Pundits talk about the crypto market today like it has failed. A lot of those who point to this failure - often as a result of price turbulence, simply forget or choose not to remember where exactly the space came from. It is surprising to label a technology that has shocked the World and continues to expand on grounds that prices have declined from their all time highs.
Consider where exactly this space has come from. We came from absolutely nothing. Built with nothing but intention and a desire to see things change, it almost seems like a miracle that the space has come this far. I mean, it is one thing to build from scratch, but another thing entirely to build from scratch a novel idea without any form of support.
So when people refer to failure this year, I ask what failure? On what basis are they measuring the so called failure of the space? For something that did not exist a few decades ago to be holding its own in the financial space despite a global economic challenge, multiple internal scandals, a lack of government support, and a media determined to oversee its failure - it seems like we have done pretty well for ourselves.
Proof of value has been the major driver of the space. That was the primary driver when the space came into existence and that will be its sustaining factor after all the turbulence had rolled away. There is too much emphasis on bad actors these days, that it almost seems like a deliberate distraction to grab our attention away from the genuine progress that we have made, and continue to make.
Serious investors are still coming into the space, and many are holding firm in spite of the challenges. More innovations are coming up and perhaps of most importance is that there is now a silent consensus that the space is here to stay among regulators who sought to actively end it in the beginning. This silent acceptance is quite a remarkable feat considering the same regulators viewed it as a threat to their own monetary policies.
On Hive our story is no different. We started from scratch and have been through ups and downs to arrive at where we are today. There have also been similar cases of price swings with the lows incredibly low and the highs very tempting to sell off all our assets. As we experience a price decline along with the general space, one of the biggest confidence boosters of the Hive space has been an ability to keep showing its proof of work and value.
One good way to calm ourselves in a crypto crisis is to remain where we certainly from, why we came into existence (for those who know), where we are heading to, and the value our projects bring to the table. Let the price rise and fall if it wants, our investments are here to stay.
