Please click the link to listen to the seventh episode of my weekly crypto chat podcast. These are intended to be short, single-topic ramblings on some aspect of the cryptosphere. Comments and critique welcome.
Two Minute Crypto – Crypto Sectarianism
Welcome to two-minute crypto, for today’s episode I’d like to look at the negative role widespread sectarianism plays in the crypto market.
If you’ve ever glanced at a crypto forum you’ll no doubt have read posts along the lines of Bitcoin sucks, Bitcoin cash is a fraud, Eth will never scale, EOS is a 4 billion scam and so on and on. So many crypto projects find themselves portrayed as simplistic dualities, BTC or BCC, ETH or EOS as though the success of one necessarily precludes the success of the other.
Many crypto enthusiasts seem wedded to their crypto of choice, XVG forever, Tron or bust. The clarion call of trust in one and only one pervades the cryptosphere and unintentionally undermines it.
Stepping back for a moment, why should the success of one protocol, let’s say NEO, negatively impact the prospects of another or all other protocols? Zooming out to the tech sector, there are countless competing tech companies large and small. Many are direct competitors think Apple, Samsung, HTC, Google and Huawei in the smartphone market. Sure, each companies’ market dominance ebbs and flows and some will eventually fail but the steady innovation their collective competition generates is great, both for them and the end consumer. Crypto project competition is no different. The very last thing we need is a single dominant and eventually stagnant protocol or one global currency to rule them all.
Blockchain and cryptocurrencies are tech often married to a transformative social, political or economic vision. However, they are not religion and should not be taken on faith. There is not only one crypto truth, sorry Bitcoin Maximalists, but like anything else in life, a range of viable and generally complementary options. So, the next time you find yourself about the downvote that Ethereum or EOS Reddit post, out of standing conviction alone, take a moment, who knows maybe there’s something in what the poster said?
Thanks for listening