DeFi Exec Believes Crypto Community Mostly "Short-Term Thinkers"

Published on by Cointele | Published on

In an interview with Cointelegraph, Alex Mashinsky, the founder of the decentralized finance app Celsius Network, took aim at the crypto community for becoming fixated on short-term profiteering and failing to drive mass adoption.

Mashinsky urged the community to capitalize on the opportunity to redefine money and finance offered amid the deepening global economic crisis.

"After Mt. Gox collapsed, seeing the resiliency of this community - imagine if Nasdaq and the New York Stock Exchange disappeared overnight and everybody just kept going as if nothing happened. That is what happened in the crypto community, basically, from 2013 to 2014. I realized that I was missing something very big and had to completely reevaluate my position on crypto assets and decentralization."

Despite its resilience, Mashinsky characterized the crypto space as then offering little more than "a niche playground for geeks and developers."

When asked if the current climate of exacerbating monetary crises is creating a unique opportunity for crypto to attain widespread adoption, Mashinsky stated that there has been no previous time in which the stars have aligned so well for Bitcoin.

When asked about the crypto community's efforts to drive mainstream adoption of cryptocurrencies, Mashinsky stated: "If I had to rate the community, I would give us a C-minus for adoption."

When asked what advice he would give to developers and entrepreneurs seeking to enter the crypto sector, Mashinsky said people should innovate instead of borrowing.

AM: The main thing that I think most people miss when they come to crypto is when they know they've worked in something on Wall Street or something on Main Street and they say, "Oh, my gosh. If I just take this and transport it to the blockchain, it's going to be the next big thing. All I have to do is take the best idea of how Wall Street steals money from people and deliver it on the blockchain, and I'm gonna be a billionaire."

For Mashinsky, the end goal of the crypto community should be "To create a new economic system."

Our community is not focused on growth, adoption or winning, it is focused on the short term - it is focused on "How do I extract the most value out of all these people because who knows, maybe the whole thing will disappear." They are all short-term thinkers.