The Fog of Crypto (& the Metaverse)
Empathy, rationality, human nature, reasoning and logic, belief and seeing, saying never, efficiency and efficacy, maximizing and data. Going outside one’s self… Adapted lessons from this new old world for this old new world
In 2010 I was able to buy some Bitcoin and I did not buy them because I did not understand the logic of cryptocurrencies. Those eternal links, Blockchain.com technology, decentralized can’t remember what, ledgers, and so on. Deregulated virtual currencies without intermediaries or trust in third parties? All living together on a place interconnecting virtuality and reality, business, and gaming? I could not foresee the convergence of multiple technologies (internet, machine learning, artificial intelligence, algorithms, etc.) and then the degree of uncertainty was so high that I felt that I was in the middle of a mist that did not allow me to understand anything. That cryptocurrency fog prevented me from acting in a way that, if I had, my reality would be very different today. I entered to the Metaverse a few years later, but the fog is still there and here.
The fog is thinner today, but it continues to envelop the virtual currency industry. There are many people who still do not understand what cryptos are and what the Metaverse is for, very intelligent people who do not see the change in the tectonic plates of finance that the convergence of technologies is producing. Not to mention those who think that the Metaverse is a delusion of a few geeks who do not know anything about real life. The uncertainty continues to exist, as it continues to be in modern wars, and that is why it is necessary to learn the lessons of these 13 years of virtual currencies.
To do this, I will rely on one of the best documentaries I have seen, unsurpassed in its rawness, explicit and memorable for its music, editing and teaching. I am referring to The Fog of War: Eleven Lessons from the Life of Robert S. McNamara (2003) directed by Errol Morris with music by Philip Glass.
Here is my paraphrased list of teachings:
Lesson # 1: Empathize with your guts
You will not understand many or some of the things that circulate on the internet 2.0, web3 and the Metaverse, but if there is something inside you that, although the mind does not fully understand it, it seems to you to be correct, do it. Talk to others, listen to them and do it with yourself too. Believe. Sometimes it is better to trust, even if you do not see clearly the future or its results.
Lesson # 2: Rationality alone will not save us
There is a large proportion of luck in life, of immeasurable, imponderable and unpredictable. Only rationality does not serve to achieve success.
Lesson # 3: There’s something beyond one’s self
There is a responsibility to society, we have something to fulfill and do in it. We are part of a community and as such we have to help each other.
Lesson # 4: Maximize efficiency
Everything can be done more efficient and effective. It is necessary to analyze the processes, cross data, read reports and white papers and exchange opinions.
Lesson # 5: Proportionality should be a guideline in buy
In the options, diversification and in the use of the gains it is necessary to be proportional. Not everything is cryptocurrencies, stablecoins, altcoins and tokens when it comes to investing capital.
Lesson # 6: Get the data
To make better transactions: Get the data! The more information you have, the more likely your investment will be successful.
Lesson # 7: Belief and seeing are both often wrong
Let’s not be fooled by fake news. Eyes and ears can be deceived: “We see what we want to believe.” (R. Strange McNamara) Trust the guts.
Lesson # 8: Be prepared to reexamine your reasoning
Even if success has been your currency, take a step back and rethink your decisions. When what you decide seems obvious, think and reflect. Common sense can be a great ally, only if you let it.
Lesson # 9: In order to do money, you may have to engage in losing some of it
Lesson # 10: Never say never
Lesson # 11: You can’t change human nature
The human mind cannot be understood in its full magnitude. Do not seek to change yourself or others by dint of arguments. Walk a path, learn it and the followers will arrive.