Shuyao Kong - 10 Things I Hate About Crypto

1. Embrace the Cycles of Crypto

Shuyao highlighted the cyclical nature of the crypto market, expressing both love and hate for these cycles. She noted that in bull markets, optimism reigns; everyone believes crypto will reach new heights, leading to a flurry of activity. However, during bear markets, despair sets in, and claims of crypto's death resurface. Despite the emotional turmoil these cycles create, Shuyao encourages embracing them, as bear markets can filter out opportunists and foster deeper connections among those passionate about the industry.

2. The Dual Nature of Money in Crypto

Shuyao shared her disdain for the money-centric focus of the crypto space, which she argues often churns out impatient traders. She demonstrated this with the stark statistic indicating an average holding time of just 45 seconds. Nevertheless, she acknowledges that money is an integral aspect of blockchain technology that adds value and utility. Without it, blockchain could essentially be reduced to a simple database. This duality prompts us to respect money while striving to elevate the discourse around the technology itself.

3. Decentralization as a Spectrum

Shuyao spoke about the varying degrees of decentralization in the crypto ecosystem, using the term "spectrum" to highlight its complexity. While she expressed frustration when people mislabel projects as decentralized, she also appreciated that the conversation around decentralization is indicative of a trend toward greater freedom and resistance to censorship. This recognition brings hope for a more decentralized future, as it indicates that there is a collective awareness and intention among stakeholders.

4. Rotational Trends: Love and Hate

Describing the sometimes frustrating trend of "flavor of the week," Shuyao voiced her dissatisfaction with how quickly projects can catch fire and fade away. This constant rotation can create an impression of volatility, especially for those trying to establish significance in the market. Despite this, she acknowledged that these rotations provide valuable feedback from the market, which can assist builders and innovators in identifying what the industry truly needs moving forward.

5. The Perception of Crypto's Size

Shuyao pointed out how the crypto industry is often viewed as small and niche, which she initially found disheartening. Yet, she juxtaposed this with the optimism that such a small space offers ample opportunities for growth and innovation. It becomes everyone's responsibility to educate and reshape the stereotypes associated with crypto. The notion that we are still early in the industry can be a driving force for creative solutions and transformative ideas.

6. UX/UI Challenges in Crypto

Shuyao expressed her frustrations regarding the poor user interface and user experience prevalent in many crypto applications. She recounted experiences that many crypto users can relate to, such as the complexities and anxieties involved in transferring funds between networks. However, Shuyao also sees these pain points as opportunities for improvement, encouraging developers and entrepreneurs to focus on creating better experiences for users. This perspective nurtures a mindset geared towards innovation instead of resignation.