When I was first requested to write this piece, the overall theme revolved around the current cryptocurrency market. I then realized the majority of the readers of this report are probably on top of any market news at this point, and I felt that talking about it could possibly be aittle redundant. Fingers crossed, one can hope that its going to start improving soon. However,instead of deep-diving, again, into how market conditions impact enterprises across the board, maybe it is time we touch upon how that impacts the real world, why markets like this can stagnate, and how we, as a community, can try and drive out of a slump successfully.
This struck me a few days ago; Personally being an advocate for blockchain technology and cryptocurrency in general, I spare no opportunity explaining how it can help people in their everyday lives and, at the very least, go out and buy some crypto and get their toes wet. I was doing the same with an acquaintance a couple of days ago, talking about how one can go about finding a user-friendly exchange in India, save that in a wallet the usual. The response I got was, Cryptocurrency value is dropping every day. It seems like abad investment. Why bother? My initial reaction, obviously, was to quote reports, estimates and claim future prowess. But then I thought about how inaccurate her statement was in reality, and tried to understand why and how that became the common consensus on the ground.
There is no denying the seemingly relentless downswing in the cryptocurrency market over the last few months. No doubt the bear market off late has had a negative impact across the board. For the numerous ICOs off late that is meant a lot less money flying around. For holders, that is just stagnated their holdings. For the industry, that is just given everyone a little more time to focus on quality rather than FOMO. Yes, its painful and frustrating, but in the grander scheme of things, maybe we need to backtrack a bit and understand why we are attracted to blockchain. Why are we impacted by the market at all? Is it only because it is making us less money, or because its slowing down the realization of what tomorrow could be? The truth is, there is no wrong answer as long as everyone is actively pushing for a world where either is a reality.
So, what is with the market? Well, nothing. Being based in India, I can tell you that the Indian Rupee is going through the biggest slump in its history and no one is talking about it. The crypto community is a little more tight knit. We are a little more involved and genuinely a little more invested in this space. And blockchain and cryptocurrency is only making the world a smaller place. So any volatility creates a lot more conversation. But why is that such a big deal? I feel it is primarily because of lack of information. Much like the internet boom, there is a relatively small group of people that hold all the relevant information which does not trickle to the masses. The irony is, we are now in an age where the internet is already the most powerful tool we have, and finding information is so much easier. However, the flip side is, there is also a whole lot of incorrect information out there. Everything is also so much faster than it used to be. While it took a certain amount of time for a company to get established and create an ICO.
Without getting into regulatory concerns, lack of education awareness, scams, and ICOs specifically; is there a way a out of a slump of a market? Maybe. Maybe IТm a sucker for new technology, or maybe IТm just a romantic who thinks that a frictionless, level playing field is a dream future and would love to see that happen. But the hard truth is that a pronounced bear market does dampen those dreams a little bit. However, it also gives a community, this community, our community, a chance to really rally. To share. To educate. And, above all, to put our money where our mouths are and trust what we all claim to believe in so strongly. Collectively, the world has had unwavering faith in a centralized system for generations. We are at a time when there needs to be faith in the alternative. We are the bulls, and we are the bears. Using a highly overused quote here, It takes a village to raise a child, well, this revolution and this tomorrow is our child. Because, while even a whale has to sometimes mimic a shark to ward off predators, a large enough school of fish can prove disorienting to even the largest whales. And in the words of the late Bob Marley, Get up. Stand up.