Crypto news flood the Internet and everyone waits with bated breath, about to lose their minds, their future attached to what goes down or up. There is something I have to say…
Bitcoin is down again. The core currency — Satoshi’s dream — is down 90%. The blockchain is in a bubble! Is crypto dead? Is this the end of crypto? I can show you a graph for that…
Do you know what happened? Bitcoin payments aren’t dead, They’ve just gone niche. Consider this one sample. When Frank and Nikki McKeever founded their small art retailer in Florida in 2012, they never could have imagined that cryptocurrency would become an integral part of their business.
“The crypto category has just exploded for us,” McKeever told CoinDesk, adding that he enjoys the grassroots marketing style of engaging with crypto fans on social media. “We’ve sold over 1,000 pieces of crypto artwork in 2018.”
The McKeevers’ gallery is just one example of how merchant adoption of bitcoin payments can still be viable for niche businesses that actively engage with the community. According to the bitcoin payment processor BitPay, the average value of the cryptocurrency payments it processed in 2018 was $678.77 — nearly double its $338.53 average retail payment value in 2017.
In short, the data indicates that crypto users are shopping less, but they’re spending more when they do.
We are in the middle of the most exciting mental revolution that has ever happened. Blockchain is not about this currency or another, it’s not even about technology. It’s about much more — it’s about changing our behavior as a society and as human beings. It’s about being more responsible for having more control over our own lives. And yes — a different way to coexist on Planet Earth.
Bubble — of course! Dotcom was also a bubble and we are living in a completely different world today as a result of that bubble. FOMO had caused the bubble to burst in 1999 the same as it’s happening today. That stands for Fear of Missing Out, and it is pervasive through the investor population. Ironically, that FOMO leads to more money chasing the same stuff (the stuff that has done the best recently), which pushes that same stuff higher and higher in price…until it doesn’t.
SO STOP IT! Stop concentrating on a minor aspect of this great change.Concentrate on exploring and exploiting the new possibilities blockchain brings. All reward potential comes with risk, and usually, they are highly correlated (e.g. higher reward potential is accompanied by higher risk). Depending on what you are investing for (retirement in a few years, staying retired, funding goals like education and raising children, etc.), recognize that to markets don’t go up forever.
But Bitcoin and Ether are down… Yes. They are. SO WHAT? The objective is the thing for you. Don’t get lured in by the “invest in what’s working now” crowd, and stay committed to what you truly want. How do you do that?
Your baby versus the soft cap
Most parents love their children and will do anything to support them, right? They want what they deem best for their children. They want them to have the brightest future. It is also no secret that parents and children often differ in opinions when it comes to how to reach this bright future. This is okay.
Each of us, after all, is a unique being that will ultimately choose his/her own way in life. It is important to respect this. It is the same with me and my children — not only my human children but the companies that I’ve created and reared as my babies and children.
As a person who started a few companies, I know what makes for a great business plan and what does not. That being said, life is much more complicated and the companies may turn out to be different from what was planned in the beginning. However, they are still my companies, my babies and my children…
With this in mind, I’d like to touch on the strange phenomena of the Soft Cap in ICO projects — if the soft cap is not reached, most projects just send the money back and go home. With this approach, maybe the project is not worth starting at all?
This is one of the reasons why WeBuy decided to move to the POTS (Production Oriented Token Sale) model. Our team is here to stay and we are going to build WeBuy to change the way advertising works. We hope that the community will support the idea and not just the speculative token value.
The economy is tough, the landscape frightening, but we will complete the mission! This is not about the Soft Cap or the Hard Cap — this is about our baby. We just need to give it the chance to decide what it wants to be, while it grows up.