The answer is quite simple, at least from my perspective — it’s because of at least one considerable psychological challenge that is oftentimes conflated with another consideration that is more utilitarian in nature:
Here it is: Being told, sometimes bluntly, that the way in which you act, think, and generally behave is
wrong… is a very hard pill to swallow.
defi changes everything and we all know what it’s like to “swallow our pride” and admit that we’ve made a mistake. For many, they will have to somehow (inevitably?) get over themselves, first, in order to be open to the possibility of doing life differently.
Fortunately, this isn’t a very costly one, at least not immediately, but that cost is increasing in size and scale the longer
Bitcoin and other decentralized services continue to grow…
Oftentimes this is conflated as a problem of
utility but that’s not actually true either as we don’t need to look much further than Bitcoin as a model example of what can happen when decentralized systems work at scale, without borders, without censorship, without centralized control.
It’s pretty fucking cool, to be honest.
Crypto isn’t the first technology that has been summarily rejected by the masses and mainstream media — the automobile had a similar treatment. Take this New York Times article from the year 1897:
Sensitive and sentimental folk cannot view the pending change without conflicting emotions. There are reasons why the departure of the horse from the streets and the park drives should be considered gratifying.
But it must be confessed that he will take with him a kind of picturesqueness which the self-motivating wagon will never supply.
Moreover, man loves the horse, and he is not likely ever to love the automobile …. Nor will he ever get quite used to speeding along the road behind nothing.
The gracefulness of the horse will be sadly missed for a long while, and the afternoon pageant on Bellevue Avenue in Newport will not seem nearly as fine as it is now.
This article is dripping with nostalgia, a time long-forgotten (already?!), and a sentimentality that, on the surface, is comforting but sadly misplaced. The lack of real imagination is palpable.
We all know how that ended.
It takes guts and a bit of courage to admit that your entire personal financial “empire” (or “hut”… maybe…) is built around a system that you can’t see or manage or really control; that your money isn’t your own.
If you can stomach that truth then you can stomach the reality that you’re going to need to change not just your mind but the resulting behavior — the sooner the better, as they say.
[That’s why I’m hanging out in YEN, a place where I can learn and grow with others in this exciting new economy.]