Why you shouldn’t sell when the price dumps

You might be wondering, why does crypto/blockchain matter, besides potentially making me rich? Didn’t it just dump horribly, like 50% in a day?

Well, that was a coordinated shakeout. But more on that later. If you care to DYOR, it’s out there. Look I even gave you a link ffs just click on it.

Throughout history people have banded together to solve problems larger than themselves. Back then there were tribes, today they are companies, nation states.

Crypto lets us create organizations, organizations of anonymous people distributed all over the internet, coordinated by the coin, directed by the coin’s economics.

It’s like a company, but a normal company doesn’t have its own coin – they have shares, but only the top brass in the company have shares and can profit from them.

Imagine a company where even the janitor, the security guard are paid in shares, and they hold shares. Yes, even the lowliest of jobs! (I’ve only seen an enthusiastic janitor once, and it wasn’t because of his job)

(let’s call ‘shares’ coins/tokens from now on)

Within a company and outside it there are different roles. We can program the tokens and design the company’s internal economy to balance the different roles within our company. No longer will some central authority tell anybody to do something – people, motivated by the greed to earn tokens, and to increase the value of the tokens they already own, will naturally step up to do the work.

bottom up emergence, not top down direction

A body is made of millions of cells, all coordinated and nourished with blood. So it is with countries and their currencies, and crypto projects and their cryptocurrencies.

Bitcoin is a money that is not under the control of any country or government. Even though it is digital, it is scarce – only 21 million BTC will ever exist.

Even as governments try to ban and control it, people around the world constantly step in to keep Bitcoin running, thriving, evolving, changing, thanks to Satoshi’s economic genius that uses the individual’s greed for the good of all mankind.

Ethereum is a computer that is not under the control of any country or government. Anyone can upload programs to it and run them – although it costs ETH to run them. And of course, since it’s a general purpose computer, you can make your own coin on it, without having to write your own Bitcoin. There’s already a standard for how such programs should be written – ERC20. (not the last time you’ll hear that term)

(let’s call programs that run on decentralized computers like Ethereum ‘smart contracts’. Why smart? because unlike a contract, a useless piece of paper, the smart contract is a program and can do something)

A store of value that is, for the first time, virtual and digital yet independent of any single entity’s control. Platinum/gold, but more convenient. Uncensorable.

(governments and rich people are busy collecting it to add to their reserves, just like gold.You should too)

A general purpose computer that, by being decentralized and uncensorable itself, is an ideal platform for launching other decentralized projects.

One human making the decisions, or even a group of humans (governments), is a weak point, for power corrupts, and humans can always be bought out. The solution is to let ourselves be governed by algorithms, either entirely (Bitcoin) or partially (most projects these days).

Don’t like it? We can always choose to follow another algorithm. The masses have power once again.

This is why decentralization (of power) is important. We’re talking about a rebalancing of power. It would behoove you well to understand this new world, and not just think about your money.

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