It looks like the wave of pessimism going round the space isn't going to be abated anytime soon, especially when it concerns those who know little or nothing about the space. The ponzi scheme is up, and we have failed.

One particular criticism I came across talked about how the coming of NFTs sort of earmarked the space for imminent and irreversible failure. While I still have my reservations about NFTs, it was a criticism that didn't settle very well with me because art is subjective even in the real World, and value is allocated according to that subjective nature. NFTs themselves may fail but it is neither the cause nor the major reason why we are experiencing a dip in prices now.

Another thing many people seem to forget in this death spiral is that the value of BTC is still hovering around $20k which would easily have been an all time high a few years ago. So how come that was good enough for a boom then but is now considered a bust or failing project now. We really shouldn't be fooled by the price situation right now as that would only blind us to the progress that has been recorded so far.

The focus on prices as the most important determinant of failure or success in the space has prevented us from noticing and acknowledging the progress crypto has made so far. How can you still refer to crypto as a scam when it has forced its way into global recognition and acceptance and continues to prove its utility. From finance to sports, health to even the environment, we are seen the impact of blockchain technology and a lot is being built.

How incredible is it to imagine that BTC is now a legal tender in some countries, and a legally recognized asset in many others. Considering the fact that there is still a large room for growth the possibilities regarding acceptance and usage are quite endless. If this much could be achieved with little support imagine the next decade or so with the proper guidance and support.

The focus on prices solely even ignores genuine criticism of the space. Yes price stability is needed in the long-run, but if the space is considered a failure when prices are low and a success when prices are high then we don't really achieve much in terms of insight. The space still needs a lot of work and it goes beyond just price stability. This (stability) likely cannot be achieved until all the necessary measures are put in place.

Conclusion

Many screaming death now will make their way back into the space at the next bull run. For the developers and core community, we'll just keep doing what we do knowing that the fundamentals are all that matter. Eventually there won't be a need to explain too much in the future once all developmental strides are in place.

Posted Using LeoFinance ^Beta