The crypto world needs a messiah. Well, maybe the crypto world doesn’t need one, but crypto investors sure do.
For all the ballyhoo over decentralization, sometimes it would be nice to have a central authority. Someone that everyone in the industry looked to provide the vision for the future. In the past guys like Bill Gates and Steve Jobs filled those roles.
Behind Gates was the power of the WinTel monopoly. Steve Jobs held the enormous power of his creative genius to give us all a vision of the future. If either of these two spoke, you could pretty much take it as gospel.
These days, there are tons of brilliant developers whose vision is practically Hawkingian in depth. But understanding the english language version is made impossible by loads mathematical mush or linguistic portmanteaus.
You may ask, why is any of this relevant? It is not just the fact that crypto prices have collapsed this year. Only about 8% of Americans own cryptocurrencies and less than 2% of institutional capital is involved.
At the time of the first iPhone, fewer than 8% of Americans owned smartphones. Steve Jobs helped them see why they desperately needed to own one. Call this nothing more than salesmanship but satisfying that desperate need added almost $600 billion to investors pockets by the time iPhone 10 came along.
Ethereum started the Enterprise Ethereum Alliance a year ago to connect Fortune 500 companies with experts on blockchain capabilities. So far they have about 200 members and could be genuine crypto evangelists. So far they have been working hard but the last news out of EEC was three months ago. Obviously, the price of Ether is not their first priority. There are plenty of qualified spokes people leaving the White House these days.
Acceptance Of The Present State Is Necessary
If we were dealing with Microsoft or Apple corporations there would be a full staff of PR types spinning the virtues of Windows or Mac products. But with crypto we are dealing with greater democracy in a decentralized public forum that anytime in history.
So, everything from honest differences of opinion to downright rebellion comes through in public forums. It is not always cool but it is democracy in action.
The recent Deconomy conference in South Korea Ethereum creator Vitalik Buterin was there to present his 12-month vision for Ethereum. This was the perfect time for this 24 year old industry leader to step to the plate and lead the crypto world. Instead, according to reports from CoinDesk, he scrapped the whole thing.
The thrust of his remarks focused on the slow transaction speeds of the present network leading to the headline: Vitalink:“Ethereum Apps are being ‘Screwed’ by scaling”.
In the true spirit of democracy, Buterin was addressing Ethereum research scientists at the conference about the needs to change in order to accommodate a growing level of developer needs. The problem for ordinary investors like you and I is that there were no solution for journalists to pounce on only the frustrations over present limitations. If this had been a corporate environment none this would have been news.
Restating The Obvious?
There may only be 8% of Americans who own Bitcoin, Ether or one of the thousand plus others but 99% of those understand the issue of scaling. Bitcoin recently launched The Lightning Network and Ethereum has Radien and others. And then let’s not forget EOS. So what is the point of one of the industry’s truly brilliant figures reminding us what is wrong in the world of Ethereum?
In the real world of depressed prices and diminished expectations, crypto investors need a messiah.
Featured image courtesy of Shutterstock.