Many of the centralized crypto platforms that collapsed throughout 2022 had something in common: a cocky young leader with a large Twitter following. However, while their perceived success gave them outsized influence on the cryptosphere, public trust in placed them was ultimately discovered to be misplaced – each time, with disastrous effects. As a result, crypto’s leadership priorities need to change.
While Twitter’s attention economy tends to reward Tweeters with the most controversial opinions, we as an industry need to recognize that the loudest voices in the room aren’t necessarily the ones we should be listening to. So, if we want to avoid repeats of the FTX meltdown in the future, the crypto industry needs to rearrange its leadership priorities.
Trouble at the Top
Before the FTX collapse, CEO Sam Bankman-Fried’s Twitter antics – which frequently involved spats with other figures in the industry – had garnered him over a million followers. However, no matter how much his audience grew, it seemed that he couldn’t resist sh*tposting, frequently engaging with other Twitter users who picked bones with him.
mostly shitposting on twitter tbh
— SBF (@SBF_FTX) October 12, 2021
Leaders of fallen platforms aren’t the only ones who are guilty of reckless tweeting. Binance CEO Changpeng Zhao is also notorious for his Twitter style, having it out with Sam Bankman-Fried just before the FTX collapse last month. This is just the tip of the iceberg, and even though many of these Tweet-happy commentators are purged in each bear market, their influence is too powerful to ignore.
So here’s the solution. We can’t keep rewarding braggadocious behavior with our attention. Instead, we as a community need to invest in platforms and leaders building products that solve problems efficiently. It’s time for us to ditch the cult of personality.
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*All investment/financial opinions expressed by NFT Plazas are from the…