Why We Need To Revive The Crypto Narrative
MaRi Eagar, Positive Mavericks — Blockchain Leadership Development - Medium, Nov 25, 2018

Why we need to revive the crypto narrative — and how to do it

The crypto movement is in crisis, with retailers fleeing the market. This time no-one seems to believe the “hodl” memes, and crypto traders are openly revolting against the crypto billionaires and influencers.

There is a saying “When the tide rises, all boats rise with it.” But the real test if when the tide goes down, and boats crash and sink. Who will jump ship? Will the captains stand on deck and ensure as many boats as possible can be saved?

During the 2008/9 financial crisis, we had an opportunity to create new business models and change the game and rules of the game. From this, bitcoin was born, which started a zeitgeist for new technologies that enable peer-to-peer economies, reduce inherent systemic risks of centralized financial systems, and aims to empower billions of people to become self-sovereign.

Ten years later we can appreciate the progress made, and awareness of the potential of these technologies spread globally.

With daily dystopian future broadcasts, such as large scale data breaches, ordinary people keenly aware that they are providing free data labour to train machine learning programs and algorithms for global monopolies, the climate increasingly becoming more turbulent, more than 60% of wildlife on earth wiped out since the 70s. Seeing how China is using the convergence of technology to create a black mirror future for not only its population but also spreading the principles to other countries (and no guarantee it won’t happen in Europe and North America), it would seem that all hope is lost.

Around the world Alice and Bob are also aware that they are the hidden labor creating the new digital economy:

Irrespective of generations, globally there is keen awareness amongst most people of the limitations of the current banking system, and the increasing personal and business risks risks of instantly becoming unbanked through factors outside of your control.

Financial surveillance is increasing. For example, in Canada the government is asking banks to provide full financial data on thousands of citizens without their permission. Canadian government data breaches of confidential information is a regular occurence. And there is no guarantee that, once such data collection becomes “normalized”, deeper and wider data fishing will occur.

The frustrations and costs of doing banking, including credit cards and using and sending money abroad, as well as hefty banking fees features as regular complaints on social and other media.

Is crypto becoming a missed opportunity? Why is there not mass commercial adoption after 10 years?

Since I became involved in the industry in 2013, I have heard that “education” and “awareness” is needed to create commercial adoption. There was a big focus on ensuring people not only became aware of crypto, but also to accept it as payment and incorporate in their business. Wallet development was all the rage, in particular user-friendly, yet secure wallets. We all gave away bits of bitcoin and even to this day some people use Dogecoin to encourage people to overcome the technical barriers.

The amount of resources and investment made in crypto and blockchain education is astounding. Not a day goes by that there is not some conference, and some (often) celebrity panel discussing what crypto is, what blockchain is, how to invest, etc.

I would propose that education and creating awareness is not enough. The resistance barriers to adoption has become very high especially since the 2017 bubble.

To be successfully employed means you cannot be a black sheep. It requires conformity, and following rules of compliance.

For professionals, such as public accountants and even academics, public association with the industry is fraught with personal and professional risks.

Whether we agree or not, the first use cases of bitcoin and the public association with illegal activities (whether we agree with what is considered legal or not), is still communicated and used as an excuse to restrict use by incumbent organizations and anti-crypto advocates.

For most people the idea of being commercially involved in technologies that are constantly being described as used for dark web and by criminals, creates uncertainty and fear.

Above is a video clip posted by Steven Mostoviyi, who decided to personally investigate a project.

Within the crypto industry the lack of accountability and unwillingness to take on people who take investors’ money and not deliver value, as well as those who openly scammed and ran away with millions of dollars, is a root cause of the current lack of confidence in the industry and industry leaders.

It is hard to support an industry when you see influencers on stage who have taken millions of dollars, brag with pictures of their wealth and their luxurious lifestyle, while their peers are aware of this and continue to cheer them on.

Investors might be silent, but they will not invest nor associate with those people and their peers anymore.

The whole idea of DAO’s and ICO’s was for developers to get funding and not be dependent on venture capital. So many opportunities for them to develop new economic models were possible, and everyone knows that bitcoin was bootstrapped through network effects and support by enthusiasts who promoted adoption with merchants and users.

Today one hardly hears about efforts to create merchant networks. It is shocking to hear how core developers are sometimes still working for very little financial reward, while foundation leaders travel the globe as celebrities.

One would think that a new industry would make it welcoming towards newcomers and provide support for them to not only utilize the new technologies, but also adopt the spirit of the movement.

Unfortunately I have personally seen how rampant public bullying, disrespect of new opinions and toxic social media use are often the norm, and not the exception especially with influencers in the space.

What is most astonishing is that it is well known that most revolutions failed because of infighting. The simple game of “divide, conquer and rule” by established monopolies and organizations, is ignored and limitless energy spend in personal agendas, enrichment and goals to the detriment of the greater good.

A good example is the Bitcoin Core and Bitcoin Cash fork. And now the hostility of personalities supporting Bitcoin Cash SV towards the entire crypto industry, appears to have being the final straw to break the camel’s back resulting in a massive financial wipe-out in the industry.

The unwillingness to grow the pie versus fighting each other over gaining a larger slice of an an increasingly reduced size pie, boggles any crypto believer who supports the cause and understand what the potential of this industry is.

It is still extremely difficult to use crypto. And while there are amazing solutions being developed, the fragmentation in the industry is making it difficult to find information about good new solutions.

new good solutions come along, such as Moneybutton, the founders sometimes become embroiled in chain infighting, reducing their chances for adoption and usage.

Providers of service, such as ATMs, also do little to protect consumers. Instead of providing information about, for example, risks of being scammed (the classic Internal Revenue case studies) many of them seem to not care as each transaction brings them money.

Despite all the formal crypto and blockchain membership associations, roundtables and photo opportunities even with government officials, there is no consumer protection standards in the industry— not even conferences dedicated to this important aspect of the industry.

Without a doubt governments globally would respond to address the risks they perceive, as well as to formal complaints and class action lawsuits.

It would be obvious that the DAO would result in research and investigations, including the ability of coin and chain founder to influence exchange and therefore manipulate the markets.

Whales and bots pumping and dumping schemes caused enormous speculation unsupported by real technologies.

RegTech blockchain startups also got into the game, using these new technologies to create compliance. In some cases, some founders and experts are actively advocating against the industry.

In countries such as Canada, where the world’s first bitcoin ATM was established, and where Ethereum was conceptualized, proposed new regulations will make commercial adoption costly and almost impossible, while banks close bank accounts of people and business associated with the industry.

While blockchain enthusiasts want tokenize everything, it is important to remember the merely automating current systems do not necessarily improve them or create a new renaissance.

As the gap between technocrats (such as the CEOs of Amazon, Facebook and Tesla) and the majority of the world’s people grows, it is becoming clear that it merely accelerates problems in the world. For example, technology is contributing to immense environmental harm which is never discussed in their ambitions to colonize space. In discussing the singularity, no mention is made of full cost accounting, which would incorporate the real cost of new technologies and their algorithms.

In other words, for the majority of people who are motivated to change the status quo, there is little benefit in engaging with crypto and blockchain technologies if they simply accelerate the very problems that brought our societies to the tipping point where we are today.

Which brings us to “What is in it for me?”

As with most technology adoption challenges, there is a lot of emphasis on training and marketing, but not much focus on the “why”.

With all of the issues listed above, and the need for dedicated study and engagement with the industry to stay up to date, figure out good information from bad, and deal with the technology risks, the benefits need to outweigh the risks and effort.

And once financial speculation start to create financial distress and distrust in the market, there are currently very few narratives and reasons promoted for personal and commercial use of these technologies and new digital assets.

Honest and dedicated token and blockchain founders and startups face a much more difficult battle than, for example, normal silicon valley and other industry startups.

They have to deal with volatile prices in the market place, constant forks resulting in constant upgrades and changes to their products and services, constant scrutiny by, for example, the SEC, social media “wars” with competing chains, unfriendly business environments, risks of becoming unbanked without warning, funds frozen by banks and lack of good talent and investors to fund their projects. It is also difficult to find good accountants, lawyers and tax experts.

While they are developing complex frontier technology (not just simple platforms) they also have to to counter constant negative publicity and tackle relentless bad actors in the space. Communities push them with “When moon?” and because of volatility they need to spend significant time with liquidity and treasury management.

Their cost of business is increasingly rapidly with new compliance requirements, while they also contribute to open source cyber security standards to keep their business safe (with limitless hacking attempts). Social media hacks enable thieves to impersonate them.

They travel constantly across the globe while needing to build strategic ecosystems and communicate with their investors.

There are not many experienced pathways to develop decentralized, permissionless technologies and onboard new customers in this frontier technology.

Community development is core to the growth of the network effects required for crypto to be successful. Community ambassadors face an increasing heavy burden, making it difficult to grow healthy ecosystems. For example, they often work for free and at their own cost to develop eco-systems (with no fair reward).

The pressure takes a toll on relationships with family, friends and even personal health.

Their efforts are “dismissed” by large tech companies and consulting firms, or sometimes even exploited by “mining” the goodwill and community assets created.

There are no expert guidance books or development in roles as “shepherds” in leaderless environments. In addition they often deal with complex human dynamics, including psychological issues in community conflicts. They have no means of holding people accountable, with lots of volunteers but often who cannot implement or join for public relations.

They have no guarantees nor protection/insurance of success (this is an experiment). Often they face the Artists Dilemma being unable to generate revenue from own content and effort in the open source environment.

They often have limited successful projects to support and gain more credibility in their effort. Add to it market saturation and sceptism.

Community wellbeing not valued nor supported by foundations nor crypto founders.

After 10 years, the crypto industry still place no value on experts in the human elements of the industry. It is heavily skewed towards founders, developers, marketing and compliance.

Contrast this with established business, for example, they are

Sad!

Who do you call?

“In a decentralized organization, there’s no clear leader, no hierarchy, and no headquarters. If and when a leader does emerge, that person has little power over others. The best that person can do to influence people is to lead by example.”

From The Starfish and the Spider: The Unstoppable Power of Leaderless Organizations by Ori Brafman and Rod Beckstrom

What you focus on, grows: Reigniting our Movement: Positive Mavericks

The purpose of the Positive Mavericks Web 3.0 Leadership Best Practices initiative is to

  1. Interview and record the personal and professional practices from positive maverick founders in the crypto and blockchain economy
  2. Distribute these interviews globally, for example, through The Blockchain Executive Radioshow on platforms such as Blockchain Radio
  3. Encourage crypto and blockchain educators, conference and roundtable event organizers to invite them to speak about the content of the interviews
  4. Study the leadership and cultural development practice in the Medium publication and forthcoming book.
  5. Host leadership development workshops using the content created. Invite experienced leadership facilitators to design and lead these
  6. Make the outputs available to copy and reuse
  7. Establish Communities of Practice around the world — in particular empower and encourage community ambassadors to show the way.

Why we need to revive the crypto narrative was originally published in Leadership Web 3.0 Best Practices on Medium, where people are continuing the conversation by highlighting and responding to this story.