A true crash is not what we want but it is what we deserve. It might seem counter-intuitive but I believe we need a crypto winter like those that have come before.
At this point in a Bitcoin (CRYPTO: BTC) cycle, we start to see all the doom and gloom articles and posts about crypto being a Ponzi scheme. Countries begin to declare they are banning crypto. It was China in 2017; this time, it’s Russia.
We read articles about how NFTs are a disaster for our planet. They contain soundbites such as “a French artist [was] taken aback to learn that their “release of six crypto-artworks consumed in 10 seconds more electricity than [their] entire studio over the past two years”. These seem extraordinarily ominous but wholly missing the mark via selective journalism. We often get journalists and critics with just enough knowledge of the technology to be dangerous within most media. They will see proof-of-work and proof-of-stake blockchains as interchangeable or acknowledge that some blockchains are proof of stake as a token gesture.
Mainstream articles on blockchain technology, or the projects built upon it, are rarely written by someone who truly understands it. It is possibly down to extremes getting more clicks and, therefore, more advertising revenue. Still, there is a lack of knowledge and understanding that comes with it.
Many of the articles written about blockchain today remind me of posts that often appear on Reddit’s Popular tab going back to before 2000….
