Gary Vaynerchuk: Patience and Self-Awareness Crucial
Serial entrepreneur Gary Vaynerchuk believes patience and self-awareness will be paramount in shaping the future of the budding sector. Vaynerchuk urges crypto aficionados to become practitioners, instead of wasting time and energy justifying the technology.
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A Shift From Making a Quick Buck to the Concept of Decentralization
Speaking at the ChainXChange blockchain conference in Las Vegas, the Belarusian American entrepreneur was of the opinion that crypto and blockchain believers must ingrain patience and self-awareness.
The problem in the sector is that the majority of participants are high on making a quick buck instead of striving to master the nascent technology. Over the past couple of years, devotees of the new space have wasted time and effort justifying the revolutionary technology in a bid to attain mainstream attention. However, investing the same amount of time into mastering the technology could considerably speed up adoption of the blockchain. Per Vaynerchuk:
“If you spent as much energy that you spend on debating whether crypto or blockchain are going to succeed, and took that same energy and actually became a practitioner in the execution within your craft you would be much further along.”
He argues that shifting attention from fast and easy cash to utilizing the technology will make it less vulnerable to the negative press and volatility that has plagued the sector. He highlights the lack of patience among industry participants, which he says creates a collective vulnerability, leading to wild swings in cryptocurrency prices.
Gary Vaynerchuk: Blockchain Technology Is 2.0 of All Things
The New York Times bestselling author and social media influencer emphasized that things would play out in the future just like they did for the internet, which in the early 90’s was called a “fad”.
Using the internet as an analogy, Vaynerchuk stated that the majority of the cryptocurrencies in the markets will die out, similar to browsers and internet ventures of the 90’s. On the flip side, the crypto industry offers liquidation opportunities along the way, whereas investments in early internet startups were either “feast or famine”.
Another takeaway from Vaynerchuk’s keynote was self-awareness. Self-awareness comes into play particularly in understanding the realistic timeframe that blockchain will take to attain widespread adoption.
In terms of adoption, blockchain technology is more vulnerable than the internet as it has the tendency to eliminate the middlemen, the big organizations such as banks and even the government itself, and stripping down their leverage.
“The Internet has fundamentally started to drastically impact our culture because it’s taken the middle and it’s giving it back to us. Blockchain takes that shit to a whole fucking another place, which is why it’s actually far more vulnerable.”
The entrepreneur believes that forces working against the revolutionary technology are pulling it down. He argues that blockchain technology is the “revolutionary 2.0 of all things”, and with time will gain prominence.
Do you agree with Gary Vaynerchuk? How long will the shift from centralization to decentralization take? Share your views in the comments section below.
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