Crypto celebrities
Over the past few years, the cryptocurrency industry has grown to enormous proportions. Over 8,000 new projects have already appeared. Most of them are projects that did not break through or did not catch on for various reasons. You could say that they were too weak, created as frauds or abandoned. And yet, the industry is still developing and a small part of the resulting projects conquers the market.
The cryptocurrency market offers a whole range of different types of projects. Starting with those that, despite a great idea, disappear in all this mass, and ending with less volatile ideas, behind which there is a lot of capital and the silhouette of a celebrity leader. The most difficult thing is to find the right project for inexperienced and novice investors. In addition to gaining experience, it is worth trying to understand cryptocurrencies first and spend some time tracking new trends. You can also go the easy way and listen to crypto-influencers.
Crypto-influencers have a huge impact on public opinion focused around cryptocurrencies. Some of them have a lot of experience in trading, investing or even creating their own projects and tokens. Such influencers often follow the cryptocurrency market, analyze the usefulness of projects and what is currently fashionable. They are mostly enthusiasts with a passion for cryptocurrencies and do not charge for such entries. Although there are also those who do not have much knowledge and skills, but they get paid for promoting a given project, or they promote their own project.
Recently, several projects in the cryptocurrency industry have collapsed, and celebrity leaders are blamed. It turns out that experience and knowledge are not enough to launch the project. Popular, charismatic and conceited startup leaders have risen to the top thanks to their followers in social networks. The question remains whether believing in a celebrity leader is the right direction in the world of cryptocurrencies. Perhaps it is time to abandon the cult of personality.
Popular leaders of cryptocurrency projects are very active in social media and their activity is not always appropriate. Until recently, Sam Bankman-Fried could be observed on Twitter as he was involved in many arguments about politics or personal games. It was just such an exchange with Changpeng Zhao (CZ) that started the mass withdrawal of deposits from FTX and, as a result, its collapse.
Earlier this year, the same thing happened to Do Kwon and Su Zhu. Social media gives you the opportunity to express yourself freely, but the internet doesn’t allow for a margin of error. He sent a series of arrogant tweets to Kwon right before Terra fell. In June this year, the Three Arrows Capital fund founded by Su Zhu collapsed. In an instant, a $10 billion company went bankrupt with unpaid creditors. His tweets haven’t aged well.
What can be done in such a situation to avoid the mistakes of the past? Maybe it’s worth it next time, giving the creators credit to focus on their achievements and not the number of followers of their profiles. The crypto community should support leaders who create transparent, secure and high-quality applications that will meet the idea of decentralization.
Will there come a time of leaders who do not shout the loudest, but whose strengths are experience, knowledge and intellect?
