You can't use an old map to explore a new world
Crypto and social online communities are changing the narrative
Online communities are changing the narrative.The GameStop and Reddit saga unveiled a deeper, fundamental change going on in the world. A group of people on Reddit got together and decided that enough was enough when it comes to Wall Street manipulating the markets. In a heartfelt and impassioned post by Roaring Kitty, it was evident this person was not going to let the status quo put another business out to dry. The move completely caught the power brokers in the ivory towers off guard and subsequently the firm lost lots of money, in what was supposed to be, easy money. Crypto and social online communities are changing the narrative. Information and data is more available than ever before to the average Joe.
Crypto communities built around Bitcoin, Ethereum, Cardano, and Stacks (Blockstack) have revolutionized the world of data. Being able to build the new economy on open permissions changes the way people think about the user owned internet and Web3. You can build applications and smart contracts on Bitcoin with Stacks — crypto communities will continue to evolve and in the new economy you need zero permission and zero authority to build the future.
Mutual fund assets continue to decline. Record outflows from mutual funds have analysts wondering about the future of giants like American Funds, T. Rowe Price and Dimensional Fund Advisors. While mutual funds still hold more than three times the assets of exchange-traded funds, they registered a record $289 billion in outflows last year, according to Morningstar. As the outflows continue, money will flow into crypto communities, decentralized applications (dapps), open and permissionless protocols. GameStop and Reddit was the tipping point with the legacy world, and this is another point to further show fundamental change going on in the world.
What does Uber’s success have to do with Crypto. Uber is a brilliant, simplistic technology design. At its core, it is a marketplace, matching drivers and riders. We forget Uber’s success was a cataclysm of smart phones, geo-location / maps advancement, social networks, integrated mobile communications, and ability to launch applications from the AppStore.
For example, in a similar way, crypto communities built around Stacks, are still in early development and are on the verge of their Uber moment. Crypto networks and main public networks (mainnet) are very useable and bring value today — but there is still a lot of work to do around infrastructure, dapps, DeFi, and networks.
The new paradigm.You can't use an old map to explore a new world.
In the new economy built on dapps and public open networks there is greater access and connections to people, data, and democratization of the Web3 Internet. Legacy institutions and companies will not have the answers and will not understand how to navigate a new world.
Crypto is the financial internet of the future, and global dapps would be built on Bitcoin. The next Facebook, Twitter, and YouTube will be built on Bitcoin.
People are already saving, earning, and investing in this thriving global crypto economy. Governments have tried banning it and it won’t die because it is the future.