What does crypto mean to you? Is it about ‘lambos’ and ‘moons’?
Is it about trading, pumps, and seeing the tokens you hold hit the ‘Top 10 Gainers’ on CoinMarketCap?
We hope not.
Crypto isn’t just about trading, it isn’t just about price – in fact, when you really drill down into it, ‘price’ as we know it today is one of the most damaging aspects of the ‘cryptoverse’.
We’ll be progressively tackling the wider areas of crypto that you might not always be thinking about. We’ll give you insight into the inner workings of the broader industry; identifying where the action is and how that’s going to impact both you and LIFE, and how crypto is going to fit into your day-to-day life in the long-term.
We’ll look at the factors that will be driving crypto forward, factors that hold it back, and, importantly, paint a picture of crypto in the future. We’ll be here to educate and liberate your thinking and show you there’s way more happening in this space than you realise.
Call it the ‘insider’s view’ if you will, but we’re on the ground, living it day to day. We have access that most don’t. That makes it our duty to help educate you and explain to you what’s really going on.
N.B. In the world of crypto-speak there are acronyms and words that you may well be unfamiliar with. LIFE will be releasing a crypto-related jargon buster that aims to help everyone – from the new adopter to the plain old intrigued – to understand this new world. In the meantime, please find a glossary of definitions at the bottom of this article.
One of the first things you need to get your head around in crypto is the balance between reality and fiction.
There are things that happen in the cryptoverse that you won’t hear about or know about. Unless you’re immersed in crypto day-in, day-out, you shouldn’t be expected to know what’s going on ‘under the hood’.
Instead, if you’ve got a regular 9-to-5 in a conventional industry and you’re not part of the inner workings of crypto, then you’re somewhat limited as to where you can get your info from.
There are general Telegram channels, which are increasingly hard to filter quality information from. There are user groups on Facebook that are full of scammers. Then there are the fake gurus on Twitter, YouTube, and Instagram. These are all incredibly ‘noisy’; full of scams, fraud, and risk.
It’s a near-impossible job to filter through all the nonsense to find genuine insight and education.
And even then, they really only report on price movements. That’s what draws the clicks, what gets eyes on the video stream – it’s what helps them stay relevant.
Reporting that there’s been an upgrade in Ethereum’s code base isn’t going to draw in the ratings. Explaining what a smart contract is won’t sell papers.
This all means that the mainstream outlets most people turn to simply aren’t providing the right information. It’s not ‘fake news’, per-se, but it’s certainly not helpful to the broader understanding of crypto assets and Blockchain technology.
This is why the education side of things is one of the most important responsibilities for any crypto-based project. And it’s one we take very seriously.
For the longevity of the wider cryptoverse and for individual projects like LIFE, education is one of the most important functions to undertake.
But to educate 7.4 billion people is no easy task. That takes time. And for most newcomers to crypto, time is not something people want to think about.
FOMO and Speed Are a Dangerous Combination
Pre-2017, the crypto community was small but enthusiastic. It was a community of collaborators, visionaries, anarchists, libertarians, and revolutionaries. It was a diverse and eclectic bunch.
You could spend days entertaining yourself on forums like BitcoinTalk, learning about (and laughing at!) the characters in the space.
Then 2017 came about.
Things changed. With the rampant FOMO and fiat-converted price spikes from late 2017 came a whole batch of charlatans, scammers, fraudsters, and so called ‘experts’ that had been around the scene for no more than a few months.
Soon enough, on Facebook, Twitter, and Instagram, there were people talking about making thousands of dollars with ‘no risk’ from the comfort of their home. They would photoshop images of yachts, fast cars… lambos.
The ‘noobs’ became obsessed with price. How many times over could a coin ‘moon’? It was about trading crypto for fiat money – dollars, pounds, and euros.
The speed at which this came was ferocious. And when you combine that level of rampant speculation, misinformation, an obsession with fiat-converted prices, and insane FOMO… well, it’s a dangerous combination.
It played on human emotion and speculation for the get-rich-quick path. For a few brief months you could make a packet in virtually no time at all. However, these time expectations distort the real development and pace of how things should progress.
While 2017 had its negatives; there were also huge positives.
You see, the OGs, the visionaries, the revolutionaries – they didn’t go away.
In fact, many made serious money (in the crypto sense of the word) and parlayed that into more development and ‘passion projects’.
2017 was glorious as it brought new capital, both monetary and human capital, to the cryptoverse. It allowed development to accelerate. It enabled progressive, exciting projects to launch.
It alone helped to push the cryptoverse forward by a multitude of years.
But it also brought a hoard of noise, fakery, danger, and misinformation that continues to leave a lasting legacy.
And that lasting legacy means the first thing noobs want to know about crypto projects is how high or fast the token price has moved.
They want to know: what exchange will it list on? Why hasn’t it done X-times from ICO? How can they get an airdrop? Who can they shill their bags to? Maybe they’ll even become ‘cryptofamous’.
These are huge anchors that slow development and take the focus away from the real action.
And, it will sadly turn hoards of people away who simply don’t have access to the right information to help educate them on the real revolution at hand.
Cars, PCs, and the Internet
At the core of crypto assets, cryptocurrency, and crypto-tokens is the desire to build a better system. That might be a better internet, a better way to store data, a better way to secure digital identity, a better way to undertake charity and philanthropy, a better financial system.
It’s about building better systems and networks than the conventional, broken ones we use today. And that includes how a crypto-token moves about that ecosystem, what benefits it brings, and ultimately what value it provides.
But there are sceptics.
Sceptics aren’t new for global technology revolutions though.
There were plenty of sceptics when the Internet first started. There were plenty more who reasoned there was no need for computers to exist inside the home during the PC revolution.
And, en masse, people didn’t want a fancy automobile when they had a perfectly fine horse and cart.
Change is a constant in the world. And right now you’re in the midst of change even bigger than the car, the PC revolution, and quite possibly even the Internet.
You’re privileged enough to live during the crypto revolution.
For this to truly take mass effect, though, requires a rethinking of all the systems and networks we’re used to.
It means we need to rethink the definition of money, payments, and value. It means we need to look at new ways of transacting, transferring, and transparency in supply chains.
Crypto networks are ultimately building an entire new concept of how the world interacts with one another financially, socially, and personally.
It’s a true revolution.
Do Your Part and Educate a Noob
In a revolution there will be vicious battles. There will be casualties. There will be great risk, great reward, and a whole lot of uncertainty.
We’re already seeing this play out between crypto participants, regulators, banks and financial institutions, the 1% and the 99%. Some governments want to ban it, some welcome the opportunity with open arms.
This is what revolutions do. They change the very fabric of a society.
And that’s exactly what’s happening now.
But don’t expect the outcome to take a couple of weeks. Don’t expect it to take a few months. These things take years. You know that every overnight success comes from years of hard graft and toil, right?
That’s no different in the cryptoverse either.
Change is coming – in fact, it’s already here. The crypto revolution is well underway. And the most important thing you can do to be a part of the future of it is to truly understand what’s happening.
Drop the focus on ‘moon’ and ‘lambo’. Pick up some books, follow thought leaders in the space, leave your day trading behind for a while.
When you educate and understand the wider developments then you’ll be able to position yourself to benefit from it.
This isn’t a short-game strategy; there’s no quick fix. To truly make a difference, to build something great, to have longevity in crypto, you have to play the long game.
And the more we can educate all the noobs yet to enter this space, the better the whole cryptoverse becomes for everyone.
So your task for the next month is to educate a noob about the real revolution in play. No trading talk. No lambo or moon talk. Just explain why crypto is here and the change it could bring about.
Do your bit, and we all get a little better for it.
Bitcoin – noun
The first, decentralised, digital currency that you can buy, sell, and trade through the Internet.
Blockchain – noun
Blockchain is digitized, decentralized, and continuously growing public ledger that consist of records called blocks, which are linked and secured using cryptography.
Code base – noun
A whole collection of source code that is used to build a particular software system, application, or software component.
Crypto – noun
Shorthand for cryptocurrency, a digital currency that is a medium of value exchange.
Also shorthand for cryptography, the underlying technological principle on which cryptocurrency is based.
Cryptofamous – verb
A way to describe a ‘big name’ in the world of crypto, e.g. Satoshi Nakamoto, the creator(s) of Bitcoin.
Cryptotoken – noun
Shorthand for cryptocurrency token (or coin). Each token represents/embodies a tradable good, e.g. Bitcoin, LIFEtoken.
Cryptoverse – noun
Shorthand for cryptocurrency universe, used to describe the world of crypto.
Ethereum – noun
A decentralised platform that runs smart contracts; applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference.
Fiat – noun
Money/currency that a government has declared to be legal tender, but is not backed by a physical commodity e.g. GBP (£), EUR (€), USD ($).
FOMO – noun
Slang acronym which stands for ‘Fear Of Missing Out’.
Lambo – noun
Shorthand for Lamborghini, a luxury sportscar brand that is very expensive. Used in the cryptoverse for the thing(s) one could buy when big money is made. (See also: ‘when lambo’ – when will someone make enough money to buy.
Litecoin – noun
The world’s secondary cryptocurrency, after Bitcoin.
Moon – noun
A much higher destination price for a cryptotoken, e.g. when you look at the chart and it shoots up and keeps increasing; a price surge in the range of +400%. (See also: ‘when moon’ and ‘to the moon’ – when will the price increase, and get this token price up.)
Noob – noun
In the cryptoverse, a way to describe someone who is new to the space, and may be naively trading/buying and selling as they have not yet learnt enough about the markets. (Also sometimes written as ‘newb’ – shorthand for newbie.)
OG – noun
Originally shorthand acronym for ‘Original Gangster’ or just ‘Original’, usually meaning someone who has been around in the industry a long time.
Pump – noun
Describing where a cryptotoken is bought by a select group of people in huge amounts for the purpose of inflating the price, to lure in greedy and/or gullible buyers. When the new crowd comes in to buy the token the price increases even higher, and the OGs will then sell at this higher price, making it fall back down, causing a loss for those who bought at the lower price.
Ripple – noun
A cryptotoken based on a shared public database that makes use of a consensus process between validating servers to ensure integrity. Doesn’t rely on the energy and computing-intensive proof of work used by Bitcoin.
Shill – verb
When someone continually chats about a certain token online via social media or chatrooms, trying to get other people to buy it too. (See also: ‘shilling’.)