Ask HN: Feel bad about working in crypto, what to do?

Try living in another country too, I have. Banking is the number one pain point. Even more than language issues. Ever tried to get your own money out of a western union in a country that doesn't speak your language?

If you're doubting "web3" then you've probably never experienced these sorts of pain yourself and I could understand your trepidation. But since I'm understanding you, how about understanding me too.

Here’s the question: what’s stopping a significant adoption of blockchain technology from a _business perspective_.

I have my own take on this. It could be the increasing cost of transactions (in practice). Not indifferent from your current day financial systems, as we have inflation that causes costs to rise. Perhaps it’s the sudden rise, the volatile nature of fluctuations that make it different for crypto currencies. Perhaps the entire issue here is we measure fluctuations against fiat currency.

As more businesses start to operate entirely in crypto (producers and consumers) - we may see a more stable crypto ecosystem.

As for why is blockchain not gaining traction, it is somewhat related to above. Miners provide the backbone for any successful blockchain network. In a centralized system where all actors already trust the centralized authority, there is little business incentive in setting up a sophisticated ecosystem based on blockchain.

I’ve heard about governments considering using blockchain based tech to thwart internal corruption (immutable public records FTW). As these systems are developed, researched and then evangelized by the likes of HBR, we’ll start to see much greater adoption in time IMO.

The public has been casting lots forever[0]. Some people want to put their fate/outcome in some random system like dice, stocks or crypto. Those systems aren't truly random, but from the perspective of the participants it's close enough.

There is a theological topic on Cleromancy[1], the attempt to perceive gods will by casting lots (rolling dice or whatever) and interpreting the outcome as divine will. Many people do amazingly dangerous things like banging their mortgage into a crypto stock and rationalize the outcome for the winner as being "lucky" or the "universe" made it happen. These overlap with faith based patterns we've seen before.

Casinos and all that rig the odds so that the system of providing "random" outcomes can last forever as a corporation. But the human desire lasts forever, to put their fate in the hands of an external uncontrollable source. Crypto is just another method of casting lots for some members of the public.

Crypto is riding this wave of Roaring Twenties style excess we're living through at the moment. Get out by the end of the 2020s and you'll do okay.

[0]https://earlychurchhistory.org/beliefs-2/casting-lots-in-the...

[1]https://en.wikipedia.org/wiki/Cleromancy

It's their shortcut to liquidity which resulted in overpromises and dumps.

It's not unreasonable for someone to be sceptical but to dismiss it all together is a mistake.

We need to go back to the core. Decentralized financial instruments built to help people prosper economicly. To uplift poor people in unbanked countries. To stop dictators from rugging poor people and investors. To provide individual freedom and highest level of personal attainment.

The yield bullshit needs to stop.

Edit: I don't mean all yield strategies, just ones which are unsustainable (most of them).

I want unsecured lending products in crypto based on on-chain reputation which happens automatically on taking small loans or doing a lot of transactions maybe endorsement system where institutions stake money in return of verification.

Banks won't provide loans to people who need them the most. Even self employment people and founders with millions of dollars in exit struggle with a home loan because banks refuse to deal with anyone who doesn't fit their cookie cutter.

I believe crypto has potential to disrupt it.

I love flash loans for this exact reason. They are unique to crypto, allowing freedom to anyone to increase market efficiency by taking advantage of arbitrage without creditionals and needing absurd amount of capital to start.