Don't Be Discouraged
There is a reason many of us avoid the Daily thread now.
Yak yak.. Idiot..
Yak yak.. Moron..
Yak yak.. Shit post..
Yak yak.. Dog shit..
Yak yak.. Fuck fuck fuck..
Thank you u/jet86 for trying to keep some sort of order in there. Once upon a time, when the sub is a far happier and positive place, a wise man posted this gem in the sub.
Don't be demoralized. We're not looking just at short-term profits, and we're not just looking at long-term profits either. We're looking to build something that everyone can get behind and get on board, as both user and operator. We're looking to build the thing that will finally change the way money is handled the whole world over for the better, and leave a legacy that can sustain itself through all kinds of social and cultural changes. We're looking at accomplishing the spirit of the original Nakamoto vision of Bitcoin, the original Ripple vision (pre-blockchain Ripplepay), the original Paypal vision. We're building a massively scalable decentralized exchange uniting all fiat and crypto that will be freely available to regular end users via widely deployed digital wallet infrastructure. We believe it will be good for people to be able to freely exchange value with each other directly, and build communities and businesses with each other directly, and not have to be rich and well-connected already to be able to afford to do these things. We finally have the technology to enable this for billions of people simultaneously, and we are building this in combination with developing the business partnerships that can give the network a hard takeoff. People will pay to use it, and people will be paid when it's used. Don't be discouraged.
The wise man is u/omise_go.
So, keep on venting in the Daily if it makes you feel better. Nothing will change what the OmiseGO team will achieve.
Posted May 10, 2018, 6:21 AM UTC
Thank you for posting some encouragement aimed at the more reasonable folks here. It’s true that we’re all in crypto to try to achieve financial independence, and tangentially/secondarily we’re excited about world-changing tech. There’s nothing wrong about that, really and truly. But there are levels of socio-economic desperation in people that many of us simply can’t relate to, and that can cause certain people who frankly have no experience actively investing in anything to have very mis-set expectations.
I’d venture to say the majority of people who come here have no experience working in tech, or have no prior experience investing in non-crypto, or have no experience managing large projects with many competing priorities and stakeholders. For folks like these, probably desperate to get out of their financial situation—how can one expect them to NOT inadvertently adopt a moonboi attitude? They see crypto as a lottery ticket stand, and they see themselves as having to pick the right ticket.
Have compassion, friends. We’re all victims of massive economic inequality—yes, even us who appear more well-off with higher-paying jobs—and crypto represents a system of alleviating that. Even if some of the people who will benefit absolutely do not “deserve” it by the usual standards (I.e. reasonable, disciplined personal financial management abilities). The sad case is many of the soon to be “new rich” via crypto will lose their money as quickly as they gained it, because they lack the financial discipline to sustain their wealth. This is not something to gloat over—have compassion on your fellow man, as annoying as they are through this whole process (and my god are they annoying). I have to mentally and emotionally prepare myself before scanning the daily for anything useful, and I’m sure many of you do the same.
The crypto landscape today is fueled entirely by speculation: 1) how big is this project’s ambition? 2) how trustworthy or reasonable is it that this team achieves that ambition in reality? Many unsophisticated coiners have severe deficiencies in their ability to evaluate these two points objectively because they lack real-world experience in tech, investing, or business, and that’s not their fault and one cannot expect them to act any differently than they are currently, trawling Internet forums saying “I lost my faith in this project because X (mis-set expectations), or project Y suddenly looks more promising because price action is currently happening to it (the blind leading the blind, really).”
Just know that many reasonable people are committed to backing this project as long-term HODLers because we objectively see it as the perfect marriage of achievable ambition and high probability of success (thanks to having the already-established business base of a mid-size payments processor), structured in a sustainable economic model (staking). I personally don’t feel comfortable backing any other project despite how successful/exciting the product or space is because it doesn’t meet all my criteria like OMG does. As a technologist I look at projects like maker, golem, request, BAT, and others and have mad respect for what they’re doing and do think they’ll be tremendously successful, but despite all of that it does not make sense for me to put my dollars there because I as a consumer won’t be making use of the token itself. When speculation collapses, what will remain valuable are tokens that people want for themselves—and that’s how I justify being all-in on OMG.
It can never be justified to be "all-in" into one single asset. That is about the number 1 mistake one can make in financial portfolios. Diversion into several quality projects is what will bring you forward by reducing risk at the same time.
Agree—I have real estate and index funds too. I’d be willing to diversify the crypto portion if I ever run across a project that meets my criteria as well as OMG does
Edit: I have a bit of ETH for using Dapps and MKR for paying CDP fees but that’s less than 5% of the crypto portfolio
You should at least have Bitcoin. As boring as it sounds and as much as it can't compete with others technologically - it will evolve into a store of value and by its focus on security will always be a hedge against all other currencies.
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I have the same perspective. Having worked in tech startups my whole career, I know that building out a product is far easier than getting people to use it. Adoption MUST be the key indicator of success--for example, the dev community around ETH has no equal (not even close), and I'm very optimistic on OMG because it's able to leverage/migrate an already-existing client base of businesses using Omise and acquiring a mid-size crypto exchange will boost volume a bit as well. But we all must be vigilant to discern between true adoption and FOMO, which is tricky to navigate these early days.
Sidebar: MOUs and announced partnerships are totally unreliable because it'll be a very long time before even their pilot programs roll out, so it's nice to fantasize about (for example) half of Korean credit cards using the network or half of Japanese electricity volume using the network (via ELEC) but that stuff should not even be minutely factored into today's net present value.
I'd love to be able to diversify my crypto holdings on principle, but we're still very early on in the grand scheme of things and I've yet to see another project emerge that meets all my fundamentals criteria.
Couldn't agree more man. Nailed it.
You're a far better man than I am, that's for sure. I have zero expectations when I come here, and yet easily contented when I leave with a tiny scrap of information I have never ever seen before.
Well said. I just want to point out that some of our daily comments on the accumulation of top wallet holders has been very informative. We can use this as a “faith gauge” to see how the most heavily invested are acting. For the most part, I ignore the shit posts but I do think about the overall sentiment of the comments which feels somewhat correlated to the price (in ETH or BTC terms). This would be an interesting thing to research.