I still see it almost everyday. Crypto proponents sharing and upvoting stories that present crypto or blockchain in a positive light. But most of these are just hype stories, and hype will no longer be enough to drive this market. Only real world working products can drive prices up from this point on. The hype simply doesn’t work anymore. Everyone has seen it already and the public has become immune to it. The only ones who believe in it are the hodlers who hope other people will start pouring their money back into the market based on a news story.
No amount of new fiat on-ramps, or fiat trading pairs can push the market higher. No amount of famous people predicting the price of Bitcoin or Etheruem in 2020 will drive the market higher. No stories about a large company “looking into blockchain” will drive the market higher. Only real world working products will get things moving again, and it needs to come pretty soon otherwise people are going to start wondering what developer are doing with the billions of dollars they’ve raised.
And this can’t be some obscure product or blockchain use. This will have to be a real world product that the average person can interact with. Whether it be some kind of app, a website or social media platform, or a currency. It has to be something regular people are compelled to use on a daily basis. It has to be something like torrents and the way in the early days of file sharing it brought in regular people to the idea of peer to peer networks, filesharing, and streaming content whenever they wanted it. This is what helped start the streaming revolution and something similar needs to happen with crypto in the near future.
Of course, the most obvious and easiest real world use is simply as a peer to peer currency. Billions of dollars are spent every year in fees to transmit money around the world, yet crypto projects with all their billions of dollars in raised capital can’t even create a simple wallet and currency to topple the money transmission market now dominated by Western Union. It seems like such an easy thing to do, something that pretty much sells itself, yet no user friendly wallet for the average person has been invented.
People currently have to spend $10 to send $100, so offering them that same service for a few cents seems like an easy sell. But for some reason developers are more focused on obscure blockchain solutions to problems that don’t even exist yet when a problem is sitting right there in front of their face.
Another obvious case could be a decentralized and transparent social media platform. One that was free from censorship and biased moderation. One that could operate free from traditional advertising as its funding model. There have been a few attempts at sites like this, all with mixed results and nothing that really stands out.
Now I know many crypto proponents are mumbling about all the new “breakthroughs” that developers are making right now. But like I said, those are all obscure and are mostly solving problems that don’t even exist yet. During the dot com bubble, hundreds of real world products were being released and bought by consumers. In blockchain, consumers aren’t using anything blockchain related.
I wouldn’t expect any bullrun in the near future unless you see real world products that regular consumers are using. When your friends start talking about the latest blockchain based website or app, then you can start thinking about a bull run being right around the corner.
So it’s time to forget the hype and start demanding working products. The developers have all the money they will ever need and it’s time to start showing results, because if they don’t, nothing else is going to be able to drive this market.