On December 3, 2023, the pseudonymous Cardano influencer “ADA Whale” shared a detailed post on social media, outlining their personal belief system about cryptocurrency in ten succinct points.
1. The Essence of Crypto as Currency: Cryptocurrency is about creating digital coins that gain real value based on popular adoption and the economy. Cryptocurrencies should be viewed as digital forms of currency, distinct from stocks or other financial instruments, due to the lack of shareholder rights or legal recourse.
2. Importance of Fair Launches and Price Action: Fair launches and brutal price action in the early stages of cryptocurrencies like Bitcoin, Ethereum, and Cardano are significant.
3. Evaluating Currency Valuation: Cryptocurrencies should be judged like fiat currencies, focusing on factors like monetary policy, security, stability, and economic sustainability.
4. The Concept of Digital Economies: Digital economies form around base currencies like ADA, allowing individuals to become part of a network state and engage in various financial activities.
5. Technology as Infrastructure: Technology is the essential infrastructure for a thriving digital economy.
6. Scalability’s Dual Nature: Scalability is overhyped in the short term but underestimated in the long term.
7. The Drawbacks of Hyperfinancialisation: Excessive focus on DeFi is criticized, with a call for a balanced digital economy with diverse sectors, as seen in Cardano’s ecosystem.
8. Focusing on the Future Over the Past: Look beyond the controversial aspects of crypto’s history and focus on the current state and potential of different protocols.
9. Crypto as a Gold Rush: The crypto space is a gold rush, and maximalism and self-interest dominate.
10. The Role of Community: Finally, ADA Whale stresses the importance of community in building and sustaining the crypto ecosystem.
In conclusion, ADA Whale clarifies that the points shared are not absolute facts, but rather as personal conclusions drawn from an assessment of facts and events in the cryptocurrency space over the last 5 to 10 years. They advocate for more people in the crypto community to develop and express their own conclusions based on a logical reasoning and an objective evaluation of facts. A critical approach would significantly enhance the quality of discourse and understanding within the cryptocurrency space.
**Hot Take**
ADA Whale’s points provide a thought-provoking summary of their personal belief system about cryptocurrency. Their emphasis on the importance of a logical evaluation of facts and avoiding excessive focus on history is valuable advice for anyone in the crypto space. Taking a critical approach and looking to the potential of future protocols is essential for the growth and sustainability of the digital economy.
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