The Culture of our Industry Sucks but The Technology is Awesome!
What has been going on in our industry is sad, but not surprising. It is sad that majority of the investors that came to the party late have suffered significant loses. Furthermore, among those of us, who have been investing in our industry for many years, we have seen the accumulation of a small fortune only to see it vanished – sometimes at a total loss as in the cases of disappearing exchanges, (CryptoRush, MintPal, AllCoin, and Cryptsy,) developers abandoning their projects, and scammers taking full advantage at every turn.
While I continued to believe that ICO is the best capital formation tool – allowing for full global participation from micro to large investment, it has been abused with great disregard for existing security laws. With ramped-up SEC enforcement actions our industry is now at risk of a pro-long self-inflicted slow down with diminishing retail investors.
This is by far the most lawless industry that I have ever seen in my 40+ years as an entrepreneur. When I did my first industry research, exactly five years ago, my first reaction was that “I wouldn’t touch it with a ten-foot pole.” That conclusion was based on the nasty wild-west culture of our industry. And it has not changed much. But I have faith that it will. Law and order always prevail. But it will not stop those from throwing themselves in self-destruct mode as we are seeing in our industry one more time.
Decentralized entities are leaderless and cannot be controlled by individuals or groups of individuals. As such, it can be chaotic, as we are seeing in the current case of Bitcoin Cash and Bitcoin – causing great uncertainty with unruly volatilities. This will scare away even more retail investors, destroying any wishful thinking of mass adoption soon.
I give up my retirement five years ago because of my unwavering conviction that the technology that led to the birth of our industry is awesome. While the culture sucks, with great leadership I believe that it can be changed. That has been the firm commitment of DNotes since its launch on February 18, 2014. We have always been steadfast on our commitment to do what is right, executing at the right time, and doing things the right way.
We are proud to have built a culture of trust and respect based on the fundamental belief that mass adoption of digital currency can only be achieved through the inclusive participation of everyone working together.
This includes our commitment to close the gender gap by encouraging and assisting women to participate in the digital currency space. That commitment led to the founding of CryptoMoms in April 2014, months after DNotes was launched.
Great ideas and projects always evolve and get better. CryptoMoms is now evolving to become “HERO” We are expanding our missions to be inclusive of all the women worldwide, enabled by hyper-connectivity. Hero is non-political - designed to promote entrepreneurship and transformational technologies for women of all ages. We are committed to the belief that knowledge, entrepreneurial endeavors, and a positive mindset for responsible self-empowerment hold the key to empowering women to close the gender gap and reach their full human potential.
While our industry struggles in a confused state, behind the scene at DNotes, great strives are being made every day. We will stay the course on our clearly defined path in building an inclusive trusted digital currency for everyone.
Thanks Alan, great article. The amount of commitment required to stick around and see a project through in this industry is staggering, but in the end it will be well worth it.
And thank you for that commitment, it means a lot to all of us who are doing what we can to help make DNotes a success! So, about being lawless, I agree with you but, I also think it's more perception than reality. I would venture to say, DCEBrief excluded, that we have the worst, most biased, profit centered and useless news sources I have ever seen. With a few exceptions, they are ALL basically worthless and if printed on paper, would be relegated to the supermarket checkout line.
There are no editors, no impartial sources, no checking of self proclaimed "facts" and many times, even no relevance to what actually may, or may not, have happened. It is a proven fact that many of these sources will print whatever you present for a fee and call it "News". What better way to manipulate the overall sentiment of the industry? I want to harm my competitor? Just pay for a dirt article, true or not, it will be printed.
We really need to take this bull by the horns but it won't be easy. Most people are blind to this kind of manipulation or just don't care. Perhaps they think it's harmless or, actually believe everything they read but, complacency equals agreement and support for this activity and that is hurting us all.
There is something you can do to help and that is to call them out on it when you see this or recognize something you know is unproven or a down right lie. Most of these outlets have a comments section, most use DISQUS as an immediate third party posting solution for direct feedback and allow Twitter, Reddit, LinkedIn, Telegram and others for sharing your opinion. DISQUS accounts are free, sign up and post your opinion or, call them out when they are wrong or shilling for money, it's not hard to tell.
I know it's not much but, it's easy and quick and your comment may well shed light on something everyone else took for granted. Every little bit helps!
PS: I'm not shilling DISQUS! They are however, the most convenient way to be heard