Author: CryptoBeyer

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Business & Society

A Boomer’s Guide to Being Wrong about Bitcoin

Boomers have felt the stoke of the post-WWII prosperity wave. They enjoyed booming industries, plentiful jobs, and rising wages and great surf. Financial success seemed easy for my father, the successful Baby Boomer, who enjoyed low housing costs when he bought his first house, and now a solid pension. To younger generations, Bitcoin and cryptocurrencies are the only chance to get even close to the fairy tale story of the baby boomer generation.
Cryptobeyer

Here are the facts. Baby Boomers in the US hold 51% of the nation's wealth and enjoy substantial spending power, with an average annual expenditure of $63,325, surpassing younger generations. 22% of European Baby Boomers are among the top 25% of the wealthiest people. There will be a significant wealth transfer from baby boomers to younger generations within the next decade. Baby boomers are traditional in their ways of investing and are often critical of Bitcoin.

Here’s what I would like to say to baby boomers who are still questioning Bitcoin:

"Bitcoin is not backed by anything!" said a Boomer when I enjoyed a stay at his beautiful summer house on the west coast of Sweden.

At the time, I stumbled on my words. I could have said, ”Bitcoin is like a powerful, efficient energy source protected by strong encryption and supported by a global community.”

"Bitcoin is not controlled by anyone!"

Exactly. Unlike traditional financial systems, Bitcoin isn’t under the thumb of any central authority. It’s about promoting freedom and equality.

"Gold is better!"

Gold? Seriously? Sure, it’s shiny, but not particularly scarce. Bitcoin is absolutely scarce and far more durable. I dare the Boomer to try to pay for a morning latte with gold flakes.

"Bitcoin is too volatile!"

Have you seen the stock market lately? It’s like watching an over-caffeinated Jane Fonda doing Burpees. Yes, I know she was hot, but equities have been more volatile than Bitcoin in the last year or so. Bitcoin’s volatility is just a part of its growth.

"Governments will ban Bitcoin!"

Banning Bitcoin would be like trying to ban Oprah Winfrey from TV —good luck with that! Bitcoin leverages cost differences across the globe and isn’t tied to any one country. It actually operates beyond the reach of any single Boomer like Senator Warren in the US.

"But criminals use Bitcoin!"

Oh, please. That’s like saying the internet is only for surfing for porn. For the last time, Bitcoin’s public ledger is as transparent as the plastic raincoat that I once used at an Bruce Springsteen concert.

"Bitcoin uses too much energy!"

Yes, Bitcoin uses energy, but I keep telling Boomers that 54% of it comes from green sources. Meanwhile, legacy financial systems consume more energy without it even being questioned as an environmental issue.

"I hear, quantum computers will crack it!"

If, and, when quantum computers ever become a reality, Bitcoin will be the least of our worries. We’d have bigger issues to worry about, like securing nuclear codes from rogue states or hacks of the traditional financial system.

By the way, I hear gold is better in the case of the world coming to an end. But I still do not have any gold stored under my bed.

"Bitcoin is not anonymous like cash!"

True. Criminals should use cash to avoid getting caught.

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Business & Society

Metaverse Garbage: Fast Food’s Impact on Health

The recent launch of McDonald's "Happy Place" in the metaverse has sparked a heated debate about the impact of digital innovation on public health. Other major fast-food chains like KFC, Chipotle, Starbucks, and Domino's are also embracing virtual reality (VR), augmented reality (AR), and interactive experiences to revolutionize how they interact with customers. However, overshadowing these developments is a significant and pressing concern.
Cryptobeyer

McDonald's "Happy Place" allows teenagers to immerse themselves in a digital realm where they can play games and earn McDonald's food rewards. "Play and earn fries…"

What’s more?

Fast food chains such as KFC, Chipotle, Starbucks, and Domino's are using the metaverse to offer interactive experiences to customers. KFC provides virtual tours of its kitchens where users can learn about cooking and try making fried chicken. Chipotle lets customers visit virtual restaurants to customize orders and socialize, with features like loyalty programs and games such as "Burrito Builder" on platforms like Roblox. Starbucks has virtual coffee shops where customers can customize drinks and learn about different brewing methods. Domino's allows customers to enter virtual restaurants to customize pizzas and track orders in real-time, using augmented reality to see their pizzas before ordering.

The web3 space is optimistic about these advancements. Major brands utilizing fourth industrial revolution technologies will increase public awareness, acceptance, and trust in emerging technologies. For example, by using digital collectibles and virtual worlds for marketing, brands can create more engaging and personalized customer experiences. Incorporating digital rewards into loyalty programs will likely encourage more people to participate in the digital economy.

Additionally, leveraging popular social media trends can increase the reach and impact of these initiatives. Recently, McDonald's launched a promotional campaign featuring the "Grimace Shake," which quickly gained viral popularity on platforms like TikTok, amassing billions of views. I call it Grimace Garbage.

However, it's evident how these technologies are gradually transforming retail operations and we are seeing wider adoption of blockchain across various industries.

However, these advancements also raise critical considerations for public health. The concept of teenagers earning fast food through a virtual game raises concerns. Fast food is notorious for its high levels of fat, sugar, and salt, contributing to obesity, diabetes, and other health issues. Encouraging consumption through engaging metaverse platforms are exacerbating these problems. Not solving them.

Here are the sad facts!

Rates of overweight and obesity among teenagers have been rising rapidly, especially in low- and middle-income countries undergoing a "nutrition transition" towards Western-style diets high in fat and sugar.

There’s more bad news.

The high levels of physical inactivity among teenagers globally is a major public health concern, increasing risks of obesity, cardiovascular disease, diabetes, and other health issues

“Let’s keep these teens hooked…” said fast-food companies when they doubled down on the metaverse hype.

Teenagers' eating and lifestyle habits need to improve, and earning fries sitting down is not the answer.

This development is a mixed bag—a leap forward in technology yet a step back for our health. As we embark on this digital journey, let's prioritize the well-being of our younger generation. While I support having fun in the metaverse, it should promote healthy choices and positive habits, rather than amplify unhealthy temptations.

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Business & Society

Ignorance in Web3: How Media and Government Widen the Digital Divide

Mainstream media and many government agencies across the world are significant contributors to a digital divide in the Fourth Industrial Revolution. Rapid advancements in technology demand a high level of understanding and adaptability in society in order to fulfill the promises of equality, increased economic growth, and to meet the complex global challenges through advancements in tech and innovation. Yet, ignorance, particularly concerning Web3 and cryptocurrencies, is threatening to undermine the collective progress of the digital era. What is happening, and what is needed?
Cryptobeyer

Martin Luther King Jr.'s warning about the dangers of "sincere ignorance and conscientious stupidity" rings truer than ever. The consequences of such ignorance are far-reaching, affecting everything from privacy and security to economic equality and regulatory clarity.

Mainstream media and some government agencies have been significant contributors to this growing issue. By failing to adequately understand and convey the complexities of Web3 technologies, they are inadvertently fueling the digital divide.

Web3, which promises enhanced privacy, security, and individual control of data, remains underutilized partly due to misinformation and mistrust propagated by those who should be guiding us through this technological evolution.

On April 14, 2024, an article titled "4 Reasons Not to Invest in Cryptocurrencies" was published on the website of the Swedish Financial Supervisory Authority. The piece is misleading and unconvincing, displaying a frustrating level of ignorance. The article lists familiar and tired arguments: poor customer protection, volatile value, environmental harm, and use in money laundering and terrorism. Those of us familiar with the crypto space have heard these claims countless times, and it's not even funny anymore. Scary! The article also lacks facts and references to support its arguments.

Do not get me started on the terrible way the US-based Securities and Exchange Commission is handling the cryptocurrency space… companies are fleeing the US.

Please learn about the space you are regulating!

The media, in particular, often portrays cryptocurrencies and blockchain technologies through a lens of skepticism and fear. This narrative not only spreads misinformation but also fosters a deep mistrust of innovations that could otherwise bring about significant societal benefits. When the public is bombarded with headlines that emphasize volatility and criminal use over potential and progress, it becomes challenging to foster a well-informed and forward-thinking populace.

What more?

Policymakers frequently lack a deep understanding of emerging technologies, leading to regulatory environments that either stifle innovation or fail to offer necessary protections. This regulatory ambiguity can dissuade legitimate enterprises from exploring new technological frontiers and leaves consumers unprotected against genuine risks.

I would say that the lack of knowledgeable oversight is a direct consequence of the broader issue of ignorance, and it underscores the urgent need for informed and responsive governments that adapt to changing circumstances, people’s needs, and new technologies.
-Cryptobeyer

Furthermore, those who are left behind due to a lack of knowledge or access to these technologies face increasing economic disparities. This growing gap between the tech-savvy and those who are not only exacerbates social inequality but also hinders overall economic growth.

I’m reminded of what Singapore has done multiple times since the 1960s to educate the population in being ready for the technological journey. Impressive.

To navigate the Fourth Industrial Revolution successfully, public awareness and inclusive access to technology must be in focus. Education and transparent communication about the benefits and risks of Web3 are essential. Media outlets need to strive for balanced reporting that highlights potential as well as pitfalls.

I dare to say that this is obvious! Governments should prioritize regulatory clarity, ensuring that policies are informed by a thorough understanding of the technologies they aim to regulate.

Let’s not let ignorance and misinformation hold us back.

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Business & Society

The Metaverse Isn’t Dead- It’s Just Getting Real

Just 2 years ago, the metaverse was the shit. Facebook rebranded as Meta, VR headsets were improving rapidly, and we thought we’d soon be living in fully digital worlds. But lately, the hype has cooled. I would say that what we were going for was killed in action. Now it’s evolving into something more practical and seamlessly integrated into our daily lives.
Cryptobeyer

Reports claim that the metaverse market is set to grow from $65.5 billion in 2022 to an estimated $936.0 billion to $1,303.4 billion by 2030. Asia Pacific leads the charge, driven by tech advances and digitization in countries like India and China. But…

…we once imagined spending all our time in virtual spaces. We were supposed to be working, playing, and socializing in a fully digital universe. That vision turned out to be way ahead of its time. The reality check hit when we realized current technology wasn’t ready to support such an immersive experience. Now, instead of creating entirely new worlds, we’re focusing on enhancing our existing one.

We’re about to be wearing smart glasses that overlay directions on the street as we walk. We will be using an app to see how a new couch would look in our living room before we buy it. I am sure you are seeing it! This is the new direction—mixing digital elements with our physical world. The metaverse is not about escaping reality but enhancing it.

To be honest, I was wondering who would want to be hanging out in the blockchain-based virtual reality called Sandbox which looks like a Roblox reality. But when I consider the fact that most users of the metaverse are below the age of 16, I get why money-hungry Snoop Dog built a crib there.

Schools are revolutionizing learning with augmented reality, letting students explore history and science in ways textbooks can’t. Surgeons are using AR to visualize anatomy in real-time, boosting precision in operations. Workplaces are evolving too. Platforms like Spatial and Meta’s Horizon Workrooms can turn the most boring remote meeting into a laugh. I also hear arts and research will evolve with this tech. Virtual stores and malls will transform shopping.

Hear me yawn, when I say that advertising will be personalized.

What’s bad news?

McDonald’s is about to launch a Metaverse in Singapore to meet the needs of their young customers. Apparently, they will be able to earn fries when playing games. Hum… I do not want my daughter to sit still and earn fries doing it… I digress.

What’s cool?

Meta’s Ray-Ban smart glasses will help me find parking spaces.

However, I wonder if I ever will be interested in getting a digital twin or care what clothes I wear online. But I will be trying out an AI girlfriend to finally get a date...

One thing is clear, we’re heading toward a future where we will not differentiate between our online and offline lives.

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Business & Society

At the Turning Point, What Comes Next?

We have reached a pivotal moment – a turning point – in the evolution of digital currencies. The questions on everyone’s mind are: what comes next and what does it mean?

We've seen the rise and fall of crypto hype, starting with the ICO boom in 2017, followed by a wild bull run in 2021. But chaos reigned in 2022 and 2023 due to fraud and lack of regulation. Europe stepped up with stronger regulations, and countries in Asia and the Middle East grew a liking to crypto. The global cryptocurrency adoption rate is 15 %. Now, in May 2024, crypto is a hot political topic in the US as both parties want the young votes who like cryptocurrency. Meanwhile Scandinavia is sleeping on the issue with only 8% adoption level.

What is next for crypto?

I would say that we are now moving into stable growth and widespread adoption. Sure, we will still speculate in Jenner and Joe Boden tokens.

Fun fact: Caitlyn Jenner launched 12 different meme coins on Solana over 4 days, buying the tokens herself and then selling them for profit… ”I see you Caitlyn, its all on the blockchain.”

But the talk of the town is tokenization. Everything physical will be made digital and tradable. EVERYTHING! With the Ethereum Spot ETF in the U.S., it is clear that the cryptocurrency space is increasingly seen as a productive investment. Blackrock has launched tokenized treasury funds called BUILD with a $375 million market cap and the tokenization race is just starting.

Cryptocurrency is maturing as a consequence of increased regulation, institutional involvement, and technological advancements and integrated into the broader economy. A sign of the maturity of the crypto space is the fact that it will be focusing even more on creating lasting value and utility.

The transition from speculative chaos to a more mature and stable industry is never smooth. There will be challenges and setbacks along the way. Hear me say further scams, rug-pulls, and frauds just like in traditional finance.

Crypto will still attract those looking for get-rich schemes and money will be lost as the average newbie will buy at the top and sell at the bottom. There, in the not-too-distant future, I see clearer regulation, ease of use of crypto, broader adoption globally, and cryptocurrency will be a new playground for Wall Street and traditional finance players.

Let’s not kid ourselves. Traditional finance does not care that Bitcoin is decentralized. The wet dream of cryptocurrency being a separate asset away from the greedy and controlling hands of traditional finance is over.

Hey! It’s about the money. Not financial equality. We need to see that this tiny asset class ($2.68 trillion) is about to be gobbled up by its arch-nemesis. Banks will not go away. CBDC’s are a fact in the next few years and banks are already using blockchain technology and cryptocurrencies in their services.

It’s a love-hate relationship between tradfi and defi, but still a marriage.

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Business & Society

The Philosophical Evolution of Money in Scandinavia: From Viking Assets to Digital Trust

From the days of the Vikings to the modern digital age, people's understanding and use of currency have transformed over centuries. The way we relate to money is closely linked to our needs and wants. The journey of money in Scandinavia reveals an interesting story of philosophical change among the population.

In the brutal Viking Age, Scandinavians engaged in trade primarily through bartering goods and utilizing silver as a form of currency. Hum, they raped and pillaged as well. During this time people relied on the intrinsic worth of goods and money reflected a strong belief in the physical value of assets.

The 11th century brought a big change when coins were introduced, influenced by foreigners. This marked a major shift towards using standardized currency, showing that people were starting to accept a common way to trade goods. It’s clear that standardization grew important for people’s financial lives and the next step in the evolution of money was taken.

As Scandinavia progressed into the 17th and 18th centuries, the establishment of central banks in Denmark, Sweden, and Norway signaled another philosophical transition. People started to trust the government more when they began using paper money issued by the government. This showed a shift away from relying on valuable metals like silver and gold, towards trusting the government to control and back the currency.

But they soon realized that we should not just print money.

The late 19th century witnessed the creation of the Scandinavian Monetary Union, uniting Denmark, Sweden, and Norway under a common gold-backed currency known as the krona/krone. This action emphasized the common belief that money should be tied to real assets like gold to maintain stability and worth. An action to hinder the limitless printing of money which leads to inflation.

But by the mid-20th century, Scandinavia and the rest of the western world embarked on another philosophical journey as it transitioned from gold-backed money to fiat currency. Now central banks could print limitless amount of paper money again. Without having to back it up with gold.

Today, the Danish krone, Swedish krona, and Norwegian krone stand as national fiat currencies, is the strongest sign of the faith placed in governmental regulation and oversight. Trust in government ability to manage the economy has clearly increased in Scandinavia since the age of the Vikings.

I would say that nowadays the reliance on government-backed currency has reached a tipping point. Because no philosophical extreme has all the answers.

The rise of cryptocurrency symbolizes a move towards trusting technology away from centralized control to protect the value of our currency. I believe in a society that holds different philosophical values of money. History shows that we need central banks for clarity and regulation and cryptocurrency is the modern solution for the needs and wants of people who value financial autonomy.

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Business & Society

Cryptocurrency Crossroads: Trump’s Pivot vs. Biden’s Resistance

The crypto community is surprised. Cryptocurrency has suddenly become a focal point in the United States. "Crypto is moving out of the US because of the hostility... We’ll stop that because I don’t want that," Trump said, prompting cheers from the crowd. Donald Trump, who has always expressed traditional thoughts regarding protecting the US dollar and skepticism towards emerging technologies, suddenly likes cryptocurrency.

He seems to have had an official negative stance on crypto while privately buying Ethereum and creating and selling his own collection of NFTs. His words, spoken in front of an enthusiastic crowd, suggest a notable shift in the political landscape concerning cryptocurrency.

Let me be clear, the current and previous administrations have tried their best to kill crypto. But both sides of politics are guilty of accepting large donations from infamous Sam Bankman-Fried, who was sentenced to 25 years in federal prison for perpetrating one of the largest financial frauds in history.

What’s happening in the US?

Trump cannot possibly be the sharpest knife in the US...

…but it is evident that President Biden has not seen what web3 technologies in the fourth industrial revolution can do for society. His administration is entrenched in the fight against cryptocurrencies, utilizing various three-letter agencies. Why? Well, he finds these technologies a threat to the established financial order.

I understand his fear of change, but I have a message for his administration. “Change is the only constant in life. We must constantly reexamine our beliefs and adapt.”

 What’s the result?

A hostile business environment for crypto companies, with legal battles becoming the norm; the only winners have been US lawyers. The Biden administration is trying to protect the average crypto customers, but the Securities and Exchange Commission (SEC) has failed to notice the biggest fraudulent actors. Now on the 8th of May 2024, the US Congress was forced to step in. In a moment of reckoning for the US government, the U.S. Congress recently took a stand against the regulatory overreach by the SEC. They passed a bill restricting the SEC's powers in their flawed and clumsy war against cryptocurrencies.

It’s interesting to see that a clear majority of Congress has understood the role cryptocurrencies play in the modern financial landscape. Meanwhile, President Biden has vowed to veto the resolution, arguing it could constrain the SEC's ability to regulate crypto assets and introduce financial instability.

Hear my frustration.

I think it’s surprising that the US, which led the technological developments of the internet, has lost its touch with the future.

I do not blindly trust Trump, but I wonder if his shift will bring increased clarity in regulation and innovative willingness back to the US. Or will Biden's resistance continue to hold the US back in the global technological race?

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Business & Society

Exploring Asia’s Cryptocurrency Uprising

Asias crypto uprising
From the bustling streets of Vietnam to the tech-savvy corridors of Singapore, Asia is embracing cryptocurrencies, regardless of shifty and unclear governmental regulations. Here's what's happening in the Asian cryptocurrency uprising.

Asia leads global cryptocurrency adoption, with Vietnam and India at the forefront. The popularity of cryptocurrency in Asia is largely due to large unbanked populations and mobile connectivity. Many countries also have mostly supportive regulations that drive adoption. Rapid growth in the use of crypto is seen in Pakistan.

I find it intriguing to note that lower-middle-income nations are leading grassroots adoption in Asia. This is good news, as cryptocurrency should be a financial freedom project.

Japan and Singapore are key players. South Korea even has a term "Kimchi Premium," referring to higher Bitcoin prices on local exchanges compared to global markets.

Ah, yes, I almost forgot Hong Kong, which launched spot bitcoin ETFs on the 30th of April this year. Unfortunately, the inflow of money from Hong Kong ETFs has been disappointing so far. But the second half of 2024 will likely be better I hear.

Despite China's ban on crypto activities in September 2021, citizens are finding ways to participate in the market. Despite government warnings, Bitcoin, remain popular in China, as evidenced by a four-fold increase in Bitcoin's popularity on platforms like WeChat. The word on the crypto street is that miners are using tactics like accessing off-grid electricity and geographically scattered small-scale operations to hide from authorities.

India has emerged as one of the global leaders in cryptocurrency adoption, with over 15-20 million Indians having invested in Bitcoin, but they seem slow in creating clear regulations in the crypto landscape.

But, the regulatory circus, where authorities struggle to rein in the chaos, is frankly tiresome across the world. It is not the last time you will hear that crypto needs clear regulation to blossom.

But hey, who doesn't love a little drama in their finances?

One thing remains clear: cryptocurrency is robust in Asia, even stronger than unclear, shifty governments.

Read more about crypto in Asia!

Read more about crypto in Japan!

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Business & Society

The Global Public Perception of Web3

Imagine this: you ask someone on the street about Web3, and they give you a blank stare. That's the reality I uncovered when I read a recent web3 survey. Here’s what I learnt from the study by Consensys and YouGov.
- Cryptobeyer

Sure, people are familiar with cryptocurrencies, with a whopping 92% saying they know about them. But when it comes to Web3, only a tiny 8% feel confident in their understanding.

There’s a big gap between knowing about crypto and really getting what Web3 is all about—digital ownership, identity, and privacy online.

But it’s clear that people want control over their online presence. The survey found that half of the folks believe they add value to the internet, and most think they should own what they create online. And let's not forget that a big chunk of them (62%) feel they're not getting the recognition or pay they deserve for what they contribute online.

So, what's the deal with Web3, and why the big gap in understanding? Well, it's not just about technology—it's about meeting people's needs.

Different parts of the world have different vibes when it comes to crypto and Web3. Some places, like Southeast Asia and South America, are all in, while others, like Europe and Japan, are a bit more cautious. And I do not blame them, especially after all the scams and frauds we've seen the last couple of years!

But here's what I think we need to do: understanding crypto is one thing, but getting savvy with Web3 in this fast-paced digital age is something else entirely. Let's keep reminding ourselves to stay user-focused and make sure everyone's included in shaping a fair system.

On a state level, I’m reminded of what Singapore began doing in 1980’s. They started educating the public in computer awareness to create a population and workforce that thrive in the digital landscape.

Stay curious!

# About the study, YouGov interviewed 15,158 people aged 18 - 65 across 15 countries: Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, The Philippines, the UK, the US, and Vietnam.

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Business & Society

From Neanderthals to Meme Coins: Tribalism in the Crypto Age

Maximalism within certain cryptocurrency communities fosters tribalism and restricts the exploration of diverse perspectives, hindering innovation in the Web3 ecosystem. Our tendency to form close-knit groups online often leads to spaces where only certain voices are heard, excluding others. So called S… coins are compared to digital gold whereas meme coins are a joke. What’s really going on here and what do I think we can learn from this?

It's a Paleolithic phenomenon. Our ancient instincts and physiological responses, honed over millennia, are having a hard time to navigate the complexities of modern digital environments. This "mismatch" between our ancient instincts and modern realities creates a fertile ground for tribalism and polarization to flourish. Academically speaking, it's a matter of social cohesion and ideological diversity.

What do we need?

A discussion encompassing multiple differing thoughts and philosophies within the Web3 space is essential to fully comprehend humanity's complexities. After all, Bitcoin is not the remedy for all societal problems in the fourth industrial revolution. Neither is only having fun together in a meme coin rally. Just because I prefer the underlining philosophy of Cardano does not mean I cannot believe in the use case of XRP. What do you think?

Blockchain along with AI is god-like technology and we are not able to grasp its full potential and have not yet experienced the most transformative change in society. We must remember that our government structures, financial system, bureaucratic hierarchies, and political thoughts are not fully ready for these technologies. Change is a process! Humans hold on tight to old ways of living and engaging in society.

My message to Web3 builders is clear: Avoid the creation of echo chambers through tribalism, as progress necessitates dialogue between opposing viewpoints.

Why?  Change is obviously the process or act of altering from a previous state. To successfully adopt Web3 technology in society, an open-minded approach is imperative to accommodate diverse opinions, philosophies, and social and political needs.

“Web3 communities must actively promote empathy, understanding, and constructive engagement, and avoid a conflict-ridden rhetoric that hinder productive dialogue and collaboration.”

Apparently, Neanderthals were highly engaged in tribal warfare and failed to resist human expansion partly because of their limited ability to innovate, adapt, and cooperate in larger groups. Whereas modern society is built on cooperation and collaboration. Say no more.

Frankly being a crypto maximalist is against the very fundamental principle of the technology. Afterall, decentralization spread across the multitude of all that is the world. Decentralized governance mechanisms, enabled by blockchain technology, are avenues for participatory decision-making and collective problem-solving. Whereas centralized power structures and bureaucratic hierarchies hinder inclusivity and collaboration among diverse ideological factions. We are done with that right?