Should crypto be rebranded?
As more people get drawn into the profit potential of crypto, skeptics increasingly point out to the fraud and failure happening in the space. The various hacks, ransomware attempts on the Colonial Pipeline, and the high-profile failures of Terra/Luna, Three Arrows Capital, Celsius and most of all FTX/Alameda have done nothing to improve crypto’s tarnished image.
It doesn’t help that powerful opponents and influential voices consistently denounce crypto. The mainstream media sometimes piles up on it too. Count the number of times the words “crypto” and “scam” have been put together in an article. You’ll find a lot.
US Senator Elizabeth Warren says she will form an “anti-crypto” army as part of her campaign. Fear, Uncertainty and Doubt (FUD) spread through the news and opinions continue to spew out nonstop.
What people need to realize is that the technology of blockchain, and the shenanigans that some people pull, are two totally different things. Perhaps the way to make that happen is for the crypto sector to seriously consider rebranding itself.
Crypto is just really a means to pay network node validators so that the blockchain runs smoothly. It is the payment for their investments in the servers, the networks, the Internet connectivity, the operation and maintenance, the power bill and their time ensuring that the blockchain runs smoothly. For the person/s using the blockchain, the redundant transaction ledgers duplicated in many places ensure that the transaction is recorded properly and cannot be denied.
If you’ve ever contested a restaurant bill, and a few of your friends came to your rescue, then that’s an example of keeping track of a redundant set of transaction ledgers for you. For that service, the user pays a
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