Negative News Are Killing Crypto’s Progress

Most of the issues today in crypto are related to people exploiting its weaknesses, not those exploiting its strengths.

When I became deeply involved in this industry at the end of 2013, I expected the “bad stuff” to eventually become a minority, at least at the rate of not impeding progress. When the Internet started, the ratio of bad to good stuff was high, but eventually, that tapered off. It’s a known fact that bad actors tend to enter new technology faster than other segments first, as they lead the way in exploiting what's new.

Sadly, an overwhelming ratio of positives vs. negatives hasn’t happened yet in the blockchain/crypto industry.

My meter is  following continuously the top news in this industry via my public aggregator, OnCoins.

When tallying the negatives, I’m not just talking about personal scams (eg consumers suffering from stolen assets) or structural/ company failures (eg big companies / projects like FTX or Terra going south). Still, I’m also including the continuation of mediocre business models that cling by a thread, strung together via tokenomics machinations that give the illusion of activity and progress when there is none underneath. They keep kicking the can down the road.

There’s nothing wrong with early startup iterations to find your true north in the product-to-market fit conundrum. However, when the “works-in-progress” activity far exceeds the rate of “success stories” visibility, that sucks the air out of the room and diverts conversations away from the positive stuff that everyone ought to be talking about.

It seems that the bad actors aren't exhausted trying to give a bad reputation to this industry. But more alarming is that the rate of visible success isn't increasing either to the point of overwhelming the negative / less-significant stuff.

We need to change that ratio.

Source - William Mougayar's Blog