It's been a slow and painful downward spiral but this could all change very fast.
When a bull run hits, it tends to hit hard and fast.
There has been a lot of negative news cycles over the past couple of years between exchange collapses, scams and the SEC doing their utmost to crash the industry but while the markets have shaken, they have not folded.
Every crypto cycle so far has shaken the crypto community to it's core. Taking out the weakest hands and further slowing development across the whole industry.
Every cycle has had a catalyst or an idea that people have FOMO'd very hard. We've had digital money, digital pictures, defi and gaming so far. Each of them have brought big numbers into this game chasing their riches and in most cases emptying their wallets.
Crypto is a tough game to play and if your coming in without putting in the prework then you are odds on to be a loser.
Everybody looks like a genius in a bull market but it's the ones that can survive a bear market that know what they are doing.
Each of these ideas have added new layers to the world of crypto and pushed us closer to large scale adoption. With multiple big investment firms looking like they are going to put some money in the game it could be the catalysts for the next bull urn that we have all been waiting for.
Will decentralized social media be the next big thing??
Looking at reddit and other sites we can see that some peoples predictions were very accurate form years ago. Unless you own your account and have control over it then you are at the mercy of the big PC corporations. You say the wrong thing and everything that you have spent years building towards could be gone in seconds.
Then you have projects like leofinance who are building an evolved crytpo project that distributes funds back to it's users.
If these new projects are built right then they should blow legacy social media out of the water with time.
Twitter or a twitter alt that you can earn money on?
Medium or a medium alt where you can earn some of the ad revenue?
Instagram or an instagram alt where views are worth real money?
There will be no contest in years to come as these sites are built to a higher standard and as people get used to this new concept.
It's simply the next evolution of social media.
right now there are a few people making huge amounts of money from their accounts but there is no security in the game as we have seen with some big names getting cancelled when they wouldn't sing the right tune for the website owners.
Covid and covid propaganda has woken up a lot of people to how controlled our content is at the moment which is good for people that want more from their experience.
If we can build an app through LEO that sets the right example of how this can be achieved then it will grab some attention. A Co-op social media site. Users are owners and have a stake in what happens. Everybody is empowered to use it and to drive revenue. If the site is successful then all of it's users can benefit from it. Instead of one billionaire owner you would have tiers of users.
The owners and investors would most likely have the heaviest percentage of tokens.
The early adopters would stack while it's cheap and easy.
These two groups should do very well from a successful project and could all make millions if they stick with it.
Then comes the top creators. They get the most votes, the most views and add the most value to the site so build up a following and a stake fairly fast. Again the top creators on a big site will always earn well.
After that comes the middle of the road consistent creators. Show up every day, find their niche, might make a living from the site. Depends on how big the project gets.
After that your down to the penny users. Low quality content, very few followers. Might just comment rather than create. Still very necessary to drive page views and share links. They are the majority on any site but with the LEO model could earn a few dollars a week if they are active.
A lot more than any other site where the 90% create the valuable user base but all the money flows to the top.
You need good content to attract them but these are the people who drive your turnover. No economy works without a good balance.
It will be interesting to see who can built it the best and especially the earliest.