Crypto Tag: Cryptocurrency Diary

It’s not suitable for small transactions. For example, if you try to pay for a 1,000 yen item with Bitcoin, the transaction fees can be exorbitant. Because of this, while it may serve as a tool for money laundering by wealthy financial capitalists, it cannot realistically function as a currency for everyday use by ordinary people.

Short answer: Absolutely yes. Crypto is basically capitalism on steroids.

The Rich Get Richer Game

Look at Bitcoin – it’s basically a “whoever has the most money wins” system. Mining? You need expensive computers to compete. Trading? Big investors can manipulate prices however they want.

Studies show that 0.1% of Bitcoin miners control 50% of the entire network. Sound familiar? It’s just like the regular stock market where the wealthy dominate everything.

It Became a Speculation Casino

Remember when crypto was supposed to be “money without banks”? Well, now it’s basically just a gambling platform. Most people buy crypto hoping to get rich quick, not because they actually want to use it as currency.

Even the big exchanges like Coinbase and Binance are just regular companies trying to make profits. So much for “decentralization” – it’s pretty centralized when you think about it.

Governments Jumped on the Bandwagon

Now governments are talking about “strategic Bitcoin reserves” and stuff. At this point, crypto has been completely absorbed into the traditional financial system. It’s not replacing anything – it’s just another asset class.

Bottom Line

Crypto didn’t change capitalism – it made it more extreme. Sure, the technology is cool, but economically speaking, it’s still the same old “rich people get richer” game that defines capitalism.

What was supposed to be “revolutionary money” turned out to be just “a fancy investment product.” The promise of financial freedom? More like financial speculation with extra steps.

The whole “neutral money” thing was basically a pipe dream. Crypto got swallowed up by the same power structures and wealth concentration patterns that exist everywhere else in capitalist markets.

Lately, I have zero motivation to get involved with Hive. The reason’s simple: it’s not EVM-compatible. Even if Hive has its own NFT marketplace, honestly, I just don’t feel like listing anything there.

No EVM Compatibility, No Motivation

EVM-compatible chains are just so much easier. You can use all your favorite Ethereum apps and tools right out of the box. MetaMask works, everything you already know just works, so there’s no stress.

Hive, on the other hand, is a different story. It’s got its own setup, MetaMask doesn’t work. There’s way too much new stuff to learn, and it just feels like starting from scratch all over again. Most users are probably thinking, “If I can’t use my usual wallet, forget it.”

Hive’s NFT Marketplaces? Not Really Feeling It

Sure, Hive has NFT marketplaces like NFT Showroom, but honestly, they just don’t compare to EVM-based ones like OpenSea. There’s less liquidity, fewer users, and not much cross-market action. With EVM chains, everything connects easily and moving assets around is simple. I just don’t see a strong reason to bother listing on Hive.

Hive Is Evolving, But Not Quite There Yet

To be fair, Hive is working on VSC (VSC Smart Contracts), a Layer 2 solution aiming for EVM compatibility. But it’s still early days, and it’ll probably take a while before the whole ecosystem really benefits.

In the End, EVM Chains Are Just Too Convenient

Right now, EVM-compatible chains totally dominate the Web3 space. Development, listing NFTs, attracting users-it’s all smooth and easy. Hive definitely has its own unique charm, but honestly, it’s only natural to feel unmotivated if it’s not EVM-compatible. Once you get used to how comfortable EVM chains are, it’s hard to get excited about starting something new on a non-EVM chain. For now, sticking with EVM-compatible chains just makes sense.

There are tons of blockchains out there, but whether a chain is EVM (Ethereum Virtual Machine) compatible is a huge deal. Let’s break down why EVM-compatible chains are so popular-and why non-EVM chains often have a tougher time.

What Makes EVM-Compatible Chains Awesome

1. Everyone’s Using Them

Chains like Polygon, Arbitrum, and BSC are EVM-compatible, which means they work almost exactly like Ethereum. Apps and services that run on Ethereum can be moved over super easily. Developers love it because there’s hardly anything new to learn.

2. Tons of Tools and a Big Community

If you know Solidity (the main smart contract language), you’re good to go on any EVM chain. There are loads of development tools, and if you get stuck, there’s plenty of info online. Plus, the community is huge-so you’re never alone.

3. Wallets Just Work

Popular wallets like MetaMask and Ledger support EVM chains right out of the box. Users can jump onto new chains without any hassle, which makes trying out new stuff a breeze.

4. DeFi and NFTs Are Booming

Big names like Uniswap and Aave are all over EVM chains, so there’s lots of liquidity and tons of users. Moving assets around is quick and easy.

Why Non-EVM Chains Have a Harder Time

1. Higher Barrier for Developers

Chains like Solana or Aptos use their own languages and systems. You can’t just copy-paste your Ethereum app-you have to rebuild a lot. For developers, that means more stuff to learn and more work to do.

2. Users and Liquidity Get Spread Thin

Unlike EVM chains, non-EVM chains often have smaller, more scattered user bases and less money flowing around. It’s just harder to get that “network effect” going.

3. Wallet and Tool Support Is Hit or Miss

A lot of big wallets don’t support non-EVM chains, so users might find they can’t use their favorite tools. That can be a real turn-off.

That Said, Non-EVM Chains Have Their Perks

Some non-EVM chains, like Solana, are super fast or have cool, unique features. If you need something special or want to try a totally different approach, these chains can be a good fit.

The Bottom Line

EVM-compatible chains are popular for a reason: everyone uses them, the tools are great, wallets work, and there’s plenty of money and activity. Unless you have a specific reason to go with a non-EVM chain, sticking with EVM-compatible options is usually the safest bet. Non-EVM chains are best when you need something really unique or want to experiment with new tech.

Today, an experience at a flower shop made me reflect on the importance of payment method diversity. Being forced to use cash because PayPay wasn’t accepted offers valuable insights that also apply to the world of cryptocurrencies.

Current State and Challenges of Cryptocurrency Payments

When accepting cryptocurrencies in business, it’s crucial to support multiple currencies, not just one. This approach enhances customer convenience and creates more transaction opportunities.

Currently, the cryptocurrency market features numerous currencies, each with its unique characteristics and supporter base. By accommodating major cryptocurrencies, as well as emerging ones, businesses can appeal to a broader customer base.

Advantages of Decentralization

In the cryptocurrency world, unification into a single currency is unlikely. Instead, further decentralization is expected. This decentralization offers several benefits:

1. Risk diversification: Reduces risks associated with relying on a single currency.
2. Promotion of technological innovation: Competition among multiple currencies accelerates technological advancements.
3. Expanded user choices: Allows selection of currencies that suit various needs.

Improving User Experience

Providing a cryptocurrency payment system that users find convenient offers significant advantages for businesses. Supporting multiple cryptocurrencies creates benefits such as:

• Increased payment method options
• Easier cross-border transactions
• Potential for fee optimization

Conclusion

As we can learn from the PayPay-incompatible experience at the flower shop, payment method diversity is crucial in the cryptocurrency world too. By supporting multiple cryptocurrencies, businesses can expect improved customer satisfaction and expanded transaction opportunities. Embracing decentralization and creating a convenient and attractive payment environment for users will likely lead to success in future cryptocurrency businesses.

I’ve tried multiple times, but the transaction doesn’t proceed beyond paying the gas fees. Could something be broken?

Bitcoin.com has expanded its ecosystem by adding support for Zano, a layer-1 blockchain focused on confidential assets and private decentralized applications (dApps). This integration aims to make privacy-first finance more accessible, bridging the gap between crypto adoption and financial sovereignty. Zano, founded by Andrey Sabelnikov, offers untraceable transactions and has been gaining traction since its development began in 2019.

Bitcoin.com CEO Corbin Fraser highlighted the importance of financial privacy, emphasizing that it should be a standard feature rather than optional. The integration of Zano into the Bitcoin.com Wallet app is seen as a significant step towards mainstreaming financial privacy, allowing users to manage their assets securely and privately.

Zano’s integration follows its successful launch on Bitcoin.com’s Verse DEX, where users can trade wrapped ZANO (wZANO). The Bitcoin.com Wallet app, with over 55 million self-custody wallets created, will soon support Zano’s Confidential Assets, including stablecoins and a wrapped form of Bitcoin, further enhancing user security and control.

When people think of cryptocurrency, they often associate it with freedom, innovation, and endless possibilities. Indeed, cryptocurrency offers a groundbreaking way to manage assets without relying on traditional financial systems. However, for many who delve deeply into the world of crypto, an unexpected side effect emerges: loneliness.

Why does cryptocurrency have this isolating effect? The answer lies in the psychological and behavioral patterns that come with managing digital assets. In this article, we’ll explore why “the more you engage with cryptocurrency, the lonelier you become” and uncover the underlying reasons behind this phenomenon.

The Burden of “Self-Responsibility”

One of the defining features of cryptocurrency is self-custody. Unlike traditional banking systems where institutions safeguard your assets, in the crypto world, you are solely responsible for managing and protecting your funds. Lose your private keys? Your assets are gone forever. Fall victim to fraud or hacking? There’s no one to bail you out.

This immense burden of self-responsibility can lead to a sense of isolation. The more wealth you accumulate through cryptocurrency, the greater the pressure to protect it becomes. Over time, this reinforces the belief that “only I can safeguard what I’ve earned,” creating a psychological barrier between yourself and others.

The Culture of Secrecy

In the crypto space, secrecy is paramount. Sharing details about your holdings or transactions with others can expose you to risks like theft or scams. As a result, many people adopt a secretive attitude toward their crypto activities.

For example, even if someone has made significant profits in cryptocurrency, they may hesitate to share this success with friends or family. Concerns about jealousy or becoming a target for criminals often lead people to keep their achievements to themselves. This secrecy fosters a sense of isolation and makes it harder to connect with others on a deeper level.

The Trap of Self-Reliance

Many individuals who succeed in cryptocurrency share a common trait: they’ve taken risks, educated themselves, and acted independently to achieve their goals. This self-reliant mindset is empowering but can also become a double-edged sword.

The intense satisfaction of achieving success on your own can lead to an over-reliance on yourself. You may begin to believe that collaboration or seeking help from others is unnecessary—or even risky. Over time, this mindset erodes trust in others and weakens social bonds, deepening feelings of loneliness.

How to Break Free from Crypto-Induced Isolation

While cryptocurrency can create feelings of loneliness, there are ways to counteract these effects and maintain meaningful connections with others.

1. Join Communities

Participating in crypto-related communities or attending meetups can help you connect with like-minded individuals who share your interests. Engaging in discussions and exchanging ideas can alleviate feelings of isolation while expanding your knowledge.

2. Adopt an Open Mindset

You don’t need to disclose every detail about your holdings or trades, but sharing some aspects of your journey with trusted friends or family can foster stronger relationships. Avoid falling too deeply into a “secrecy-first” mentality that cuts you off from others.

3. Maintain Balance

It’s easy to become consumed by asset management and market movements, but don’t lose sight of other aspects of life. Prioritize relationships, hobbies, and personal well-being alongside your crypto pursuits to maintain a healthy balance.

Conclusion

Cryptocurrency offers unparalleled freedom and opportunities but comes with the weighty responsibility of self-management. For many, this responsibility breeds isolation as they internalize the belief that “only I can protect what I’ve earned.” However, loneliness doesn’t have to be an inevitable consequence of engaging with crypto.

By fostering connections within communities, maintaining an open mindset toward trusted relationships, and balancing crypto activities with other aspects of life, it’s possible to enjoy the benefits of cryptocurrency without succumbing to isolation. In doing so, you can build not only financial wealth but also a fulfilling and connected life—both inside and outside the world of crypto.

Whether holding cryptocurrency during a great reset is beneficial depends on several perspectives:

Advantages of Cryptocurrency

• Independence from Central Authority: Cryptocurrencies operate outside the control of governments and central banks, potentially retaining value even if traditional financial systems collapse. Bitcoin, with its fixed supply, is particularly noted as an inflation hedge.
• Decentralized Network: Based on blockchain technology, cryptocurrencies are less prone to system-wide failures, ensuring continued transactions during financial turmoil.
• Cross-Border Transactions: Cryptocurrencies enable international transactions without reliance on specific national currencies, serving as a hedge against economic crises or currency collapses.
• Role in Digital Economies: In a post-reset world moving toward digital systems, cryptocurrencies could play a vital role in new economic frameworks.

Risks and Considerations

• High Volatility: Cryptocurrencies are highly volatile, with significant risks of rapid value fluctuations or crashes.
• Regulatory Risks: Governments may impose stricter regulations or restrictions on cryptocurrency usage during a great reset.
• Technical Challenges: Managing wallets and private keys requires technical knowledge, and mismanagement could lead to asset loss.
• Fraud and Hacking Risks: The market is susceptible to scams and cyberattacks, making it crucial to choose trustworthy assets.

How Cryptocurrency Could Help During a Great Reset

1. Store of Value: Similar to gold or silver, cryptocurrencies may act as a store of value.
2. Alternative Transaction Medium: If trust in fiat currencies declines, cryptocurrencies like Bitcoin could become alternative means of exchange.
3. Foundation for New Systems: Blockchain technology and cryptocurrencies might underpin future digital economic systems.

Conclusion

Cryptocurrencies could play a significant role during a great reset but come with notable risks such as volatility and regulatory uncertainty. A balanced approach involving diversified investments and long-term planning is advisable for those considering cryptocurrency as part of their strategy.

Hello. Today, I’d like to share some thoughts I’ve had recently about the “human touch” in decentralized social networks.

Are Decentralized SNSs a Bit Impersonal?

What do you think about decentralized SNSs like Steemit or Hive? They run on the blockchain, have no central administrators, and anyone can post freely without censorship. On paper, it sounds like the utopia of the internet.

But when you actually use them, there are many moments when you wonder, “Are there really humans here?” The timeline is flooded with countless posts, but most feel mechanical, almost like templates. After looking into it, I found that many articles and comments are actually posted automatically by bots.

The Loneliness of Invisible Operators

On Steemit and Hive, you hardly feel the presence of operators or developers. After the founder left Steemit, it’s unclear who’s running it now. Hive even promotes itself as “leaderless,” truly run by everyone.

That might be ideal in theory, but on the flip side, you don’t get the sense that “someone cares about this place” or “someone’s thinking of something new.” That lack of warmth makes the space feel even more inorganic and bot-filled to me.

But WarpCast and Paragraph.com Feel Different

On the other hand, even though they use similar decentralized protocols, platforms like WarpCast (built on Farcaster) and Paragraph.com feel much more human and warm.

For example, WarpCast’s developer, Dan Romero, actively communicates and interacts with users, frequently sharing updates and adding new features. The community is lively and engaged. Paragraph.com also makes it clear that the writers are real people, and the newsletter feature fosters meaningful interaction between writers and readers, giving a strong sense that “real people are behind this”.

Moreover, WarpCast requires a paid account for registration, making it harder for bots and spam to infiltrate. As a result, the timeline is filled with genuine conversations and ideas.

“Human Touch” Matters, Even in Decentralized Spaces

In the end, even if you group them all under “decentralized SNS,” the atmosphere and experience can be completely different. Whether you can sense the presence of operators or developers, whether the interactions between users are authentic-these are things I pay attention to. I like AI, I use it, and I don’t intend to stop. But somehow, I’m drawn to decentralized SNSs that have a human touch.

No matter how much technology evolves, I still crave “human-ness” and warmth online. That’s why feeling lonely in a bot-filled, deserted SNS seems only natural to me.

If you’ve ever felt the same way, please let me know in the comments. Let’s keep searching together for “human places” on the internet.