Is the 'Reddit Consensus Mechanism' What Crypto Needs?

By TradingBull | TradingBull_articles | 14 Jan 2021


Reddit is the anti-social media. A place for more sophisticated discussions, on more focused topics, for more discerning enthusiasts. This focus has supported the development of true communities of users to explore niche and emerging trends. It has been a place where cryptocurrency topics have thrived.

The prevalence of blockchain and cryptocurrency discussion on Reddit logically makes sense. After all, it is a (comparatively) self managed network, where users actively participate in the maintenance of consensus throughout the ecosystem. Users accept what they feel to be valid (upvote, reward, etc.) and reject what is not (downvote, report, etc.). 

In many ways, this sort of approach is the most efficient means of managing the community from misinformation, fraud, scams, and just flat out bad advice, all of which are not in short supply on Reddit. But for a world as nascent as cryptocurrencies, the Reddit Consensus Mechanism leaves little room to challenge the norms, color outside of the lines, and explore the unknown. Reddit’s format forces views into right or wrong, black or white, up or down. Context, intent, and tone can be difficult to decipher while binary decisions must be made.

This sort of ecosystem can, and often has, created an echo chamber where new and dissenting viewpoints have an uphill battle to gain traction. The views that users are most willing to express or accept are the same ones that have been received most positively before. Some communities can devolve into a place where group think is celebrated and dissent is suppressed. Cryptocurrency subreddits are unfortunately not immune.

Reddit does offer a true community for crypto enthusiasts to share their experiences, opinions, strategies, and of course, memes. It is a place to build knowledge and become engaged with equally passionate individuals. But it should also be a place where asking questions is as celebrated as offering answers. A place where biases are explored and dissenting views can be understood. The format promotes consensus above all, but is that always what is needed? Sometimes, the best insights on Reddit can simply be a shade of grey, buried in controversial, or just lost forever in new.

 

Daniel Pinto - Market Analyst @ TradingBull.io

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