I am sure that the reason people invest, support, create, and promote cryptocurrencies varies depending on who you ask. To some people, it is strictly an investment or strictly an asset to trade. To other people, it might be a hedge against inflation and a way to detach themselves as much as possible from fiat currencies. To others, it might be to regain total control over their finances by breaking away from the traditional financial system. To many others, it may be because they see the billions of people on this planet that are excluded from the traditional financial system and global economy. They feel cryptocurrencies will give these people a way to interact financially on a global scale and finally inclusion into a global economy that they were excluded from for far too long. Then there are still others whose reason includes some or all of these, for me, it is all the above.
Unfortunately, not everyone is a fan of cryptocurrencies. There are plenty of people who would love to see the whole crypto space disappear. Many of these people hold positions of power in the traditional financial system or in government and as a result have a public platform from which they can spread their FUD. This public platform is a very powerful tool that they use to sway public opinion. I’m pretty sure that we have all heard how they describe cryptocurrencies. They call them scams, worthless, Ponzi schemes, Rat poison, Shitcoins, among other things but that’s not surprising after all they hate crypto.
What is surprising to me is when I hear members of the crypto community using the same words to describe other crypto projects that they don’t personally like. I mean I can understand being super supportive of a project that you really believe in, but I’ve never been able to understand why some people feel the need to put down and spread FUD about other projects. Then you have the bitcoin maximalists who believe bitcoin is the only REAL cryptocurrency, everything else is just a shitcoin, worthless, or a scam.
I really try to understand the maximalist’s point of view, especially those who have been involved with bitcoin since the very early days. I suppose it would be like being a big brother with thousands of little brothers and sisters running around screaming, driving you crazy. At that point, you might wish you were an only child too! Okay, maybe that is a stupid example. I wouldn’t have a problem with maximalists just saying that bitcoin is better than all the other cryptocurrencies, hell I might even agree with them. For the record, I do hold bitcoin, but I also have invested in a handful of altcoins too. I just can’t agree with the statement that every other cryptocurrency is a scam or worthless, and in my opinion, the crypto haters must love hearing the maximalists saying it.
I believe there is room in this space for more than one cryptocurrency. I do agree that many of the thousands of crypto projects launched over the last few years will most likely fade away but there will be important projects that not only survive but will bring important innovations to the crypto space.
You would think that with crypto being attacked by so many outside forces, that it would bring the crypto community closer together behind a common cause. But from what I have seen it hasn’t so far. Every time we fight among ourselves it just gives ammunition to the crypto haters and creates a bad impression for anyone new to the crypto space. The reason I am writing this is to ask the question: Is infighting really necessary? I guess it is just human nature to be competitive but there is enough hate coming from the outside, I just don’t think we need to add to it.
I want to end by saying that even though I am highlighting a possible issue with infighting I also don’t expect the crypto space to be a lovefest. I just hate when it looks like we are playing right into the hands of the crypto haters.