Coop on Farcaster

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https://warpcast.com/~/channel/coop

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@coopahtroopa.eth

Feel like crypto has hit a bit of a stalemate right now. Everyone understands the name of the game is bringing new people onchain but yet 99% of all volume is still driven by the same cohort of ~25,000 crypto-native users. I'm not seeing real interest or demand from people to "get into crypto" and the most successful apps (like Polymarket) don't really have any downstream effects which makes those users want to check out other crypto apps or go deeper down the rabbit hole. More and more my friends simply net out at "buy more Bitcoin" and frankly I don't think that's a bad take given how safe a bet it is relative to the slaughterhouse that's the memecoin trenches these days. Am I alone in this thought or do other people feel this too?

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agree fully. we need to keep talking to users who aren’t into crypto at all. if we stay focused on these 25k crypto native folks, we’ll stay stuck in the same bubble. the way forward to me is building meaningful product experiences that don’t feel like crypto and with way less jargon. i’m v optimistic tho. feels like the right time for this to happen

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Corbin Page pfp

bingo 👍 we might have some unlocks as everyone gets a wallet via stablecoins or Stripe/Privy but crypto app experiences have pretty much all failed besides asset issuance and speculation

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Kenji pfp

In a world where 10% returns per annum from interest is crazy, most people can’t handle the volatility roller coaster of crypto which were so attuned (numb) to. 50% in one day? It’ll bounce back 😙 In reality, it’s definitely not attractive to normal sane minded people and can have many leave with losses… especially meme coin trenches. Bitcoin has on multiple year perspective has been growing exponentially compared to traditional markets and would be your safest bet but still with a good crypto twist. I think true crypto adoption is going to come from the passive crypto insertion in to peoples lives (credit cards usjy stavle coins instead of fiat etc) rather than the active marketing of getting everyone to dive in to the trenches with us.

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Peter Kim pfp

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meta-david 💥| Building Scoop3 pfp

meta-david 💥| Building Scoop3

I could not agree more. At the core, crypto still has a bad reputation and even Bitcoin still hasn’t fully shed it off. We’ve built a lot of good infra, and as much as we still need to build more, I’d argue we’re over-capitalized there. We need to ship less, talk/listen/test more on how we’re going to onboard more.

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jesse.base.eth 🔵 pfp

jesse.base.eth 🔵

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kaito pfp

i see two distinct worlds between user facing crypto and rails crypto seems to me like the latter, using crypto to upgrade online financial infra is at the opposite of a stalemate and finally making moves. tho it’ll probably be mostly invisible to the end user

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dee pfp

a lot of people dont want to “get into crypto” because they dont see themselves in it. they see it as this “other” thing that’s divorced from their day to day reality, or non-financial experiences. alien for a lot of the non-twitter world. and the space is going through both instituonalization and politicization — stables, ETFs, sovereingn and corporate participation, and legislation are what excite the market, but those dont excite the average everyday person. most people dont want to be involved in wall st and white house convos. only so many people can move institutional volume, too, so it kinda makes sense that number stays flat or maybe declines also makes sense why the retail investor narrative is just buy bitcoin because bitcoin is how retail can seemingly participate alongside institutional accumulation i.e “states and companies are buying, i guess i should too.” last bit of the industry’s first maturation cycle. next up: consumer but gotta run the institutional course first.

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Christian Montoya 🦊 pfp

Christian Montoya 🦊

I feel it big time I still want to find some time for us to jam on what you are doing with Coop Records though

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Lawson.fm pfp

The market is split - gamblers or professionals. One is driven by runaway consumerism and short term thinking. The other is driven by just doing things and long term thinking.

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Push pfp

Nah, 1000% on your side. We’re still praying for that promise land (mass adoption) to actually happen. How many years has it been now tho?

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cyrus pfp

everyone knows this but they're either too rich to care or don't know how to do product / marketing for people who don't have a gambling addiction

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Nicholas pfp

total number of crypto users < number of people watching Warzone streamers at 10am on Thursday why are we even here

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sardius.eth pfp

agreed, although I think this stagnation feeling is sort of culturally across the board we are at a tipping point where crypto stops being viewed as just a thing in of itself and the promise and what it actually does gets realized the premise of crypto for most new users (get rich quick fiat) doesn’t make much sense considering how under duress our current system is across the board lots of new use cases and stuff being built though obviously that advance new narratives, and we also need legislation state side to give legit use cases to really grow all is coming and in the works, just taking a bit longer than I expected honestly

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Nick Smith pfp

I think the biggest barrier is narrative ie crypto is “yuk” rather than the tooling. also probably a lack of really good consumer apps that aren’t purely financial/speculative in nature

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BrightFutureGuy 🎩↑ pfp

BrightFutureGuy 🎩↑

Yes & No at the same time You’re right about the state of affairs You’re wrong assuming it was supposed to be any other way than it is with Polymarket The way crypto rails will be adopted is by companies with existing distribution and millions of customers building their next feature or whole app partly or fully on crypto rails Users won’t know and won’t care Infra builders will rejoice Everyone else will suffer and disappear It was always the most likely way and if anyone wanted it differently, they should hurry It might be almost too late now to start buildimg crypto native successful consumer app

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@zakkrevitt.eth

Zora is a top 100 app in the App Store for social media. We didn’t get there by only bringing on existing crypto enthusiasts

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Jack pfp

What is there to do here other than gamble or buy jpgs? I think crypto needs to stop trying to reinvent the wheel and see itself as an augmentation. Games are made slightly better with crypto assets, social media is made slightly better with user owned graphs and micro transactions etc.. we should just figure out how to augment the stuff that is already popular instead of trying to become popular. We have zktls, we don't even need permission

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Wielderblockapys

There is also an extreme view that most retail left after 2021 crushed and no one new came back and everyone now is slowly losing to meme casino to eventually leave. I hope that’s not the case

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