The thoughts that come to me about this is a kind of paradox: it has taken way, way longer for us to achieve general-use adoption of blockchain; but, the capitulation of investors, banks, governments– almost all the people who were so filled with disdain for the movement that they would not even mention the C-word, has been sudden and precipitous. The people who were noisy at first, the pioneers of crypto, people like us at Tezos, have gone quiet, and the deniers and mockers have gone loud. It’s a near complete reversal.
What I think it means is that we pioneers are on the right track, from the very beginning, but it will take much longer for us to reach technical maturity, spec to real-world use, security, invisible penetration (meaning people use things and they have no idea nor do they care that a blockchain lurks under their awesome life made viable by “well-whatever”). But the good news is that those of us who have been pioneers in this new territory have been proved right, that blockchain, crypto will become pervasive in life. We are all of us bound to reap huge rewards for being prescient. It does not feel that way now, but there will come a day when this will be clear.
Tezos’s progress has a similar trajectory: constant, consistent, self-confident and not visible to the people who will later come to declaim how obvious it was that Tezos would succeed. This same reversal will happen later for Tezos, where the pioneers give way to sell the land late, and dearly.
Of course the price is a disappointment; it would not be honest to not recognize that. But the rationalization of pricing, much as the rationalization of volatility, has not come yet. Just consider the dog coins, and how value is about ‘memification’ than technical progress. This alone demonstrates a severe lack of maturity in pricing. But fantasy can go on only so long, sustain itself with self-regard. What people will value 5 years from now is “what problems can you solve,” not how popular or ‘memily’ you friend up. In this, crypto is in junior high. It even has to go through high school yet, with posturing and insecurity about identity and locus of value. We all know that the popular people in high school are now likely struggling, fat and bald. The geeks that kept their head down and were not feted now rule and boss the world’s problems. This maturity comes; it is inevitable. Tezos may be the awkward, quiet nerd now, but it will eventually boss the world’s problems. And it will be obvious and late to those who pay late and dearly. I counsel patience. Yes, you go through hard times questioning yourself, wondering where in the world you will fit in, in a big place where everyone seems to know what to do and how to be effortless with faux grace. But, you know very well how it turns out. Courage precedes wisdom. - ZHZ