Thread by @banklessDAO

1/n @mcuban came back to the @BanklessHQ Podcast. Since the last appearance on the podcast he researched, invested, and given the market, lost a lot of money. Nevertheless, he has lots of optimism about the future of crypto. Learn or get burned 🧵

https://twitter.com/BanklessHQ/status/1539603319445921795

2/n He made it through the last bear market & he clearly sees the difference between the 2017 crash and the 2022 #bearmarket: Back then it was an #ICO mania but no game-changing applications. The interest was mostly getting in early & lots of hopium.

3/n "First came the innovators then the imitators then the idiots": If something worked on #Ethereum it was ported to other chains or L2. Imitators need lots of volume to survive. That is why some turned into idiots with unsustainable business models. We all know some examples…

4/n After the 2017 Crash there was a focus on mainly two things: #DeFi and #NFT. Various chains just copied those sectors and poured a lot of money into them to lure users in with rewards. Today, we see what the real yields should be and this changed the perception of DeFi

5/n #NFT: @mcuban is mainly looking for #utility bc/ those tokens shouldn't be simply about speculation and hyping the community. Bc/ hyping brings you buyers but then what? We need to stop thinking in terms of the number of buyers and start thinking of meaningful #UtilityNFTs .

6/n Mark tried to convince people back then to use internet radio but it was a hassle. He stopped trying to convince people who dont see the benefit & let them onboard themselves once they see a reason to use the product. In his case, it was listening to a cubs game from anywhere

7/n #Crypto is the same way when it comes to convincing: We need products that are better than the legacy equivalents. There needs to be a very good reason for people to use it. Examples are loans, tipping, and sending money. It is WAY EASIER to do compared to legacy products.

8/n #Inflation impacts everyone & people have to learn to deal with it. Some #BTC Maxis would say #Bitcoin is a hedge against inflation but that is only true if you live in a country where there isn’t a reserved currency used. The same goes for the real-life equivalent gold.

9/n @mcuban is convinced that the next phase will be the “protocol merger era”: A consolidation phase is needed to keep builders and grow the communities to develop new ideas. This happens in every industry and will also happen in crypto soon.

10/n @mcuban is sure that there is more than #DeFi &#NFT and we need use our imagination for new solutions beyond the already known. There needs to be a killer app that is simply better than the legacy equivalent as a catalyst to start the next #bullrun.

https://twitter.com/BanklessHQ/status/1539603319445921795