Casino Crypto is a major and massive hindrance to consumer crypto.
It sucks up all the oxygen and liquidity in the room. Casino Crypto makes such a loud and consuming noise that it is difficult to listen to the signals of consumer crypto. Casino crypto confuses and frustrates creators and non-technical founders and builders. They get very tired of all the games and vast amounts of danger.
Its insane bonding curves very quickly prices out creators and those who are not wealthy or spend 10 hours a day stuck on Discord, Twitter, Telegram, Orb, Phaver, and Farcaster. Ready to pounce on an opportunity that can be gone from 1 hour to one day. Most artists work full-time jobs and don't have tons of money or time to devote to crypto. The few artists who have made it in Web3 either had industry insiders heavily supporting them. Or they took massive risks to do very deep dives and focus completely on becoming web3 pros and becoming Web3 famous.
Casino crypto scares away any mainstream person looking to use blockchain tech for consumer use cases. It makes the average person view crypto like they view Wall Street Day trading and hedge funds. Since they are not financial pros they do not get involved as the risk of losing everything is much higher than the potential of becoming rich. Casino crypto delegitimizes blockchain tech and consumer crypto to the mainstream markets looking for folks solving real problems, not simply looking to speculate on every aspect of life.
As long as the industry is run and fueled by casino crypto as its primary engine and product market fit. Consumer crypto will, at best, be relegated to the back seat, in the trunk, or left on the roadside. Its growth will be stunted for years to come. Resulting in a volatile roller coaster of bull and bear markets as the norm for the industry. Mainstream adoption as the future of finance and markets will be a distant vision.
Casino crypto might be the creation of the Degen traders and scammers like SBF. However, Protocols and their foundations, along with Hackathons, give casino crypto tons of oxygen and fuel with the way they do grants, airdrops, and how they choose who gets promoted. They signal to everyone that hype and casino mentality will be well rewarded and long-term, value creation and consumer solutions will take the backseat. Those folks will have to build on their own, bootstrapped with their own money, and if they can make it to a hackathon or play highly competitive games that take a ton of time and work with zero guarantees of earning money.
As long as crypto is a casino game, professional poker players, DeGens & scammers, will find plenty of ways to work the system and make a hefty living from the casino dynamics, at the great expense of the legitimacy and development of consumer crypto.
Casino crypto needs to be replaced by a stock market-style crypto. This Market crypto needs to be separated into a parallel track from consumer crypto. Market crypto fuels the consumer crypto. The way that Wall Street fuels Web2 and other industries solves a lot of the challenges of society and provides us with the core human needs and wants. The financial markets provide the liquidity for the physical markets to move and create the things human society needs to flow and grow.
The third generation of the web needs a symbiotic relationship, not a parasitic relationship. Market crypto and consumer crypto are symbiotic. Casino crypto might end up killing its host. We need a new social contract. One of collaboration and interdependence. Where creators and builders work in a symbiotic relationship with the protocols and foundations to build things the mass market needs and wants that solve their everyday problems, wants, and needs.
At the end of the day, it will be culture and creativity that transforms the financial system and the human society that powers it. Not inside baseball tech geekiness or a casino dynamic that simply puts a new set of people on top of a broken global financial system.
We don't need a financial revolution where the liberator becomes the new tyrant of the same system. We need something that is a mix of what the Renaissance would have been like if it had been distributed across big cities and small towns all over the world and where the French liberation was headed before it became a revolution derailed by power-hungry heroes turned tyrants.
The third evolution of the internet and society needs creatives and builders who, making good use of all the innovations and infrastructure built today, folks who much more about human society, what popular society needs and wants, and what their pain and joy points are.
The next generation of Web3 creatives and founders who will successfully drive the next, sustained, and steadier bull market will not be devs or degens. They will not be deeply versed in the intricacies of crypto. They will be new to Web3, and see the tech with new eyes, a fresh perspective. unburdened by what has been.
These new creatives and builders will be able to connect the complexity of tech with the complexity of human society in simple, elegant ways with a simple interface and a deep understanding of how culture, traditions, and society move and grow markets and help humanity along its evolution and prosperity.
