Crypto Assets: Colonization and Development of New Odaily

Crypto Assets can be seen as a new Odaily that is being explored.

Some people believe this is a barren land of no value, even a dirty casino. But others see the potential of this undeveloped land: a place where a more advanced financial system and internet platform can be built.

A variety of new settlers are pouring into this new land, including explorers attracted by cutting-edge technology and some unscrupulous speculators. Innovators and researchers are drawn in by new possibilities, and ordinary people, especially those who were marginalized in the existing system, are starting to join in.

The management system of this new world is still in an uncertain stage; some regions prohibit their citizens from going there, while others are actively seeking a foothold.

The history of this new Odaily has been marked by cycles of speculation and hype, which has led many to be skeptical about its future. However, today's Crypto Assets speculation frenzy is actually a self-reinforcing process. Just like the Gold Rush of 1849 transformed San Francisco from a quiet village into a major port ( that ultimately became a center of technological innovation ), today's Crypto Assets boom is also attracting settlers and driving infrastructure development, gradually transforming it from a barren Odaily into a prosperous Crypto civilization.

Why Choose Encryption?

Settling on a new Odaily undoubtedly requires tremendous effort. But is it really worth it?

In the places where the existing system fails, we need a new property rights system the most. BTC, ETH, and stablecoins have been applied globally, especially in places like Argentina, Turkey, and Ukraine, where they are more widely accepted by the general public.

Although many people are still looking forward to the "killer application" of encryption, it has actually already emerged. However, for those living in developed countries, this transformation may be less noticeable. If you ask an Argentine about the issue of encryption, they will tell you its uses without hesitation. Nowadays, Crypto Assets are not only a practical tool but have also become a speculative high-end market. It is rapidly developing, becoming a typical case of disruptive innovation, and is becoming increasingly useful for more and more people.

Currency is just the first "killer application", and it won't be the last. Crypto Assets will give rise to a set of more transparent, programmable, and open encryption financial services. It provides a cheaper, more convenient, and more inclusive solution for those who cannot access banking services due to high fees, or for those who distrust the increasingly centralized banking system. We see stablecoin payments rapidly rising, and loans can be obtained through simple coding rather than complex banking or brokerage procedures. Systemic risks can even be reduced by globally tracking collateral.

Looking to the future, with the expansion of encryption infrastructure, we can foresee that new consumer applications will become possible. Creators will have more rights in their creations, and users will also be better able to control their identities.

From a more macro perspective, this new Odaily provides us with an opportunity to reshape the existing system, upgrading it to a more advanced and flexible system. Encryption can do this not only for currency, finance, and digital assets, but also for everything that the internet has done for information and media.

More importantly, encryption provides a means to guard against an increasingly centralized world. In a world where "big" is becoming mainstream, we are slowly losing our appreciation for individuality and diverse forces. By promoting the collaboration of small and diverse forces, encryption has become an important force against centralized power, a significant force in promoting freedom, and a safeguard against the control of large corporations and big government.

Speculation and Crypto Assets

Although Crypto Assets have their advantages, is their speculative nature really necessary? In fact, speculation is not only necessary, but it can also be highly productive in generating value.

Speculative investment is the cornerstone of technological revolution. From the rise of telecommunications and the internet to the dominance of railroads, electricity, and automobiles, breakthroughs in new technologies are often intertwined with speculation and asset bubbles. They become inseparable in the process of moving towards mainstream acceptance. In the field of Crypto Assets, speculation has propelled people's attention and awareness, investment flows, talent gathering, infrastructure construction, academic research, and the acceptance of existing companies.

Furthermore, there is a deeper connection between speculation and Crypto Assets: it is the "Hello World" of digital asset rights. When people have the opportunity to create rare assets, they tend to trade. Give a group of children some Pokémon cards and then observe what happens. The true value of a new property rights system lies in the ability to reliably record the transfer of property, which is also why people will naturally start to try and test it. If this new system has not yet gained widespread recognition, it may be heading towards a pluralistic future, where price fluctuations and trading activities will appear more speculative.

In the early days of Bitcoin, people thought it was a fantasy that it could one day achieve the legitimacy and value it has today. I witnessed early participants enthusiastically mining, contributing, and experimenting, even buying pizza. Today, more than a decade later, BTC and other crypto assets like ETH are steadily transitioning from speculative curiosities to global commodities.

Speculation also plays a core role in the process of crypto assets becoming a decentralized financial system. Many financial products have a clear "utility" for one party in the transaction, but require speculation to meet the needs of the other party. For example, someone may need a 30-year mortgage to buy a house, but there is no inherent demand to provide that 30-year loan. Our modern financial system mediates between such practical needs and more abstract financial return needs. In the field of crypto assets, a similar system is being established that includes participants such as speculative traders, infrastructure providers, market makers, MEV seekers, blockchain builders, DeFi protocols, and stablecoin issuers. Building such an N-sided market is not an easy task; it takes time to develop. However, over time, participants become more mature, liquidity is enhanced, and on-chain financial markets will also become stronger.

The Dark Side of Speculation

Although some criticisms of Crypto Assets may lack creativity, some of them are valid. Casinos can serve as a useful launch tool, but they can also bring about undesirable consequences and backlash.

Innovation relies on capital and labor being used for valuable experiments. Excessive speculation, airdrop farming, and other prank behaviors can create noise, disrupting price signals that could guide beneficial innovation. Even the most well-intentioned entrepreneurs can be misled by erroneous price information or distracted by short-term profits, thereby slowing down the actual construction process needed for Crypto Assets.

Short-term speculation is essentially a zero-sum game where seasoned traders extract value from novices, which can cause them ongoing harm. A free market should accommodate a variety of participants as long as their actions are legal and ethical. However, if we view the acceptance of Crypto Assets as part of a social coordination game, then choosing the optimal time frame may become a prisoner’s dilemma. Through long-term cooperation, we can achieve a more satisfactory outcome.

Ultimately, the malicious behavior is rampant: scammers, fraudsters, and hackers pose ongoing threats. Imagine a world full of rogues, who "welcome" newcomers through violence and robbery------this is the early landscape of the crypto assets space. Just like the early days of the internet or the gold rush, this frontier open field not only nurtures innovation but also breeds illicit activities. Although good participants still prevail------for example, we have been fortunate to witness the rise of a group of the world's top white hat security experts------this space still requires more self-regulation and standards.

Why is the progress so slow?

Crypto Assets have been around for nearly 15 years. Shouldn't it have become mainstream by now?

In fact, venturing into a new field takes time, and most people are only willing to migrate to a new field when the infrastructure is complete and they are no longer socially excluded. The advancement of technology also has its limits and can only accelerate to a certain extent. The social dissemination of new ideas is often fraught with setbacks rather than being smooth sailing. Due to the speculative nature of assets, it undergoes periodic and severe fluctuations; at one moment, people are highly optimistic about the prospects of Crypto Assets, believing it to be the future of everything, and the next moment, they claim it has lost its vitality.

Establishing a social consensus around Crypto Assets is even more challenging than creating network effects around communication protocols or social networks. People can quickly recognize the practical value of instant messaging or social media platforms because they can communicate with a small group of familiar friends through these platforms. However, for a new property system, it is about how to transact securely with those you are less familiar with or do not fully trust, which requires broader recognition and legitimacy. We still have a long way to go, but it is encouraging that today you can already transact with over 100 million people using BTC, ETH, or stablecoins.

Looking to the Future

Many technologies that we take for granted today were once considered impossible, useless, dangerous, or fraudulent. Today, Apple has become the most valuable company in the world, but when it went public in 1980, Massachusetts banned the sale of its stock on the grounds that the risks were too great. The same goes for Crypto Assets; since 2010, there have been voices every year claiming that Bitcoin is dead.

However, human history has repeatedly proven that we often oppose reform due to our adherence to the status quo, especially when these reforms are disruptive. Crypto Assets touch upon profound concepts of currency, value, governance, and human collaboration. We need to maintain an open mindset to explore the possibilities of building better things, rather than simply rejecting Crypto Assets out of skepticism.

We must go beyond the speculative nature of Crypto Assets and recognize it as a guiding mechanism of one of the most important technologies today. We need to delve into the world of encryption technology, thinking about its substantial construction and true applications, rather than just chasing speculative hotspots.

Appendix: The Meaning of Odaily

Crypto Assets Community

The encryption field represents a comprehensive ecosystem that we all should work together to build. There are more common concepts than differences among the different cities on this new Odaily. More important than the internal extremist conflicts is to persuade the residents of Earth to settle on the new Odaily or to protect this planet from the adverse effects of improper Earth regulations.

It is very important to think about how to build a complete system for encryption. The new Odaily cannot always rely on the infrastructure of Earth. The network system we currently depend on includes mainstream search engines, social media, code hosting platforms, and payment systems, and there is also an independent closed network system. What we need to build is an independent system of encryption that should operate like a closed system but be more open and guarantee autonomy.

For a new Odaily, having a unique culture is beneficial. We may not want encryption technology to fade into the background or for the new Odaily to be highly similar to Earth.

Builder

Building products in the crypto space is not just a technical issue ( "What can be built on the new Odaily?" ), it is also a social issue ( "Do the residents of the new Odaily really need this?" ).

A good way to find ideas for Crypto Assets startups is to thoughtfully consider what early settlers on the new Odaily might need. Do they need food or shelter? Then, it would be worth considering providing such services. Another good method is to think about the uniqueness of the new Odaily and develop some unique products based on that. Perhaps the way gravity works is different, which could lead to the creation of new products.

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