Crypto and Twitter: A Toxic Combination, A Troubling Future

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Crypto and Twitter: A Toxic Combination, A Troubling Future

Post by dizzleBEE16 » Mon Jun 04, 2018 5:53 pm

OK, Ardor fans. You have your wish. Your favorite token is getting a mention on CoinDesk.

Not, perhaps, for the reasons you want. But they do say all publicity is good publicity. So, there you have it. The response to my column last week on layer-two solutions was mostly positive with the usual dose of critics, but it was the Ardor tribe who caught my attention when one reader's tweet, complaining that I hadn't mentioned the blockchain platform, prompted others to pile on with accusations of my bias and ignorance.

It got me thinking about how financial self-interest, which has always skewed people's perceptions of the media they consume, is being taken to a new level when crypto tokens are involved.

I do believe blockchain technology and related ideas around prediction markets and reputation will one day help us sort through the free-for-all of competing truths that the social media age has produced. For now, though, I worry that all we're doing is creating a global brawl of angry people, all believing that they and only they own the truth.

This is really not about Ardor. (From what I can tell, Ardor's framework for enabling "child chains" makes an interesting contribution to the evolution of crypto technology.)

What this is about is how people invested in the multiple tokens attached to competing projects that similarly claim to be making some quantum leap in blockchain capability come to passionately believe that theirs is superior to everyone else's and deserves more prominence than it's getting.

In Ardor's case, it's the holders of the main platform's ARDR token as well as those invested in the child chain Ignis token. But I could just as well be talking about holders of ETH, XRP, IOTA, BCH and yes, BTC.

Fanatical, blinkered investors are nothing new, of course. It once was the case with GE's shareholders – definitely, not any more. It's always been so for investors in Warren Buffet's holding company, Berkshire Hathaway, and in this past decade we've seen it with Tesla. But there are two factors that make the phenomenon more extreme in the age of cryptocurrency. ... ng-future/

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