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Crypto Community Remains a Hindrance to Mass Adoption

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If there is one thing that has been learnt this past month in the cryptocurrency community it is that there is a long way to go in terms of enticing and welcoming people in. The cryptocurrency community has always been known to be veracious and eager, but it is this side of things that has transposed to tribalism and pushiness.

When JK Rowling, the writer of the famed Harry Potter books, entered the fray on twitter to mention Bitcoin, she was mobbed and swamped by a barrage of people from the community which essentially scared her off. 

It was not even the usual Twitter trolls and stange members of different crypto tribes, but some of the bigger and more respected names in crypto made fools of themselves, such as Changpeng Zhao of Binance and even Brian Armstrong of Coinbase. 

The crypto community has a long way to go to be a driving force behind mass adoption, and this is also the view point of  Alex Mashinsky, the founder of the decentralized finance app Celsius Network.

No delivery

The example of Rowling’s tweet, lack of understanding of Bitcoin, and then being scared off rather than intrigued further is what Mashinsky thinks is problematic. 

“We created amazing technology, we celebrate it internally, but we have not delivered to the masses out there what they need to come on board. We didn’t solve their problem — we solved our problem,” he told Cointelegraph

“We are afraid of debasement. So, great — we created Bitcoin. We want a form of payment, so we created Tether. We want a smart contract so we can geek around. Great, we created all these DeFi projects — those do not apply to 99% of the population. They couldn’t care less.”

“What are non correlated assets? How do I buy them? How do I store them or hold them? How do I create yield? These are things that apply to 100% of the population because no one is going to earn interest for the next 30 years, or even 50 years.”

Calls for innovation

When asked what is needed to make the space better and more appealing, Mashinsky called for innovation and performance. 

“The main issue is that this is all about innovation. It’s about inventing new business models that have never existed because the blockchain is slower and more expensive and more cumbersome than any database, than any centralized system,” he added.

“Your phone runs a thousand times faster than any blockchain. Your phone can beat any blockchain in the world, no matter which one you pick. So, it’s not about speed. It’s about consensus. It’s about open ledger. It’s about delivering something that cannot be achieved by any other way. And I’m not seeing that kind of thinking.”

“If you look at most of the companies, even the successful ones such as Coinbase and Binance, they’re just copies of Wall Street — they are all toll collectors stealing from their customers, charging them heightened fees.”

Darryn Pollock
Darryn has been interested in the blockchain and cryptocurrency space since he heard about Bitcoin in 2015. He then decided to use his journalism degree to report on this fascinating fintech space in 2016, and has not looked back since.

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