The public's understanding of the crypto world remains in a state of extreme division.

Written by: Brook

Translated by: Elaine & Sissi & Leia, TEAO

The chaos and lack of innovation in the crypto world have led people to question: Are we genuinely making substantial strides toward an ideal future? The preface of "The Protocol Revolution and DigiLaw Engineering" explores the essence of the crypto world, the bottlenecks in its development, and the infinite possibilities for future construction from a systematic perspective, providing important insights for understanding the true nature of this new realm. This article is the third in a series of preface content.

The birth of emerging technologies is often accompanied by significant skepticism and uncertainty, not only because they reshape our way of life but also because they challenge our perceptions and values. However, the divided perceptions of the iPhone and Tesla quickly reached a consensus. Yet today, despite the considerable progress made by the crypto industry, led by Bitcoin, why is there still a significant amount of overlapping positive and negative controversies? Why does the public's understanding of the crypto world remain filled with confusion and conflict, and why do many still fail to see the bright future of the crypto world?

As an emerging product at the intersection of technology and the times, the development momentum of the crypto world cannot be underestimated. However, the crypto field has yet to see a large-scale killer application that can solve real-life problems (BTC will soon be an exception). The public's understanding of the crypto world remains in a state of extreme division, whether it be dreamers and innovators yearning for a better future, adventurers and investors seeking opportunities, or malicious con artists. All of them can easily lose their way under the interference of the two voices of "doubt and fear" and "superstition and worship."

Doubt and Fear

In this diverse understanding, doubt and fear have always occupied an important position. Since the birth of Bitcoin, the crypto world has grown from a marginal field into a massive ecosystem valued at around $2 trillion, yet skeptics have never dispelled their guard and fear, still viewing it as a dangerous "dark planet" they are unwilling to enter. In addition to the inherent distrust and doubts about new technologies, a lack of understanding of the principles of crypto technology and the significant social changes and advancements it brings, they are also influenced by the widespread issues of fraud, money laundering, and hacking in the crypto world. The combination of these two factors has ultimately amplified the participants' doubts and fears. The drastic fluctuations in market prices, the real existence of speculative behavior, and the frequent negative news maliciously amplified by traditional media deepen these individuals' misunderstandings of Bitcoin, blockchain, DeFi, and Web3 -- believing these are merely empty concepts, a carnival of scammers, a speculative casino, or worse, a breeding ground for organized crime. They question the real value of blockchain technology and view the price surges of crypto assets represented by Bitcoin and Ethereum as a bubble that will eventually burst. In their eyes, the crypto world resembles a ticking time bomb filled with chaos and uncertainty, severely threatening the order and stability of the existing society.

Superstition and Worship

There also exists a faction of "believers" that is entirely opposite to the "skeptics." For them, the crypto world is an incredibly bright utopia; they see Bitcoin as a currency of freedom and view cryptocurrencies and blockchain technology as the ultimate solution to disrupt the modern financial system and lead future technology. They deify Satoshi Nakamoto and Vitalik Buterin, seeing themselves as explorers of the new era. In addition to their blind faith in blockchain technology, the extensive media coverage and hype surrounding cryptocurrencies, especially stories of people becoming wealthy quickly through them, have exacerbated their excessive worship. They do not focus on the practical issues in the application of crypto technology, instead indulging in self-congratulation -- every market rise is a testament to the victory of their beliefs, and any doubt is seen as betrayal and jealousy. Of course, the existence of this sentiment is also reasonable; it represents a yearning for a better future. However, the development of most things is spiral upward, and the crypto industry's development also has cycles and is subject to economic, policy, and technological constraints. Excessive optimism and faith can only lead to irrational decisions, ultimately resulting in a dual collapse of spirit and wealth.

Under the interference of these two voices, participants blindly follow trends and speculate. In this world of constant tug-of-war between doubt and superstition, participants find it challenging to calm down and think about the true value of crypto technology. On one hand, the complexity of crypto technology makes it difficult for the public to truly understand; they often care more about prices. On the other hand, the high volatility and potential risks of the crypto market can easily induce panic among participants, making them susceptible to the actions and words of others. Their decisions are not based on sufficient independent research and rational judgment. In this situation, people often overlook the technical foundations and potential value of projects, merely following trends -- worshiping during bull markets, blindly investing large amounts of money in hopes of getting rich overnight; facing setbacks in bear markets, doubt and fear arise, leading to panic selling and significant losses. Meanwhile, some malicious "crypto veterans" exploit the public's blind following and get-rich-quick mentality, maliciously promoting worthless air projects, guiding speculative behavior, severely disrupting market rules, and causing investors to suffer massive losses amid drastic fluctuations, frequently hindering the healthy development of the crypto industry.

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