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Crypto Adoption Problems

What needs to be addressed reach critical mass for adoption? Where is that not a good idea?

If cannot pay for things you want or need, WTF is the use of crypto?

Domains​

Adoption Headwinds​

What are the biggest challenges to address for mass adoption of crypto/blockchain technology?

Lack of Trust: Too much noise and confusion from self-interested "Line Goes Up" grifters are making a mockery of crypto's supposed greatest virtue.

  1. Can't buy things
  2. Complex Security
  3. Ineffective Regulation
  4. Hacks and Scams
  5. Hype Merchants
  6. Jargon Laden
  7. Too Technical
  8. Cognitive Load
  9. No-one Cares

Lack of Trust​

Crypto bros misrepresent the efforts of hard working and talented engineers.

Lack of Alignment​

ETH vs SOL bullshit does not serve the bigger picture.

Complex Security​

Unproven Business Models​

  • Uncertain return on investment
  • Inability to design a valid business model
  • Lack of managerial capability to implement strategy

Need to provide business leaders with:

  1. Frameworks to develop business models
  2. Strategies required to capture value
  3. Metrics to quantify success

Complex User Experience​

Problems with Web3 UX

  • Key management: Since the only way to access the funds is by knowing the private key, managing how to store the key and who has access to it can pose a difficult and stressful challenge.
  • Reliance on ECDSA signatures: Simpler and quantum-resistant digital signatures are a clear improvement over the current ECDSA.
  • Transactions are tied 1 to 1 with actions: Not being able to perform more than one action at a time can incur unnecessary costs and a poor user experience.

Lack of Education​

Participants of the tech world are not strongly representative of the general population. Concepts that seem clear and obvious to them are a mystery and considered to have little importance or relevance to the majority.

As an example, Skype was seen as a killer for International Direct Dial but it took a lot of time for voice over IP to be adopted despite the clear cost savings.

The breakthrough app probably needs to be deep as OS providing high security and seamlessly connects to multi-utility bundled services without a user needing to think unless they choose too.

Search for implementation plans, choose returned plan based on risk.

Drainer Attacks​

Bad Public Relations​

Too many go long, get loud wounders.

Ponzi Scheme?​

Is this just a generational (informational) rug pull? Full of speculators?

  • If blockchain is just another property ladder what happens to those that join late?
  • If so could the next generation invent their own chain and system?
  • How much does money follow fashion? Pop culture?

One-way Decisions​

There are approval processes to transfer large amounts in traditional finance for good reasons.

No arbitration, if you game the system the exploit has no repucation.

Lack of Payment Utility​

How can you buy stuff you need to survive?

Who actually accepts ethereum

Decentralisation​

Decentralisation is yet to be solved, and is not a problem that needs to be solved? - Moxie Article

Negative Public Sentiment​

The crypto industry is plagued by unsustainable economics, rampant fraud, privacy violations, cultish behavior, and a failure to provide real benefits over existing systems. The vision it sells is more restrictive than liberating.

  1. Cryptocurrencies have failed to become widely used for commerce due to high transaction fees, slow speeds, and price volatility.
  2. The crypto ecosystem is a bigger fool scam that rewards early adopters at the expense of later investors. It relies on an unsustainable stream of new buyers to prop up prices.
  3. NFT projects often lack any substantial product beyond hype and speculation. Successful and failed projects are hard to distinguish.
  4. The crypto space is rife with scams, fraud, market manipulation, and other deceptive practices that take advantage of the unregulated nature of the market.
  5. Crypto communities foster toxic positivity that suppresses valid criticism and skepticism about projects, creating cult-like dynamics.
  6. Blockchains create serious privacy issues by making all transaction data publicly visible and immutable. This enables harassment and other abuses.
  7. Cryptocurrencies and NFTs fail to solve the actual problems with the traditional financial system. The technology cannot address human misbehavior.
  8. The proposed crypto-based "Web3" is a dystopian vision that aims to financialize all aspects of digital life behind paywalls and strict digital rights management.