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A Machine Gun for Zombies: Opinion

  • Evgeny Konstantinov
    ⭐ Features

    How to ditch your inner zombie at the cluttered crypto space?


A Machine Gun for Zombies: Opinion
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Chuck Klosterman, a popular essayist, wrote a very entertaining piece on zombies for The New York Times back in 2010.

Titled My Zombie, Myself: Why Modern Life Feels Rather Undead, the article takes an off-the-wall perspective on the popularity of the zombie culture and how it can be both a reflection and an evidence of our day-to-day lives.


I suggest reading the entire article because it’s just a lot of fun, but the important bit that I’d like to focus on is the one I’m quoting in full:

A lot of modern life is exactly like slaughtering zombies.

If there’s one thing we all understand about zombie killing, it’s that the act is uncomplicated: you blast one in the brain from point-blank range (preferably with a shotgun). That’s Step 1. Step 2 is doing the same thing to the next zombie that takes its place. Step 3 is identical to Step 2, and Step 4 isn’t any different from Step 3. Repeat this process until (a) you perish, or (b) you run out of zombies. That’s really the only viable strategy.

Every zombie war is a war of attrition. It’s always a numbers game. And it’s more repetitive than complex. In other words, zombie killing is philosophically similar to reading and deleting 400 work e-mails on a Monday morning or filling out paperwork that only generates more paperwork, or following Twitter gossip out of obligation, or performing tedious tasks in which the only true risk is being consumed by the avalanche. The principal downside to any zombie attack is that the zombies will never stop coming; the principal downside to life is that you will never be finished with whatever you do.

The Internet reminds us of this every day.

It’s been eight years since the publication of the article, but the digital world —  surprisingly — hasn’t changed much for the better.

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Collective knowledge VS individuality

When we think crypto — as in the Blockchain and crypto space — the way the information is structured (or, rather, completely unstructured and cluttered) is even lagging behind the rest of things.

There are various Blockchain courses — both entrepreneurial and from established institutions, and there are scattered wikis that are entirely dependent on the volition of those who run (or abandon) them. The sense of decentralization that flairs this space and community-centrism are a contributing factor to the information chaos that holds sway. This is not inherently bad, as this shows that community does rule this space, and every community is individual members.

And the individual members possess and spread and share the information. They also do information exchanges and this way move the crypto space forward.

Community members are knowledge bearers. At the same time, they are individuals, and individuals have their own agenda that ranges from complete selflessness for the common good to being driven by lacking knowledge to the no-holds-barred money making.

There’s an enormous amount of collective knowledge in the crypto space, but there’s an overwhelming amount of individuals. In your search for the knowledge, you very often have to rely on what complete strangers say, and you listen to what they say because they are a part of that subreddit that you are following, or a forum where you can see their badges and past messages, or a member with a weird name (and thinly veiled shill tactics) of a telegram group of a project that you support.

There’s almost always a group of people that you trust, but in your search for knowledge — and because you want to be early in the new projects and developments — you wander out of your safe closed circle and investigate and research. And when you wander out, there’s always an onslaught of zombies — people that you don’t know and can’t check their agenda or how trustworthy they are. You start going through them one by one, and you are killing off those that are suspicious or — to use the zombie terminology — braindead. The process is time- and resource-consuming, exhausting, and not incredibly effective, but it’s pretty much the only one possible right now.

Imagine if — before taking a part in a conversation with a stranger, before fishing out the information that you need from them — you were able to decide if the interaction would be constructive and of benefit for you at all. Imagine if you could immediately see how trusted they are and if they have weight and what their agenda was before they got your full attention and it was all transparent and immutable?

Time and trust are as important to an individual as they are for all the communities because these are the factors that move this space forward.

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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money


Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Contents

Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.


You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

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