The Simple Reason Most Blockchain Projects Are Stalling
Over the past 2 years we've seen an explosion in blockchain projects. Most started with a promising dream to change the world. Others tried to tap into every possible sector in order to take advantage of the situation.
Today, most of these projects have almost nothing to show other than over-exaggerated partnerships, fancy websites and shady youtube videos. The Blockchain revolution started almost a decade ago yet no project has had a widespread adaptation.
Humanity's primary purpose for existence is survival. Almost everything around us is means to accomplish this simple task. Whether we want to put our names in the spines of books, create projects that change the world or create offspring that will carry on our DNA further, the goal is much the same. Reproduction, creation, maintenance all aim for the simple task of our species perseverance.
Most people, whether developers or entrepreneurs, got into the space primarily for making a better life for themselves. They are guided from the same survival instincts. Some had children, others just started families or wanted to change their communities. Surely, after satisfying the basic needs, grander things lie ahead for most but they are still tied to the basic survival instincts. This is why women, villas and lambos are still the primary status and trend in the Blockchain community. This is also where the romantics of the situation give up.
For most developers working on the projects, motivation is no longer a part of the equation. Most of them became multi-millionaires, some billionaires over night. When they begun they used to work in a different mindset. Now they see themselves as angel investors, venture capitalists and crypto-space promoters. Their heads got shoved far deep into their own asses.
We have a shortage of developers and creators yet an abundance of bullshiters and kids that got rich too fast for their own good. These people have the means now to hire new blood but due to the sudden explosion in the space it is becoming harder and harder to find specialised programmers. Even those who join, soon take a taste of ico pre-sale deals, join the millionaire club and bail out. Human greed prevails over innovation.
There are a few people that still work on the projects on their own such as Vitalik's Ethereum but these people are rare. They are rare because of they are either autistic or awkward enough not to be affected by wealth. They are the exception to the rule. Yet these projects have more chance in surviving rather than the ones leaded by newly generated millionaires. This is also why I believe Ethereum will take over Bitcoin at some point. This is also why it has been relatively stable in comparison to other projects.
It will take a massive shake down for the market to grow in terms of creating products and applications for world wide adaptation. The retired millionaire developers will then hire newly hungry developers that did not take part in the great Blockchain Bull Market. This is the only way we move forward from here. Some things are quite easy to predict because humans are much the same, no matter what era they live. Their needs, dreams and desires do not change much. Immense wealth for those who create was never a motivation for innovation. If human history has taught us anything is that innovation comes either from brilliant reclusive minds such as that of Tesla or ordinary people in need to survive a dire situation. Currently in the Blockchain sphere we have well fed developers that are nowhere close to Tesla's tier.
It is eerily quiet around real applications for cryptocurrencies, as if they are just solutions looking for a problem, the only perceived problem of most developers being: "I don't have enough fiat money".
And though I hate to say it: as utility and useability go, fiat money is still ahead. Feel free to shoot the messenger 8-).
Maybe the next step will have to come from outside, from one of the big players who don't use cryptocurrencies yet.
Lol, fiat is so far ahead of shitcoins, it's not even funny. It shouldn't be risky to say what is true. If you're starving, which do you choose: crypto, or fiat that you can actually buy food with and survive?
It is foolish to invest in crypto if money is not enough for food. But there are many such fools. You're right.
Kyriacos here is up to the point. This is a common problem of young millionaires in every sector - sport, business, media... the same stuff...abundance of money limits motivation and self-development but promotes further degradation
It's about to pick back up I think!
Thanks for sharing this article. I agree with what you said about there not being enough actual product to show for a decade worth of blockchain deveopment, but keep in mind that most, if not all other cryptocurrencies than BTC are less than four or five years old (correct me if I am wrong, I heard about one or two floating around in 2012 too).
Think about some of the biggest companies in the world, like Google. Their initial products were far from amazing, but they had support because people supported their vision, which is the same for cryptocurrencies. A lot of big companies like Deloitte and Accenture are running blockchain labs, and developing innovative blockchain solutions - many other cryptocurrencies like STEEM, ETH and more are providing a real use case too.
There are a lot of upcoming developers, but naturally it took time for people to 1) Gain interest in the blockchain and 2) Adjust to blockchain development.
I do agree that we need more innovation, but I think that what has been achieved so far is still very impressive. Thank you for sharing this thought-provoking article! I am currently running a Steemit Success Series for Beginners, I would really appreciate your support on it.
Thanks for your thoughts Luke.
One thing I don't like about cryptos is how they rise and fall on the tide of Bitcoin. I don't see a future in Bitcoin, as there are so many better alternatives.We need to make the transition away from Bitcoin a lot less painful than this has been.
The quicker we get some better altcoins adopted by the market that are widely used for transactions the better.
That the mainstream will use Bitcoin will probably never happen that much. But it will always be a nice storage of value. Especially when the elite gets deeper into it to secure their future. Digital gold. So many other faster cryptos and tokens coming out. And we are still just in the beginning of this revolution.
Lukebrn and Phineinf - thanks for comments I am following you.
Yes exactly. I sort of feel a very negative view in this article. 10 years is nothing in terms of evolution. Look at 100+ years or 1000+ years and we can start to get realistic perspectives. Just look at the amazing progress we have seen with smartphones just the last 10 years. From tiny displays to amazing phones. Again 10 years is nothing. But people are being greedy and can't even appreciate the progress we are making. Steemit has only existed for 2 years. Let it grow first before starting to attack it. Will take at least 5 years before we see interesting things happen.
We use magical devices and can generate value! 10 years ago we didn't even have HD videos on YouTube. Abundance is real and it's coming for all. Things are getting cheaper for everyday that goes. Go back 100 years in time and we barely had cars. We are making progress. But people start to take things for granted fast and get used to new levels of standards.
People have always gotten rich too fast but those people in the past invented amazing things. Because of the power of the human heart to wanting to create amazing things.
Thanks for the comment! Interesting point of view, thanks for sharing it!
I don't really know if we are at a blockchain bubble but I think it will take time to stay with blockchain projects that have real potential and projects based on them like steem and ethereum.
Blockchain on the whole is not surging as it hasnt yet achieved consumer level ease of use. Its still full of twists and turns snd infamiliar terminology. Bkochchain will thrive when the end user doesnt realise they are using blockchain.
And those who never became millionaires just smoke too much pot on the couch.
that too
What a gem of a sentence.
Thoughtful post; unearned wealth, with no other purpose but as an end in itself, will never satisfy. If the only motivation is "survival" (perhaps as a moocher, or looter) you'll merely want more and more - perhaps for show, because you crave attention from others - but will never feel satisfied with what you have acquired through parasitical practices.
Wealth earned through conscious, creative work, on the other hand, producing goods and services of value - which includes the creation of works of art - can be quite satisfying. At least, it is for a rational human being.
For example, when accomplished cellist Pablo Casals, was asked - at age 93 - why he continued to practice the cello three hours a day, Casals replied, "'I'm beginning to notice some improvement." (Wikipedia article on "Pablo Casals")
Of course, mere survival does not require billions.
motivation does not happen when you have billions either.
You can motivate other people when you have billions.
https://steemit.com/charity/@steemtruth/secret-billionaire-quietly-gives-his-entire-usd8-billion-fortune-away-in-34-years-true-story
The slowdowninthe Cryptos I think is due to an increase in the stock market... big investors will flip in and out of whatever is going up. The stocks will continue to rise as it is so far hiding the hyperinflation we are going through and will continue to go through as dollars keep coming back to the US.
As companies like SALT, PPT, VERI and others fully become operational, we will see it flip once again.
Nice article about crypto.