{"id":36861,"date":"2023-01-27T09:30:52","date_gmt":"2023-01-27T09:30:52","guid":{"rendered":"https:\/\/lydian.io\/?p=36861"},"modified":"2023-01-27T09:30:52","modified_gmt":"2023-01-27T09:30:52","slug":"its-time-crypto-fans-stop-supporting-cults-of-personality","status":"publish","type":"post","link":"https:\/\/lydian.io\/its-time-crypto-fans-stop-supporting-cults-of-personality\/","title":{"rendered":"It's time crypto fans stop supporting cults of personality","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
<\/p>\n
Most of the centralized cryptocurrency platforms that collapsed this 12 months had one thing in frequent: a younger, outspoken, and cocky chief. Every attained outsized affect, not due to their outsized mind or expertise, however due to their piles of money and large Twitter followings. And every time, misplaced religion in her talents has had disastrous outcomes. <\/p>\n
If crypto is to keep away from comparable disasters sooner or later, it is time we realign our management priorities. We should abandon the cult of persona.<\/p>\n
Previous to FTX's collapse, founder Sam Bankman-Fried (SBF) had earned a fame as one of many loudest voices within the trade. He was energetic within the political world and often commented on what was occurring on Web3.<\/p>\n
Associated: <\/strong>Because of regulators and whales, the Digital Forex Group is on the verge of catastrophe<\/strong><\/p>\n However maybe most notable was his energetic involvement in quite a lot of Twitter feuds and spectacles. SBF first got here into the limelight because the successor to SushiSwap after Chef Nomi abruptly deserted the challenge -- a drama that performed out nearly completely on the general public Twitter stage. His subsequent Twitter antics, mixed with the picture of unstoppable success that FTX unfold far and broad, garnered him greater than 1,000,000 followers. <\/p>\n However whilst SBF's affect grew, he simply could not appear to withstand shitposting and commonly connecting with fellow rock-throwing Twitter customers. <\/p>\n <\/p>\n In actual fact, SBF's penchant for Twitter drama performed a serious position in exposing FTX's chapter. It was his latest altercation with CZ that in the end led to the run on FTX's deposits. His attention-grabbing antics continued all through the present ordeal, culminating in a weird collection of cryptic tweets. <\/p>\n Whereas SBF is the newest instance of an trade determine whose high-profile Twitter presence led to a high-profile decline, he actually is not the primary. Do Kwon and Su Zu, who have been each on the middle of monumental burglaries earlier this 12 months, have been additionally infamous trolls. Do Kwon despatched an boastful collection of tweets simply earlier than Terra's demise, whereas Su Zhu's notoriously elusive feedback in the course of the 2021 bull run have not aged nicely both.<\/p>\n At our firm exterior this week with all of the drama that is occurring. Debate on who's the larger villain in crypto: \u2014 Bobby Ong (@bobbyong) November 10, 2022<\/a><\/p>\n However the leaders of failed platforms aren't the one ones responsible of boasting on social media. <\/strong>Lastly, Binance's CZ was simply as responsible as SBF for being concerned of their public Twitter feud earlier this month. Digital Forex Group's Barry Silbert, who has been the main focus of concern surrounding the FTX fallout, has additionally gained a fame as a shit poster. <\/p>\n <\/p>\n There are a lot of, many extra tweeters who've used on-line spectacle and trolling as a way of controlling the trade speak. Assume Ben Armstrong (aka \"Bitboy\") and Jim Cramer to call a number of. There is a small military of them. And whereas many are purged in each bear market, their successors are more and more turning into powerhouses too vocal and influential to disregard within the room.<\/p>\n Jim Cramer stated that he offered all his cryptos. <\/p>\n Then he accused @APompliano<\/a> for \"plugging\" it into BlockFi. <\/p>\n So he... lied?<\/p>\n Now he is on a campaign guilty everybody he can discover for their very own dangerous choices, even \"digital financiers,\" which is actually a made-up time period. https:\/\/t.co\/NTojFohvFQ<\/a><\/p>\nThe loudest voices within the room<\/h2>\n
a) Do Kwon \u2013 Lack of $58bn to UST & LUNA
b) SBF - $10bn lacking deposits in FTX
c) Su Zhu - $3.5 billion loss from debtors
d) Alex Mashinsky - $2.8 billion lacking deposits in Celsius<\/p>\n