.
The birth of emerging technologies is often accompanied by tremendous skepticism and uncertainty, not only because it reshapes our way of life but also challenges our cognition and values. However, the conflicting perceptions of iPhones and Tesla cars quickly reached a consensus. Yet today, the crypto industry, led by Bitcoin, has made significant progress; why do numerous positive and negative controversies still coexist? Why is the public's understanding of the crypto world still filled with chaos and conflict, and why do many still fail to see the bright future of the crypto world?
As an emerging product at the intersection of technology and the times, the development momentum of the crypto world cannot be underestimated. However, the crypto field has yet to see a large-scale killer application that can solve real-life problems (BTC will soon be an exception). The public's understanding of the crypto world remains in a state of extreme division, whether it be dreamers and innovators yearning for a better future, adventurers and investors seeking opportunities, or unsavory con artists; they can easily lose their way under the influence of the conflicting voices of 'doubt and fear' and 'superstition and worship.'
Doubt and Fear
In this diverse understanding, doubt and fear always occupy an important position. Since the birth of Bitcoin, the crypto world has grown from a marginal field to a vast ecosystem valued at around $2 trillion, yet skeptics have never dispelled their vigilance and fear, still viewing it as a dangerous 'dark planet' they are unwilling to venture into. In addition to a natural distrust and doubt towards new technologies, a lack of understanding of the principles of crypto technology and the significant social changes it brings, they are also influenced by the widespread issues of fraud, money laundering, and hacking in the crypto world. The combination of these two factors amplifies participants' doubts and fears. The violent fluctuations in market prices, the real presence of speculative behavior, and the frequent malicious amplification of negative news by traditional media deepen these individuals' misunderstandings of Bitcoin, blockchain, DeFi, and Web3 — seeing them merely as hollow concepts, a carnival of scammers, a speculative casino, or worse, an organized scam or a breeding ground for illegal activities. They question the true value of blockchain technology and view the price surges of crypto assets represented by Bitcoin and Ethereum as a bubble that will eventually burst. In their eyes, the crypto world is like a ticking time bomb filled with chaos and uncertainty, seriously threatening the existing order and stability of society.
Superstition and Worship
There exists a faction of 'believers' that is diametrically opposed to the 'doubters.' To them, the crypto world is an incredibly bright utopia; they see Bitcoin as a currency of freedom and view cryptocurrencies and blockchain technology as the ultimate solution to disrupt the modern financial system and lead future technology. They deify Satoshi Nakamoto and Vitalik Buterin, considering themselves explorers of the new era. In addition to their blind faith in blockchain technology, extensive media coverage and hype around cryptocurrencies, especially stories of people getting rich quickly, have exacerbated their excessive worship. They ignore practical issues in the application of crypto technology, only indulging in self-satisfaction — every market upturn is seen as a victory for their beliefs, and any doubt is viewed as betrayal and jealousy. Of course, this sentiment is also reasonable; it represents a yearning for a better future. However, most things develop in a spiral manner, and the crypto industry also has cycles, subject to economic, policy, and technological constraints. Excessive optimism and faith can lead to irrational decisions, ultimately resulting in both mental and financial collapse.
Under the interference of these two voices, participants blindly follow trends and speculate. In this world of continuous doubt and superstition, it is difficult for participants to calm down and think about the true value of crypto technology. On one hand, the complexity of crypto technology makes it hard for the public to truly understand; they often care more about prices. On the other hand, the high volatility and potential risks of the crypto market can easily induce panic, making participants susceptible to the actions and words of others; their decisions are not based on thorough independent research and rational judgment. In this situation, people often overlook the technical foundations and potential value of projects, merely following trends — worshipping during bull markets, applauding, and blindly investing large amounts of money in hopes of getting rich overnight; during bear markets, investment setbacks lead to doubts and fears, resulting in panic selling and significant losses. Some ill-intentioned 'crypto veterans' exploit the public's blind obedience and get-rich-quick mentality, maliciously calling out stocks in worthless air projects, guiding speculative behavior, severely disrupting market rules and causing investors to suffer huge losses in extreme volatility, repeatedly hindering the healthy development of the crypto industry.
