Cryptocurrency is undoubtedly one of the hottest tech creations since the internet, and the underlying technology, blockchain, promises to disrupt the way we live and to shape the future.
Given the exponential growth of the digital assets space in recent months, one would expect the crypto community to work closely and collaborate to help achieve the ultimate goal of blockchain to “uplift humanity.” But it appears the opposite is happening, as Kent Barton writes in an article posted on Medium.
Barton notes that the various groups making up the digital currency space have been “retreating into a narrow-minded worldview where instead of asking themselves ‘how can we make the world a better place?’ are more focused on ‘how can we defeat other blockchain platforms?’”
He says:
“This tribalism rests on shaky logical assumptions and distracts the community from the crucial work of building scalable technologies that people will want to use. Personal attacks and outright trolling make the environment uncomfortable or even untenable for newcomers. In some forums, overt censorship stifles the free exchange of thought. In extreme cases, some developers have even received death threats. And to make matters worse, the ultimate beneficiaries of this tribalism are the very same centralized powers we seek to disintermediate.”
Us vs. Them
This “us vs. them” mentality is very prevalent in online discourse about cryptocurrencies on different subreddits and Twitter posts. Social media has become a digital battleground for the so-called crypto influencers and their supporters, who attack and often demonize other projects by calling them Ponzi schemes, cults, or scams, Barton stated.
He continued:
“To an outsider, it must seem ludicrous to watch countless smart minds working on blockchain technology — developers, entrepreneurs, and other enthusiasts gifted with an ability to think outside the box and see a vision for a better future — descend into internecine bickering. We're all part of the same technological revolution. Here we are, wasting precious time and energy attacking ourselves. Meanwhile, the problems stemming from concentrated repositories of power and data grow more intractable with each passing month.”
Show me the money
According to the writer, one of the biggest motivating factors behind this “tribal vitriol” is the monetary reward for the eventual winner in the debate.
There is a huge economic incentive for the winning platform, but this scenario would not serve the community well because the "warring" tribes could focus solely on their own success and picture their rivals as a threat to their financial growth, Barton adds.
Banks as the voice of reason?
While this bickering goes on, banks - a sector maligned by the crypto community - are focusing on the positives.
Edwin Bautista, president and CEO of UnionBank of the Philippines, has described cryptocurrency as “the future.”
In an interview with Cryptovest, Bautista revealed that UnionBank was engaged in crypto mining because it wants to understand how the technology works and where it would lead us eventually.
“We really do not know if cryptocurrency will be the future currency and replace fiat. No one knows for certain. But what if it would be? We have to keep an open mind about it. We cannot reject something just because we do not understand it,” Bautista said.
This article appeared first on Cryptovest
