Tuesday, May 16, 2023

Why isn’t $XNO gaining traction?

I’m amazed that Nano has continued to slide down the rankings – and out of the mainstream crypto conversation – over the past 12 months or so. It literally makes no sense. It performs the exact role that Bitcoin was meant to – in terms of it being fast, digital money – but can now never accomplish due to its inability to scale. It is also many orders or magnitude less damaging in terms of its environmental sustainability and the carbon emissions associated with transactions. AND, it has no fees, in a sectoral landscape wherein fees are a huge problem and barrier to entry. The recent developments to improve Nano’s ability to withstand spam attacks and to reduce bloat have only improved the situation and I’m sure the network could handle a very decent amount of throughput even now, where its capabilities will only improve other time.

It just makes no sense to me that literally not one influencer or big voice in the crypto land has latched onto it. The only explanation is human greed. Perhaps no-one thinks there is anything in it for them because it lacks DeFi, staking, and such like. But surely there aren’t many tokens with a bona fide price increase potential from here, which Nano has if the right conditions are met. It feels like we are living in an alternate reality if a coin that is fast, feeless, and has very low environmental impact can’t cut through the noise in this irrational market. That said, out of all the projects out there, Nano still feels to me like one of the very few that retains a legitimate purpose, because 99% plus of the others are utter garbage; in fact, worse still, they are actual Ponzi scheme cons. However, I do think we need a major adoption event soon as eventually something bigger and better will come along. That’s the nature of the beast and if we don’t see big actors embracing and using Nano soon for business purposes I do fear it fading away into obscurity, which would be a shame given the potential.

I’m not technical so I still don’t fully understand the strategy going forwards. People have been talking about Nano being self-sustaining once it achieves ‘commercial grade’ but I don’t know what that means, or what version of the network and coding will see that happen. Is it version 26, 30, or are we still years away from that point? In the meantime, is Nano unusable for high numbers of transactions? I just don’t know to be honest. All I do know is that I’m disappointed in the crypto space that it’s 2023 and useless tech like Bitcoin still predominates, alongside puerile rubbish like meme coins, but I guess that’s symptomatic of the completely bizarre society we live in, where no-one cares about climate change or biodiversity loss enough to take any personal responsibility, even though it could condemn their children to a dystopian future, and people allow mountains of rubbish and filth to build up around them, with zero &@£$s given. Totally mental (and sad) time to be alive to be honest.


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