Why Crypto Winter?
ICOs are Gone for Good
Blockchains are Social Movements
Most of the people try to bracket Blockchain just as a technology. They tend to think it as a plug and play solution with the ability to decentralize anything it gets applied to. It cannot be further from the truth. In fact, an SQL database is a much better and efficient solution for most of the problems people try to solve using Blockchain.
Rather, a blockchain is infact a civil movement driven by its community of users, backers, and validators. People should value the security of the chain and decentralization part of the project more than how advanced the tech is. It is driven by time, has the built-in Lindy effect and hence cannot be growth hacked. Atleast not happened as of yet. Steller tried to do it. Still hasn’t climbed the market cap leaderboard to jump to a conclusion about its effectiveness. This aptly suggests why Bitcoin still holds the #1 position when it comes to market cap despite having possibly the most primitive tech in the whole space. When it comes to believing in a coin, true Bitcoiners never really tend to support any other coin. This becomes evident from the fact when for the first time hardcore Bitcoiners supported another cryptocurrency publicly. Unsurprisingly, this came at the expense of zero incentives for founders/developers working on that coin since the last 2–3 years which I personally sympathize with.
Lack of proven use-cases
Most of the things that are censored by the governments are infact morally incorrect too; child pornography, human trafficking, domestic abuse, and countless others. But libertarians, on the other hand, argue acts like Gambling, money printing, drugs which may only cause self-harm should be kept out of Governments’ say. Coming to the global aspect of things, most of the assets tend to be localized, limited to one country due to varied differences in the legalities around them. And every asset is inherently speculative in nature if it is available in open markets. But the feature that creates the most hype is the ability to decentralize a network which was taken advantage of by the smart money to rip the naive retail investors in the 2017 bull run. Sadly, most of the projects were outright scams and/or centralized, practically none of them has delivered and probably most won’t.
What is Expected then?
So When & How Crypto Summer?
Growth Hacking non-Crypto Users
Applications are easier to change dynamically to hack growth compared to a protocol which is inherently static. Hence there is generally no strategy for a protocol to grow according to the needs of the current market given that governance surrounding the development of decentralized networks is difficult, questionable and in active research. There is a need to figure out ways to pull non-crypto users into the space. Speculation is definitely one of them, but it still fails to attract the majority of the users due to risks involved with the same.