So I've been on vacation for the last couple days. Haven't really had any time to write a post, even though there is a lot going on. Jack from Twitter is going on a rampage; going full maximalist and accusing Web3 of being a fairytale owned by venture capital. Yes, very cute, Jack. I'm sure your shitcoin is going to be so much better. I'm sure you're not worried at all that everything you've built is going to be chewed up and spit out by the real Web3.
But more importantly, a few minutes ago I realized that I needed to shit. Not only did I need to shit, but I simultaneously remembered that I hadn't taken a shit for perhaps 3 or 4 days, so this particular shit was not going to be a pleasant one.
But never fear, dear readers, because I had an idea! What if I tried Lamaze breathing? Would that actually work? A breathing technique used for the actual birthing of human babies? It totally did work. Crisis averted. Those scientists really thought of everything, didn't they?
Speaking of shit, remember when @berniesanders was having that flag war and posted a link to a picture of his own shit thousands of times using a bot? Remember how no one did anything about it or even mentioned it as a problem? Cowards!
I don't wanna touch that shit with a ten-foot pole!
But then, what is anyone even going to do about it? Can we stop someone from posting to the blockchain? Not really. On the other hand, we can censor that childish garbage on the frontends, and even employ various social dynamics to mitigate and even nullify the issue. Trust me, in ten years blockchain forensics will look back and be like:
What the actual fuck were they doing on this chain, lol?
So early in the game.
Read an article today in which the author interviewed like 15 famous people from blockchain and asked them if mainstream adoption was here. None of them claimed it wasn't. They all said mainstream adoption was either here or we were clearly right at the beginning of it.
You know, it's hard to argue against that with McDonalds making a McRib NFT and the Staples Center changing names to Crypto.com Center, but I think I'm going to play the contrarian anyway, because that's just what I do apparently.
Not only is mainstream adoption not even close to being here, it won't even matter when it does get here.
Mainstream adoption is not some end-game goal to be achieved and then we move on to the next game. It's just a tiny mile marker on the way to something much much bigger.
The grind is real.
We did it, what should we do now?
What do you mean? Now we get to play the game!
It's kinda like that...
Once we hit mainstream adoption marks when the game finally gets good rather than just being this boring speculative grind and whining over price action. That's when people don't care about the price, because they are their own boss, they are their own central bank, and they are even having fun while they make ten times the income of their legacy job. That's when it doesn't even matter if the price tanks 90% because they are still having fun and still making enough money to live off of comfortably.
Top Signal Declared!
Also, have you noticed how many people are seeing these things like corporations ape into NFTs and declaring that this is a "top signal"? LOL, really? A top signal where the price has been trading largely flat for an ENTIRE year? Think about the gains we made in 2021. Basically nothing unless you were trading on much riskier micro-caps.
These are not top signals. These are adoption signals. And when you see adoption signals this strong and the price isn't even going up? Well that means that the price is obviously undervalued, not overvalued like all these cowards on crypto twitter are trying to espouse.
How do we even define mainstream adoption?
I personally would define it as half of the population or more using the technology. Considering 'only' 4.7 billion people have access to the internet, conservatively this means that about 2 billion people need to be using crypto for it to become "mainstream". We aren't anywhere close to that.
But there are so many other definitions of "mainstream".
For example, crypto is money; a superior form of money that can't even be governed by legacy systems. Therefore, an even better definition of mainstream adoption would be if crypto had a greater velocity of value than fiat did. Or perhaps if Bitcoin's market cap was higher than USD's market cap, I would also consider this mainstream adoption. Again, there are so many ways to slice it.
Putting the "mainstream adoption" label on crypto is extremely counterproductive. Once we collectively decide that mainstream adoption is here, what is the implication? It's quite obvious to me that it's implied that anyone who hasn't entered the market by then is the sucker that's going to be on the Fool's end of the stick in the Greater Fool's Theory. Clearly, this is not the case.
This is the attention economy.
We can already see it happening before our very eyes. For the first time in DECADES, this economy has become an employee's market rather than an employer's market. Less and less people are taking shit jobs for shit pay. Unions are starting to win huge concessions (see Kellog). Wages are going up.
Why is this happening?
Well, I can't prove it, but a rising tide raises all ships. Crypto is exponentially the best collateral in the world, and now that more people have crypto, people and communities are increasing their inherent value within this economy. Crypto is forcing everyone to compete, either directly or, more often than not, indirectly.
Imagine a bunch of ice cubes being put into a glass full of water. The ice displaces the water and makes the glass overflow. The end result is that value has overflowed onto the table, and no one is quite sure how it got there. Expect these indirect effects to continue happening as the world gets weirder and weirder.
Conclusion
My shitpost is a lot better than I thought it would be.
I'll take it!
Key takeaways:
- Tribalism bad.
- Mainstream adoption is irrelevant.
- Jack is being a petulant dipshit.
- Controlled breathing can lower blood pressure and increase metabolism.
