Fax Machine Maximalists - The Daily Gwei #344
Throughout history there have been many people who’ve bet against technology and innovation only to be proven horribly wrong over time. The most egregious example of this is Paul Krugman who, in 1998, famously said: “by 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s”. Of course, Paul has been proven completely wrong over the last 20 or so years - I hope that he’s not still a “fax machine maximalist”! "own a piece of the internet" 🤣 Chris Dixon @cdixon Tokens give users property rights: the ability to own a piece of the internet.The above tweet from Mat is the perfect example of a theme I’ve been seeing more of lately - that is, those outside the crypto ecosystem making fun of those within it for various reasons. Most of the time it stems from a fundamental lack of understanding of what the crypto ecosystem is actually building because many people just see the headlines about scams and ponzis and draw their conclusions from that. And to be fair, if all you’re exposed to is the negatives of some particular thing, it can be difficult to break yourself out of that echo chamber. Though I don’t think this should be an excuse for outright dismissing something - it’s always a good idea to stay curious and do some actual research before forming a strong opinion on anything. On the other side of this, there’s also many people who don’t actually want crypto to succeed as they have vested interests to protect. This applies very well to financial institutions such as banks but it also applies to those working for centralized tech companies - after all, web3 is coming. Though what I always find most bizarre about these people is that they could easily transition to a web3 career if they wanted to but instead they choose to dig their heels in, refuse to educate themselves, and basically decide to “go down with the ship”. I can understand why senior employees would be like this - especially those that have worked within an industry for decades - but it breaks my heart when I see those early on in their careers lose that sense of curiosity and eagerness to learn. It also doesn’t help that the mainstream media seems to be very anti-crypto and will constantly paint it in a bad light whenever they get the chance. Think about it - most people will only ever hear about our industry via mainstream media - and the coverage usually focuses on price pumps and crashes, ponzi/scams collapsing, the environmental impact of proof of work and other “negative” things. And even when there is some half-decent coverage of our industry, many people have already made up their mind on crypto so they either ignore the positive coverage or find some way to spin it as a negative. A perfect example of this is NFTs where a very large group of people have convinced themselves that NFTs are horrible for the environment even though this is a misinformed take. They also conveniently ignore how much positivity the NFT ecosystem has brought to many people’s lives. At the end of the day, these people can either choose to move forward with technology or quite literally be obsoleted by it. Never in history has it been a good idea to bet against technological innovation and those that did missed out on a massive amount of financial and social capital. So let’s all embrace innovation, embrace the weird things in our industry, step out of our comfort zone, and work to grow the (digital) world. Have a great day everyone, Enjoyed today’s piece? I send out a fresh one every week day - be sure to subscribe to receive it in your inbox! Join the Daily Gwei EcosystemIf you liked this post from The Daily Gwei, why not share it? |
Older messages
Growth Hacks - The Daily Gwei #345
Thursday, September 30, 2021
Show me the incentives and I'll show you the outcome.
You Might Also Like
WuBlockchain Weekly: Bitcoin Hits New High on Trump Election Win, Bitcoin ETF Inflows Reach All-Time High, SEC Cha…
Friday, November 8, 2024
On Wednesday, Donald Trump effectively secured his position as the 47th President of the United States, clinching the necessary 270 electoral votes with a victory in Wisconsin. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Seamlessly Crossing Every Chain | Layer 2 Review
Friday, November 8, 2024
Quick Reads and Hot Links Covering the People and Projects Who Are Scaling Ethereum ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Polymarket’s accurate forecast of Trump win highlights gaps in mainstream media, pollsters
Thursday, November 7, 2024
Polymarket's swift Trump prediction showcases the dynamic efficiency of decentralized markets over established media. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Reminder: President Biden Calls Nigerian PM To Secure Binance Executive Release
Thursday, November 7, 2024
We bring you the top stories in crypto every week! Stories like... Monday Nov 4, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR President Biden Calls Nigerian PM To Secure Binance Executive
Bybit COO Helen: Inside the Second Largest Crypto Exchange
Thursday, November 7, 2024
Helen Liu is an atypical executive in the crypto exchange world. She comes from a human resources background and was new to crypto when she joined the exchange. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
US Bitcoin Reserve asset, Freeing Ross Ulbricht, Firing Gary Gensler… Time for Trump to deliver
Wednesday, November 6, 2024
Trump's crypto-friendly agenda promises a seismic shift in US digital assets strategy, driving Bitcoin to record highs. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
DeFi & L1L2 Weekly — 📈 Polymarket hits US$2.5 billion in volume amidst the US presidential election; TON Foundat…
Wednesday, November 6, 2024
Polymarket hits a record of $2.5 billion in volume amidst the US presidential elections. TON Foundation launches Society DAO to enhance decentralised governance. Swell launches optimistic rollup in Op
DeFi & L1L2 Weekly — 📈 Polymarket hits US$2.5 billion in volume amidst the US presidential election; TON Foundati…
Wednesday, November 6, 2024
Polymarket hits a record of $2.5 billion in volume amidst the US presidential elections. TON Foundation launches Society DAO to enhance decentralised governance. Swell launches optimistic rollup in Op
Mining News in October:Ethiopia Becomes Mining Concentration, Northern Data Plans to Divest Mining Business, Bitco…
Wednesday, November 6, 2024
Title sponsored by Bitdeer, a NASDAQ-listed mining company. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
US markets, Bitcoin poised for rally regardless of elections outcome
Tuesday, November 5, 2024
Fundstrat's Tom Lee sees year-end rally as election uncertainty fades, while Bernstein predicts Bitcoin's resilience and potential growth to $200000 by 2025 amid fiscal challenges. ͏ ͏ ͏ ͏ ͏ ͏