What if I told you a technological innovation will change the world and that it will allow you to become financially independent if you simply follow the steps I am about to tell you? Would you be open minded to what I instruct you to do next? This is usually how I begin to tell people about crypto. I go this route because I think it’s funny to start conversations about something I truly believe will change the world with a monologue that seems to be crafted by a charlatan. I do this because I know that this wave of innovation is not a panacea here to solve all of the world’s problems or to make “millennials” rich. Many are led to believe such claims because of what they see and read in mainstream media. People need to realize that crypto is not a Ponzi scheme, that many people in the media do not understand the technology, the ideology of the system, or the key players involved. So, to rely on mainstream media information is futile at this point. People need to realize that this technology will be imbedded in many aspects of our lives and it would serve them well to read a few books on the matter to better prepare themselves for things to come.
If you are unfamiliar with cryptocurrencies or their underlying technologies and properties such as the blockchain and decentralization, I will provide a brief overview. Cryptocurrencies sprang into existence in 2008, created by a group of libertarian minded cyberpunks, who were dismayed by the events surrounding the economic collapse. They felt many of the factors that attributed to the collapse could have been avoided with proper technological applications and even distribution of information.
These cyberpunks set out to decentralize money by creating a digitized money network open to everyone. They believed a chief inefficiency in our network of money is how it is controlled. Chosen few have full access to information surrounding and governing the network, thus leading to asymmetric information distribution and systemic risk. Opacity in the network leads to vulnerability, centralization, and mismanagement. By creating a decentralized digital network of money, these developers allowed individuals to control their money without the need for central governing bodies. This network now untethered access to a revolutionary form of transaction shared by people all over the world. The elimination of third party intermediaries such as governments and big businesses is unnecessary because the individuals participating in the network now update and verify an immutable ledger. This ledger records the history of the network in a decentralized immutable way that can be viewed by anyone at any time. This immutable ledger is called the blockchain, ironically, the blockchain has proven to be such a profound discovery with a multitude of applications, that it is now being implemented by governments and businesses around the globe.
Personally, I am a believer and user of cryptographic technologies and currencies. My first encounter with them being in 2012 after news about the Silk Road had been circulating. My personal interests are among the main reasons I chose this to be my persuasion experiment. Crypto technologies have since blossomed, in 2017 alone they have become common speaking topics for mainstream media and the price of Bitcoin (a digital currency used on the blockchain) has risen in value over 1,000%. I thought this recent media attention along with the price appreciation would be to my advantage when persuading people to purchase. This experiment coincided perfectly with the Thanksgiving holiday, allowing me to apply tactics of persuasion on my friends and family.
During many attempts to speak with people about crypto I utilize my knowledge and experience of the network along with my personal excitement to educate those around me. Like countless zealots before me I began persuading people with the following principles: authority, scarcity, liking, social proof, reciprocity, and consistency. People want to believe in something, to be excited about growth, and to be a part of a tribe. This is all currently encapsulated within crypto, what many are now saying is the biggest invention since electricity. I encourage everyone to learn as much as they can about this revolutionary technology. Some may educate themselves by buying and selling the currencies, by reading white papers, or listening to audio books like The Age of Crypto. Start learning now and you will be among the early adopters which may benefit the most.
Richard Johnson
CC Mutual