Should the Cryptocurrency Space Be Nicer to Each Other?
The world of cryptocurrencies and Bitcoin can be ugly at times. On many online boards, forums and social media websites, tribalism shows its face. Some users whole heartedly support one project while vocally bashing others. This bashing can cross a line at times, and some are quick to label rival projects or cryptocurrencies that have not lived up to their expectations as scams.
Recently, Cointelligence a data provider and researcher of the cryptocurrency industry and blockchain tech published an "open letter to the crypto industry". In the letter, they have strongly condemned the widespread usage of the term "scam" in the industry.
Stop abusing the word SCAM! Cointelligence has spent the past 2.5 years investigating and calling out crypto scams. We’ve learned how to tell what is and is not a scam, and how to identify scams. With that in mind, here are our thoughts on the matter.https://t.co/1wzBQRYcLJ— Cointelligence (@Cointelligence) February 3, 2020
The letter, which was published by Cointelligence's CEO, On Yavin, criticized the liberal use of the term. Widespread use of the word "scam" cheapens the entire cryptocurrency space and stifles innovation.
"When everyone runs around publicly saying "This is a scam!" and "That is a scam!" it causes two major problems.
The first is that people on the outside think that cryptocurrency is just one big ball of scams. They feel like either there are no trustworthy projects, or that it's too hard to find a trustworthy project, so they refuse to engage with the industry at all. Legislators continue to work to ban it."
Perhaps Cointelligence is correct and people within the cryptocurrency space should choose their words more carefully. Maybe if we act a bit kinder to others, it will benefit the entire industry.
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Written by Jonathan Ganor
Writer & cryptocurrency aficionado