Things About Crypto - I Dislike

I think we all can agree that we like crypto for one thing or the other. Otherwise we would not be on this platform. But there are certain things about this space that I start to dislike more and more. This why I want to talk about these points in this article and I encourage you to comment your most disliked things in the current crypto space.

Crypto Gurus

The first things I am starting to dislike are the so called “crypto-gurus” or experts. I must admit that I am finding myself on TikTok every once in a while, and there were no occasion that I did not stumble on one video of a self-called crypto expert. Most of the time these creators are kids that are getting many likes and views for creating videos in which they are calling out the next meme coin that is going to the moon without even explaining what the purpose of the project is. Some of these people are making different predictions for one project and if one of these predictions comes true they are taking credit for it, although they predicted all possible outcomes.

Moonboys

The only thing that is just worse than these people are the so called moon boys. These are the people who are listening to the previous category and buying up the projects that are being recommended to them without doing their own research. This category of users are responsible for the high volatility as they are very easy to manipulate with FOMO. Furthermore, they have the biggest paper hands which leads them to sell off their “investment” once the first trouble is inside. Let’s be honest here, this group is a double edged sword as this group certainly can make a project pump and draw media attention to the crypto world. On the other hand, this media attention is in most cases very biased and leads to many people regarding the crypto space as a scam or Ponzi scheme.

Influencers & Celebrities & Scammers

Another very similar category as the first one are the influencers and celebrities that are promoting certain projects. The recent negative examples are people like Jake Paul who promoted several NFT projects just to scam their fanbase. Such stories are bringing negative attention to the crypto world and really hides the fact that crypto could change the world to a much better place. In the same breath I want to mention the scammers who are taking advantage of the reach of the celebrities. Most of the time a project just pays the influencer to promote their scam. Once the follow base of the celebrity has bought enough NFTs or coins from this project, the developers just perform a rug pull and running away with a big chunk of money.

Crypto Fees

Let’ switch gears for a second and talk about something different than the outside representation of crypto because there are still things that are needing attention within the crypto space. I am talking about the transaction fees. It really is annoying that every single transaction has to be paid and there always have to be a minimum amount of withdrawals or deposits. I understand that fees are usually there to protect the network or incentivize people to provide liquidity but in the case of Ethereum the fees are getting out of hand. This is one of the reasons why many people are switching over to better layer 2 solutions and I think it is a good thing that people are working on solutions but fees in general are a thing that are annoying :D.

Regulations

Another big topic are regulations. For a few years now we are living in constant fear and uncertainty that one government can just snap and ban crypto once and for all. This could have big implications on the crypto world. In my opinion, regulations are not a bad thing as long as they are performed reasonably and with purpose of protection. The problem with current regulations is that there is too much influence from the current monetary system. I think the crypto world and the traditional monetary system should be undependable from each other. They can exist in parallel with a few bridges to each other. With this being the case the better one would clearly outpace the other one and because we all know which one the superior is, the other one tries to hold on its power. In my opinion this is one of the most annoying things about the current situation as it constantly throws a stick between the movement of evolution.

Mainstream Media

Hand in hand with the previous point goes the Mainstream Media. Because the current financial system is tight together with the media, it is only reasonable for them to find every single critic point and report it to the mainstream people. This is not only providing misconceptions and misinformation about a very new technology but is also hindering the technology to develop. Fortunately, these wrong reports are getting less with time, and we are seeing more and more adoption of crypto. Some big things that are left is the misbelieve of the connection between illicit activity and crypto as well as the carbon footprint of Proof of Work mining. When these topics will be displayed correctly many people will turn to crypto.

Taxes

Last but not least I want to talk about taxes. Yes taxes are important for every country, there is no second way of thinking about it. And I do not want to start a discussion how much taxes are the right amount. The point I want to trigger is the way taxes are collected with crypto. In many countries each crypto transaction is a taxable event which is very wrong in my point of view. As I mentioned before, the user is paying a certain amount of fees to make the transaction happen. I think that once crypto is transferred back to fiat, this would be the place to take taxes as this is the place where I see the power of the government. As long as crypto is in the blockchain space it should be left alone in my opinion. Especially with this topic I would love to know your opinion!

Published by ga38jem on
LeoFinance
On 3rd April 2022