The two kinds of crypto enthusiasts: a story

Meet Alice.

Alice believes that fiat currency is ultimately on its way out, to be replaced by a global consensus currency like Bitcoin. Alice holds her crypto in a wallet whose keys she uniquely controls, so that if TSHTF she knows she always has control over her funds. Alice teaches her friends how to hold and save their crypto in their own wallets. Alice values crypto that can be used "like cash" - without counterparties - because she wants financial sovereignty and values her independence from financial middlemen. Alice plans to never convert her crypto back to fiat - she sees fiat as ultimately worthless and doesn't care how much she can "cash out" for.

Now meet Bob.

Bob sees crypto as a product to be marketed and sold to others for a profit. So Bob has made an investment in some cryptos he believes are promising. Bob's goal is to 10x his fiat investment. So Bob doesn't really care if users are holding their coins in a wallet whose keys they control. Bob just wants to hold the most popular crypto and sell at a peak. As far as Bob is concerned, 300M people are happy with Paypal, so who cares if crypto follows that route, too? All that matters to Bob is to choose the most trendy coin and buy low / sell high to get as much fiat as possible and to be holding zero crypto when the bubble pops.

So who is right and who is wrong?

Well, it depends.

If Alice is right, then one day Bob is going to cash out to a big wheelbarrow full of worthless fiat cash; meanwhile Alice is sitting on a stack of the new money that everyone is using to pay for things in the "new financial order." But if Alice is wrong, then one day the tulip bubble will burst and her stack of crypto will be worthless and useless, Bob will be rich, and nothing will change in the "financial order."

If Bob is right, then one day Alice will wake up to discover that she is broke and holding a bunch of worthless coins; meanwhile Bob is rich on fiat money. But if Bob is wrong, then the "bubble" never bursts and instead he is sitting on a 10X stack of worthless fiat.

Alice is a dreamer and a change agent. She is betting that crypto isn't just a fad, but is actually the future of money. She thinks that crypto will bring down the old financial order. Alice wants to build and be part of the new system.

Bob is a cynic and a skeptic. Bob is betting that crypto is a tulip bubble and won't disrupt anything in the financial order. Bob wants to maintain the existing system and improve his position within it.

Are you Alice or Bob?

Why?