We have a culture in the Web 3 space that is community-centric. In the grand scheme of things, it means nothing (in my opinion), but it is an idea that has perpetuated itself in the crypto space and has stood the test of time. However, I had a recent epiphany about crypto that has changed how I approach the space.
Crypto communities are digital cults. Interestingly, I was listening to a Joe Rogan podcast today about cults and how they operate and the similarities are uncanny. At the core of every cult following are enduring belief systems that are good; however, as with everything, humans remain the central point of weakness. We, unapologetically, can distort things to suit our selfish desires. This is the reason community-centric endeavours are easily hijacked.
So rather than bank on humanity to uphold the greater good, we rely on trustless and efficient systems. This is the whole idea of decentralization (I believe). However, building trustless systems isn't in itself a one-size-fits-all solution. We need to believe in these systems and the narratives that they are equitable and would benefit all parties involved. For this to happen, these systems must be effective.
Now, the issue with most communities is that they are not run effectively. They rely on sentiments and narratives (that are mostly false or fallible) to exist. This leads to more complicated problems like groupthink, where everyone in the system exists in a bubble and must sustain the said bubble by adhering to said beliefs and narratives. Anything outside that is vehemently opposed and discarded, hence my statement of communities being cults.
Another issue with crypto communities is that they are founded on bogus promises that cannot be fulfilled (most times). However, since communities are structured around beliefs and narratives, there is less emphasis on objectivity and accountability. This is why a project can promise lofty things and underdeliver and the community is unperturbed. With this sort of attitude towards investment and project management, it is no wonder why the Web 3 space is a good playing field for grifters and speculators.
Now, I am not opposed to the game of Web 3. In fact, I am an active participant. There is a huge opportunity to make (or lose) a fortune speculating on worthless tokens. I believe that's an opportunity/risk everyone should take. However, unlike most people, I am not sentimental about my holdings or any project. My priority remains the same: effectively allocating my very scarce resources. This is the only way to survive in this space (in the long run).
In conclusion, I understand the place for narratives and community, but they are not enough. The technology, product, and service behind the chain must be solid to attract both retail and institutional investors. Capital is the life of every project and capital flows where there is creativity, innovation, and some buzz. This might not be 100% true for the crypto space, mainly because we have a lot of nouveau riche who are ready to gamble away their newly found wealth, but this sort of approach to investing is not sustainable in the long run.
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