Please click the link to listen to the tenth 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.
Welcome to two-minute crypto. For today’s episode, I’d like to examine ‘The YouTuber Conundrum’.
Most of us have our favourite Crypto YouTubers whether it be The Crypto Lark, Crypto Zombie, Data Dash or a host of other content creators with followings large and small. Some channels are obviously worthless, but others do indeed offer valuable crypto updates and insights. So why the conundrum? Well, its essentially an issue of influence…Crypto YouTubers with large followings are not called influencers for nothing. For myself, I find I tend to give their opinions greater weight than I do the scribblings of journalists or indeed the musings of podcasters. It seems to me that when you both watch and listen to someone you relate to especially on a regular basis; you become very open to accepting their views and opinions. The key word is ‘relate to’ I view these YouTubers as people similar to myself, a mainstream media anchor never elicits that same sense of comradery. Now, this tribal connection is fine if you are just consuming movie reviews, but it’s a real issue when receiving crypto trading and investing advice.
Even the best Crypto YouTubers have a tendency to ‘promote’ certain projects. Of course, it’s their right to do so, but we have to remember comments such as x has a great team or y has innovative tech need to be further researched. Many YouTubers post every day and have a lot to say about a wide range of different topics, so taking their comments as well researched is dicey at best. The solution I’ve finally settled on is to greatly reduce my consumption of such content from literally hours a day to no more than 2 or 3 posts per day with a weekend splurge to play catch-up. As a rule, I ignore any post titled along the lines of ‘X Coin the next Big Thing’, or ‘Y the new Amazon’.
Even so, I sometimes find myself mulling a trade, soon after watching a YouTube post where a certain project was briefly hailed as ‘innovative’ or some such. Some of my worst trades have definitely stemmed from indulging in YouTube credulity, and even now aware and wary as I am; that influence on my investing decisions is still tangible. So, there you have it – The YouTuber Conundrum.
Thanks for listening.