Nic Carter of Castle Island Ventures: Eight years in cryptocurrencies was the right decision

Recently, an article circulated that resonated throughout the crypto community: a professional confessed to having “wasted” nearly a decade in this sector. The headline sparked immediate debate. But from my perspective as a partner at Castle Island Ventures, I see the situation differently.

The paradox between ideals and reality

It’s true that when many of us entered cryptocurrencies, we did so with hopes of transforming the global financial system. The promise was revolutionary: genuine decentralization, sound money, freedom without intermediaries. However, reality presents a more complex contrast.

What we found was not exactly failure, but complexity. Yes, a large part of crypto activity is focused on speculation. Yes, risky financial products have proliferated: perpetual derivatives, prediction markets, platforms for speculative tokens. But this doesn’t mean the fundamental project has failed; it simply means it is evolving differently than we imagined.

The true purposes of the ecosystem

When we look closely, cryptocurrencies pursue multiple objectives simultaneously, not just one:

Bitcoin as an alternative currency: After 15 years, Bitcoin has managed to position itself as a relevant monetary asset. It hasn’t completely replaced the fiat system (nor did we expect it to do so so quickly), but it is not insignificant either. The challenge to state monetary hegemony is real, albeit gradual.

Automation through smart contracts: Ethereum’s vision of coding business logic directly into code has found real applications in specific niches. Derivatives and complex financial products work better on blockchain because execution is automatic and verifiable.

Decentralized digital ownership: Although NFTs faced legitimate criticism and excessive expectations, the underlying concept remains valid. Eventually, we will regain control over our digital identity and online assets.

Modernization of capital markets: The Western financial system operates with outdated technological infrastructure. SWIFT, COBOL, slow settlements: this is not glamorous, but blockchain offers tangible solutions here.

Genuine financial inclusion: In regions with weak banking systems or unstable currencies, cryptocurrencies and stablecoins provide real financial access. This phenomenon is not theoretical; it is happening now in El Salvador, Argentina, and other countries.

The inevitable cost of innovation

Is the speculative casino a real problem? Absolutely. The normalization of meme coins and irresponsible financial bets among young people is concerning. Venture capital funds have invested billions in blockchains that we probably didn’t need, funding excessive competition without real added value.

But here’s the crucial point: this is the inevitable cost of building permissionless markets. There is no alternative architecture. When you open a system to global participation without gatekeepers, speculation and noise are natural consequences, not design flaws.

Optimism with feet on the ground

So, who is right: the pessimists or the idealists?

Both, partially. The secret is to maintain what I call “pragmatic optimism”: expect less than we initially imagined, but value more what we are actually achieving.

It’s unlikely that Bitcoin will be adopted en masse overnight. NFTs didn’t revolutionize digital ownership overnight. Capital markets migrate to blockchain at a frustratingly slow pace. Smart contracts are mainly used in derivatives, not everywhere.

But that doesn’t mean failure. It means maturation.

The applications that truly found market fit are real: Bitcoin works, stablecoins work, DEXs work, prediction markets work. Each solves specific problems. It’s not the total revolution we imagined, but it’s tangible progress.

The real question

The year I dedicated to the sector was not wasted because the sector didn’t end up being a casino. The sector is both: genuine infrastructure with speculation attached. This is uncomfortable, morally ambiguous, but real.

If your expectation was an instant libertarian utopia, disappointment is justified. If your expectation was to build technology that serves a purpose, then the eight years have been worth it. The gap between expectation and reality determines regret, not reality itself.

Nic Carter, from Castle Island Ventures, understands that cryptocurrencies will remain controversial. Some will see mainly speculation; others will see mainly utility. Both perspectives coexist. The important thing is not to lose sight of what is truly the goal you pursue in this space, because that goal differentiates between a well-invested race and wasted time.