Celebrities and Crypto- the downsides

By jimmy09 | James Clarke | 17 Aug 2021


Big tech and crypto

In recent months we have seen the rise of something that I believe is not only distasteful, but also damaging for the reputability of crypto. This is the rise of big tech and other entities meddling in the matters of blockchain and the crypto world. 

Jack Dorsey

Some of you may immediately exclaim that having these behemoths of corporations on our side is a benefit, but I strongly beg to differ. They are not in it for us, but are  purely trying to monopolise the inevitable cash cow that can come from blockchain. If we escape the regular financial world but are then ensnared in tech, how does that make it DeFi?

 

Jack Dorsey

Elon Musk has passed on the baton (although I am sure that he is at the next change) of crypto lunacy to Jack Dorsey. He is a man that has the right credentials to take a technology mainstream, yet I believe his power should be limited. The blockchain sphere should evolve in it’s own manner, choosing the direction best for the majority of the community, and not the route best for a single man with out of proportion influence.

 

Yes, his opinion should probably count for more than mine, and most likely yours too. However, the development of this technology should not be based around one man’s opinion. Him stating that Bitcoin is going to create world peace and that any other coin is irrelevant shouldn’t be given any weight. It should be given the same weight as the more sophisticated investors gave Elon’s tweets, yet it appears that they have not been. For all you new investors, the bigger the celebrities net worth talking about crypto, the more you should avoid them. Yes, they will certainly make prices volatile for the given coin especially the small ones, but you must remember they are creating noise, not signal.

 

Elon Musk

I truly believe that this subject doesn’t have to be given much time by anybody, but I will still glaze over it.

 

Elon Musk has been undergoing blatant manipulation in the crypto markets, and anybody who has any experience with Twitter would understand this. That's all.



While I am not saying that endorsement of blockchain is bad, what I am saying is that when they endorse purely with profit motives nothing good happens. If they establish a reputation as being able to move markets, the inevitable will happen, they will move markets. A single man’s opinion doesn’t make or break a project, but it can tarnish a technology's reputation. Every time there are severe fluctuations based off a tweet, crypto is seen more as a gambling den compared to the threat to CuFi that it actually is.



Thanks for reading,

James Clarke

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jimmy09
jimmy09

A teenager who is highly interested in the area of cryptocurrency as a future global currency and the technological implications of blockchain.


James Clarke
James Clarke

A teenager who has discovered the world of crypto and has become hooked. I look forward to the future of this exciting technology!

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