BitcoinWhite Paper was born 16 years ago! Why is our understanding of Cryptocurrency still so fragmented?

The chaos and innovation of the world of encryption, which has made people doubt whether we are truly moving towards an ideal future. The preface of 'The Protocol Revolution and DigiLaw Project' systematically explores the essence of the world of encryption, the bottlenecks in development, and the infinite possibilities of future construction from a systematic perspective, providing important insights into understanding the true face of this new planet. This article is part three of the preface series.

The birth of emerging technologies often accompanies great doubts and uncertainties, not only because they reshape our way of life, but also challenge our cognition and values. However, the conflicting perceptions of iPhone and TSL cars were quickly unified. But today, the encryption industry led by BTC has made significant progress, so why are there still numerous controversies? Why is the public's understanding of the encryption world still full of confusion and conflicts? Why do many people still fail to see the bright future of the encryption world?

As a new product of the intersection of technology and era, the development trend of the encryption world is not to be underestimated. However, the encryption industry has yet to see a large-scale killer application that can solve practical problems in life (BTC will soon be an exception). The public's understanding of the encryption world is still in an extremely torn state, whether it is idealistic dreamers, innovators, adventurers seeking opportunities, investors, or malicious fraudsters, it is easy to lose direction under the interference of the two voices of 'doubt and fear' and 'superstition and worship'.

Questioning and Fear

In this diverse awareness, questioning and fear always occupy an important position. Since the birth of Bitcoin, the encryption world has grown from a marginal industry to a huge ecosystem worth about 2 trillion US dollars. However, skeptics have never eliminated their vigilance and fear, still regarding it as a dangerous 'dark planet' and unwilling to get involved. In addition to the inherent distrust and concerns about new technologies, the lack of understanding of encryption technology principles and the enormous social changes and progress it brings, they are also influenced by the widespread existence of fraud, money laundering, and hacker attacks in the encryption world. The combination of these two factors ultimately amplifies the doubts and fears of participants. The drastic fluctuation of market prices, the existence of real speculation, and the frequent negative news maliciously magnified by traditional media deepen the misunderstandings of BTC, blockchain, Decentralized Finance, and Web3 – considering them as nothing but empty concepts, a carnival of scammers, a speculative gambling den, or even worse, a breeding ground for illegal activities. They question the true value of blockchain technology and see the price surge of encryption assets represented by BTC and Ether as a bubble that will burst sooner or later. In their eyes, the encryption world is like a time bomb full of chaos and uncertainty, severely threatening the order and stability of the existing society.

Superstition and Worship

In this world, there exists a sect opposite to the 'doubters,' the 'believers,' for whom the encryption world is an incredibly bright utopia. They see BTC as a currency of freedom, and Cryptocurrency and Blockchain technology as the ultimate solution to subvert the modern financial system and lead future technology. They deify Satoshi Nakamoto and Vitalik Buterin, seeing themselves as explorers of a new era. In addition to their blind faith in Blockchain technology, the extensive media coverage and hype around Cryptocurrency, especially stories of people getting rich quickly, intensify their excessive worship. They do not pay attention to the practical issues in the application of encryption technology, only indulging in self-hype — every market surge is seen as a triumph of their faith, and any doubts are considered betrayal and jealousy. Of course, such emotions are reasonable as they represent longing for a better future. However, most things evolve in a spiral upward, and the development of the encryption industry also has cycles, constrained by economics, policies, and technology. Excessive optimism and faith will only lead to irrational decisions, ultimately resulting in both spiritual and financial defeat.

Under the interference of the two voices, the participants blindly follow the trend and speculate. In a world of skepticism and superstition, it's hard for participants to calm down and think about the true value of encryption technology. On the one hand, the complexity of encryption technology makes it difficult for the public to really understand, and they tend to be more concerned about price; On the other hand, the high volatility and potential risks of the encryption market can easily cause participants to panic, and then be susceptible to the actions and statements of others, and their decisions are not based on sufficient independent research and rational judgment. In this case, people often ignore the technical foundation and potential value of the project, blindly follow the trend --- Bull Market superstitious worship, applaud, blindly invest a lot of money, in a vain attempt to become rich overnight; Bear Market's investment was frustrated, doubts and fears followed, and it followed suit and suffered heavy losses. And some malicious "encryptionSeasoned Trader" precisely captures the blind obedience and wealth psychology of the public, maliciously advocates, guides speculation in some worthless air projects, seriously undermines the laws of the market, resulting in investors suffering huge losses in violent fluctuations, and the healthy development of the encryption industry is frequently hindered.

【Disclaimer】The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are applicable to their specific situation. Invest at your own risk.

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Original Author: Brook