What do Dolly Parton, Facebook, and Cryptocurrency have in common? More than you think!
Do you remember that beloved song “9 to 5” by Dolly Parton?
“Working 9 to 5, what a way to make a living
Barely getting by, it’s all taking and no giving
They just use your mind, and they never give you credit
It’s enough to drive you crazy if you let it
“9 to 5, yeah, they got you where they want you
There’s a better life and you think about it, don’t you?
It’s a rich man’s game, no matter what they call it
And you spend your life putting money in his wallet”
This song is just as relevant as it was more than 40 years ago when Dolly released it. Financial exploitation is the reason many of us become entrepreneurs. It’s the ethos behind the Occupy Wall Street movement. And in 2022, it’s the catalyst for something called decentralized finance (DeFi).
Let’s explore this a little bit…
In traditional companies, there is a wo(man) at the top who hires helpers to build something. No matter how successful the business becomes, the helpers usually maintain the same salary and the person at the top (and maybe the shareholders) gets the big bucks. 💰💰💰 That’s fair, right? Most people don’t think so.
When you get sick of this game, you venture off on your own, and build your own thing. Sooner or later, your business also needs help, so you hire others. No matter how successful your business becomes, your helpers usually maintain the same salary and you get the big bucks. That’s better, right? Meh, is it really?
It’s better because you’re the one who is winning, but not for anyone who can’t start their own company for whatever reason and is forever beholden to the people at the top for fair compensation, credit, security, and so on. Most traditional employees can’t influence the decision-making at the top and they can’t benefit from the exponential growth of the company (unless maybe they have some stock options). Whatever intellectual capital they develop doesn’t belong to them and they can’t take it with them when they go.
Well, what are the better options? You ask.
Thanks for asking. I’ll tell you in a minute, but first let’s cover a few more things.
Let’s say you’re inspired by Dolly and you leave your 9 to 5 job. You start your company. You’re flying high on your big business success and you take your money to the bank. Woo Hoo! I can buy anything I want, you think. You head out to the shopping center with your debit card. You get to the store where you want to buy a shiny new computer. You pick out the perfect machine and hand your card to the clerk. She runs the card and says, “Sorry, amigo, your card is declined.” No way! you think. I’ll just go get my cash and come right back.
You go to the bank. There is a line around the block. Thousands of other people are having the same problem. The teller locks the door and hangs up a ‘Closed’ sign in the window. Adios!
You find out the government confiscated all the assets in the banks. Your money is gone. All of it. Whereas a few hours ago, you were on top of the world, now you have nothing. If you think this isn’t possible, think again. This has happened in multiple countries, multiple times. If you are a US citizen, you are luckier than most, but don’t think the US dollar is immune to corruption and destruction.
Well, what am I supposed to do? You ask.
I promise I’ll tell you, but let’s cover one more thing.
Frustrated and furious, you leave the bank line. As you’re walking home, you take out your smart phone and open your social media apps. You’re gonna tell the whole world what’s happening. Isn’t that what followers are for?
You open the Facebook app, only it’s not called Facebook anymore, it’s called meta. You open the Instagram app, only it’s not called Instagram anymore, it’s called meta. You open WhatsApp to message your best friend about this strange situation and BAM it’s called meta. What the hell is meta? you think.
Well, while you were building your business and shopping for a new computer, the $958 Billion company formerly known as Facebook, was moving from web2 into web3 — the next iteration of the internet — and rebranding their companies as meta. In order to build the new web, where virtual reality is the foundation of all your digital interactions, blockchain and cryptoassets are a necessary and integral part of how virtual reality will be implemented.
OMG, you think. Crypto? Like Bitcoin? Isn’t that just a Ponzi scheme, a money scam? I don’t want anything to do with that!
You dig a little deeper and discover the company formerly known as Facebook has already created a blockchain-based payment system called Diem and they put a crypto wallet in your WhatsApp because they know you are going to need it. If you want to participate in anything in the metaverse — if you want to buy clothes for your virtual avatar, if you want to advertise your company, if you want to attend an online karate class via the meta dojo — you will need to pay in Diem crypto. You will not be the only one. There will be 3.6 billion other people using it, too.
That is more than two times the population of China. More than ten times the population of the USA. Can you imagine how powerful a company will be that has an economy as big as that?
Let’s go back to Dolly.
Dolly hears about the company formerly known as Facebook and writes a new song called “Islands in the Metaverse.” She wants to capitalize on this meta-blockchain-crypto-virtual-reality situation. Her agent suggests she launch her song as a Non-fungible token (NFT). What the hell, she thinks, if Snoop Dog can do it, so can I!
She tells her 5 million followers about the NFT and they buy it so fast, it makes her blond head spin. Each fan spends $20 on the NFT and she makes $100 million instantly — more than 10 times what she made for her famous “I will always love you” song. Cha-ching! 💰💰💰
Well, that will change some of the lyrics from 9 to 5 for sure! But, I digress.
What does all of this have to do with you?
The future is here. There are hundreds, if not thousands, of blockchains. There are more than 10,000 cryptocurrency systems running on blockchain. Finance, technology, business and social media as we know it will be completely transformed in the next decade. If you use Facebook, Instagram or WhatsApp, you already have one foot in web3. You will have to use cryptocurrency if you want to continue to interact on those platforms and/or participate in the metaverse. I’m assuming, based on the 100+ hours of research I’ve done, most of our digital life in the future will operate on digital currency. You have many financial choices that you’ve never had before. You can learn about cryptocurrency now and get ahead of the curve, or you can catch up later — it’s up to you.
While all of this technological evolution is fascinating (and maybe a little scary), the most interesting aspect for me is the revolution it will provoke.
Let’s circle back to the questions about better options for business and banking.
If you build your business on blockchain using tokens/coins, which are exchanged among the members of your community, then you are building a company where everyone benefits from the success of the business. As the business expands, the value of the token/coin increases and the wealth/investment of all participants grows. Gary V has already demonstrated this fabulously in his Veefriends community. Building on the blockchain also means you give your community more influence over how they want the project/company to develop (through forums such as Discord), which increases their engagement, investment, and often, leadership, in the community. It’s a win-win-win in business like we’ve never seen before.
If you build your wealth on the blockchain, you can take advantage of the transparency, accessibility, control, security, and many other benefits of cryptocurrency. Lending and borrowing is easier. You avoid government regulations and market manipulations. You can trade and grow your finances 24/7 — the blockchain never closes. Is there risk? Of course. Cryptocurrency is still in its infancy and there have been hacking and other security breaches. Which makes it all the more important to educate yourself on buying and spending cryptocurrencies.
And even if you never build a blockchain company or become a crypto investor, you will have more opportunity than ever before to own the rights to your data, manage your intellectual property, collect the dividends of your creativity, protect your online identity and so much more.
In the iconic words of Dolly,
“In the same boat with a lot of your friends
Waiting for the day your ship will come in
And the tide’s gonna turn an’ it’s all gonna roll your way”
I think the ship is here, the tide is turning, and the world as we know it will never be the same.
Some of the resources that inspired this post are:
Films & Videos: