traders, prospectors, miners & hysteria on the trail in the new Wild West
San Francisco, 2017
'It's all the same, only the names have changed" -Jon Bon Jovi
"Old World money is being supplanted by a new form of exchange that exists on a different plane than fiat. A growing group of nouveau riche will control much of the new Wild West." -Son of Satoshi
The mainstream media loves the Coin Rush, just like it loved the Gold Rush. Both stories received attention early in their development. The coverage can be described as biased or confused, at best. The community knows there are financial evolutions in progress, though may not know much about what is happening. The lack of good reporting has shrouded these 'Rushes' in lore and legend, rather than a coherent narrative.
Current societal beliefs about the legitimacy of earning money during the Coin Rush are similar to old beliefs about the Great California Gold Rush. When opportunities emerge, people who do not partake, sometimes feel left behind.
They protect themselves with simple short beliefs, delegitimizing the opportunity. Sentiment such as "that's not a real job" "that's not a real way to make money" "that's not real money" go spoken or unspoken, latent or conscious. Walking away from what is tried and true generally comes with odious warnings from those resistant to change.
Hysteria rules among those trading, mining and prospecting. Generally overstating their own earnings and the true value of coins. Eventually, out group members find convenient ways to enter the fray, balancing out the runaway optimism. Prices are established by our collective beliefs of what the coin should be worth.
The best way to collect another's money is the promise of more money. Buying a goldmine for $5,000 in 1850, potentially worth millions, is like filling a room full of AMD processors and a small staff. AMD, you get the gold medal. A modern equivalent of the NorCal Gold Rush real estate market.
Security and safety are major issues which permeate both time periods. Hardware storage wallets have been back ordered since February '17. Most traders have given their most private data to more than five new companies. There will be data breaches and lots of learning about secure coin storage over the next few years of the Coin Rush.
Most of the high crime of the Coin Rush is digital, though a new kind of stagecoach pistol robbery is in the works. Market commentators, like Cedrick Dahl of Palo Alto, make videos from their own homes about their own wealth. Some group will eventually rob an investor and have the investor's funds disappear onto a Monero account. A robbery scenario would also be a profitable hoax for someone like Cedrick to participate in.
Finally, the gambling of the Wild West saloon halls never really went away. The west love gambling. Poker is still massive. The rush you get logging into an exchange like Poloniex with 500 or 1000 dollars to spend is greater than anything the Poker world has to offer. (Smart investors are being smart investors. They are holding on for the long term on the right projects.) There is a segment within the coin community that has taken gambling and betting to new heights, with instant trade exchange platforms and underground betting websites.