If you don’t explore and grow your skills, you might find yourself jumping into Bitcoin-related businesses just for the cash.
While thinking about the Bitcoin circular economy idea mentioned here a while back, I noticed a few potential problems. One major issue I want to highlight is how less creative or talent-less folks tend to flock to copycat businesses simply for the money. Instead of carving out their own unique niches that could enrich the Bitcoin ecosystem, they just crowd into roles that already exist, creating unhealthy competition and making things messy for everyone.
We really want more Bitcoin enthusiasts to launch their own unique online or offline ventures, especially ones they’re passionate about, that can sustain them without toxic competition from people lacking skills, who just come in and steal customers or profits without adding any real value. If this keeps happening, the genuinely creative individuals might just bounce for better opportunities, leaving the whole system stagnant, or worse, turning it into something like the fiat system.
It’s only acceptable to jump into similar businesses if the originals aren’t meeting expectations, like providing quality products or services. Or if those businesses are getting too crowded, slow, or overwhelming for the owners. Also, if their offerings become too pricey due to high demand and low supply.
Where do you live? Surrounded by people whose only issue is where to invest?
The people not being able to save 100 satoshis are the biggest group in this world.
People tends to copy things that they have seen successful, and at the same time when more services are offered, it all goes down to whose service is better. I do not think it is a crime to follow a trendy business, nor is it forbidden by law.
True that, it is good to have more unique services, but does the law forbid people from doing the same kind of business? If a new business that offers the same kind of service gathers more customers, and even the customers of the first one have moved to the new one, this means the first one established is not giving satisfactory service. For customers, competition is good because customers often benefit from this competition.
If the first one is to leave his business, then this mean is not competent enough to maintain his client. Why suffer from poor service from the first established when the newly established one give way more benefits and better service? I am stating in a customers point of view. Monopoly had long been regulated by the government, as long as the item or service is not exclusively designated to a company or individual (like patents and copyrights, trademarks, trade secrets, licenses), I do not find anything wrong if another company offers the same service.
It is a free market, it is unfair for anyone to monopolize a non=exclusive services and it is not beneficial for customers. In this kind of situation, if a company wants to secure customers, they must do their utmost service rather than shutting down competition.
It's always going to be a hit or miss with this. Innovation is a key component of excelling, but you can't really do that if you don't have any originality or something. You would always hit that ceiling, and you won't be able to recover.
If we are going to really dive deeper into this, it's important to recognize that there will be an education gap because there's no access to help you discover your talent. The best thing someone could do is find a mentor, and with the right one, they could get into a good role.
Personally, I would rather have long-term value creation than short-term profits.
OP, your post can be written shorter. You mean that the bicycle has already been invented, and if you're already coming up with something interesting, it's definitely not a bicycle. However, it is very difficult to come up with something unique, because, again, the bicycle has already been invented.
You can do better; you can make it more interesting in terms of price and offer by adding something, but what we call "unique" is necessarily already somewhere, and it was once.
In other words, competition will always exist, and it motivates people to make discoveries, but it is very utopian to think that business development without financial interest can create something great.
In this era of open and fast-paced media, people no longer strive for unique products. Honestly, that's truly rare; most are product modifications packaged with a good marketing strategy. Well, the key to business success in this century is how you introduce your original or imitation product to the public. Otherwise, you won't find a market. The consumer market is largely controlled by broadcast algorithms.
People are actually doing or looking to do something that works, even if it's something that another person is doing, they would go into it but maybe do it in a better way more than the first person that was doing it, what truly is the talent of some people is not actually something that would make them great probably because they don't have everything that is needed to level up, but if they actually refine what someone else is doing and they do it better and become great with it, there is competition every where, what you intend doing, either someone is already doing it somewhere which means it's not completely new, you just have to learn to do it better if you are to do same thing.
Humans are competitive in nature so it's expected for there to be some of kind of toxicity or congestion because most people prefer to work on an idea or business that's already existing. Many people who think outside the box aren't always financially equiped to maintain what they started or carry out their ideas. Also some will sell off their ideas for money, not because they can't build on it, but not all of them have the courage to work.
Well you have raised a very important point here because this problem is a very common one and not just in the Bitcoin circular economy but in any ecosystem. It has become common now. Because when a person with no skill sees others making money they rush into the same business. They might add or remove some features and will say it is unique and name it differently of course to avoid copyright or other lawsuits that could affect them, thinking they are smart but in reality they are degrading the whole system without realizing it.
Besides this, in my point of view, the BTC circular economy can only truly thrive if people contribute their genuine skills but most people don't have those. They are just after money and that's why they are not able to make anything creative because money will always bring other evil things like greed and a lack of creativity. So yes, discovering your own unique talent and finding your own role in the ecosystem is the right approach.
You are doing wrong when you enter into any business venture without adding any actual value but you are driven with the assumption of the potential profits which means you are looking to where to invest and only capital you have is money without intellectual knowledge or experience of the business, we find this kind of people not only I bitcoin but all other business in real life where people rush in because the potential profits.
The aim of every investors is to make profits because that's what business promised, there's nothing wrong for investors to desire gain only in business, because it's the main aim for investment, no one invest to lose, we all aim to win by all means necessary.
Not all investment required knowledge, some investments you just have to review and invest, the only thing knowledge does in business is to prepare your mind for anything, in business there is up and down, and that's why people read and learning about some business before investing in it. In Bitcoin investment you don't need to know all, just have your money and buy , keep and wait for your return, you have no hands in the Market price, you just have to be patient and hold for long time.
Assuming you are able to mention some of the businesses that are Bitcoin related where you see these unhealthy competitions, then it would have been easier to comprehend what you are saying. Competition is generally good in business and even in Bitcoin businesses that I know such as exchanges, mixers payment services and others, people still consider things like fees, security, reputation and others as competitive edge. Competition is not bad and I don't see any unhealthy competition in Bitcoin related businesses.
A business cannot be oversaturated when the demand is increasing. There is always a place for creative and innovative entrepreneurs. There is always a way to improve services or make good work more effective.
But starting a business solely because someone is making gains is not appropriate. Entrepreneurs would have to identify a niche for them to be successful in business. I see many businesses fail because of a lack of feasibility studies and poor management.
If you don't know what you're good at, you will just chase whatever looks profitable, even if it's not for you. Take cooking, for example. Let say your friend makes amazing burgers and opens a small shop. Business is booming. If you have zero cooking skills but decide to open a burger joint right next to his own just because you see him making money, then you are probably going to fail. Your burgers won't taste as good as his own, customers will leave disappointed and you will just create unnecessary competition that hurts both of you. But if you realize you are good at making fresh soft drinks or baking some nice desserts, you could open a drink or dessert stall nearby. The now you are adding something new, not stealing customers and everyone wins.
This is so funny
Your question was indeed needed
The OPs argument is kinda flawed unless he is referring to being involved in fraudulent activities with bitcoin.
Being in the wrong environment with the wrong sets of people is generally not advisable because economically the individual will not grow.
Skill development in the area of ones passion and interest is the ultimate hack for getting off the streets and being economically free.
Another perspective from your interpretation of this is that even if you are investing in Bitcoin, you should also still try and develop your skill and build your own career because investments can be done on the side, but if you focus on investing in Bitcoin without trying to develop yourself in your skill, you will remain at that point stagnant with your focus strictly on an investment in Bitcoin when you can be doing more. Your talent or skill can provide a way for you to increase the amount of money you have available for dollar cost averaging.
Most of the people leave what they are good at because someone will tell them they are doing an easy work while they have the caliber to go hard and do something harder, and then those people will leave the best moments of their life that have been awarded to them because they were so good at it that they also felt there is no fun. And when there is no fun or creativity that's a real sign for you to move on, but if not then you are being played by others because they might feel jealous of you.
We can't understand people that easily if our own hearts are clean.
Anyway we should never listen to anyone if we are good at something and we could expand it and make our lives better. We don't have to think what others are doing or should I do something different or unique or what. That kind of questions are not to be asked in the start because you are already facing a lot of overthinking type of failures in your mind that you already don't want to pursue. So just do it and change it on the way with success.
In theory, a business based solely on bitcoin, or, as mentioned, a circular economy, is a beautiful concept. The problem is that we wouldn't achieve the necessary adoption to sustain ourselves; everything is tied to the traditional economy, and nowadays, it is impossible to escape that.
No matter what you gonna do there will always be bad seeds, that sees opportunity and try to replicate and add shady scheme as cherry on top.
It's free market, so you can't stop people from replicating your business or replicating another established business, undercutting fees but offering subpar services or even with a shady intention.
But the market decide and the best business will stay. Don't you think the creative people won't easily leave because they know those kind of people that steal their idea will always exist doesn't matter where you go?
Some people are naturally skilled and creative, but they are not confident enough to prove or discover themselves, instead they copy other successful people doing same business even when they know they are not doing well. Business is beyond doing what everyone is doing, it end up jeopardizing other people business. This is habit people form, they don't want to start a new line of business because they are afraid, they think doing what others are not doiywill make them no sell, without knowing that they just need to introduce new things that is helpful to be successful. It takes a strong and bold mind to start what others have not done. That is what is called unique.