Killing more worthless projects would be a win for crypto

CoinTelegraph

When blockchain projects show their technology has something to offer that traditional internet doesn’t, big investors will get on board.

“If you aren’t thinking about owning a cryptocurrency for 10 years, don’t even think about owning it for 10 minutes.”

How To Get Free Crypto  

Such a philosophy is common among investors who are enthusiastic about blockchain’s potential to dominate Web3 as it becomes the infrastructure of the new internet. Yet, if you swap “cryptocurrency” with “stock,” you get a Warren Buffett quote — word-for-word. Of course, Buffett would never say such a thing about cryptocurrency because he thinks it’s worthless.

So do a host of other heavy hitters, ranging from Buffett’s close ally Charlie Munger to gold’s poster boy Peter Schiff. Add to the list J.P. Morgan Chase CEO Jamie Dimon, Nobel Prize-winning economist Paul Krugman, and even Massachusetts Senator Elizabeth Warren — a progressive Democrat not known for agreeing with billionaires.

The cryptocurrency industry clearly has a PR problem, for which it can partially blame itself.

Bitcoin BTC has managed to make big promises since its 2008 debut that it so far hasn’t kept. First it was supposed to function as a currency. When the currency use case didn’t work, the prevailing explanation of Bitcoin’s inherent value was as an inflation hedge. Well, inflation has skyrocketed to 8.3% in the United States and 9.9% in the United Kingdom. By that logic, Bitcoin should be mooning right now.

Related: The market isn’t surging anytime soon — So get used to dark

The world’s first cryptocurrency doesn’t have a monopoly on false promises. We all know the story of the nonfungible tokens (NFTs) that were supposed to transform the way we exchange ownership, which instead turned into a cash grab of hyped-up JPEGs. Eventually, they made way for the play-to-earn (P2E) games that then evolved into metaverse and Web3 platforms — of course, in name only.

Coinbase Banner  

Crypto, and by extension Web3, needs to sell what it’s actually building. One of the first things any PR pro tells its clients is to not oversell reporters. Journalists don’t like being tricked into opening a clickbait email pitch that exaggerates the value of a story, and they’ll make it known by publicly shaming you on Twitter and blocking your email address if you dare to send them one. And who can blame them? PR is meant to communicate in an objective language the actual value of your product, not your fantasy for the future.

In this case, the Warren Buffetts and Jamie Dimons of the world feel like the crypto crowd is massively overselling them, and they are responding in kind. That’s bad news for the industry because one of the second things any PR pro tells its clients is having big names on board will secure them vastly better PR outcomes. If the crypto experiment is going to succeed, it needs the best and the brightest people in finance and fintech on board, in addition to the tentative — yet hopeful — support we see from the likes of Elon Musk.

Every mediocre P2E game or cash-grabbing NFT auction house that claims to be “Web3” is doing massive damage to the entire industry’s image, as are the legions of investors gambling away their money on clearly overhyped projects. Of course, now that so many investors lost billions in the bankruptcy of even the more legitimate companies in the crypto space — ranging from Celsius to Three Arrows Capital (3AC) — we can expect less of that.

Related: Biden‘s anemic crypto framework offered nothing new

We can also expect less opposition to regulation, another vital part of the industry’s PR effort. Imagine trying to improve the image of a company that doesn’t adhere to the rules or norms that traditionally govern corporate affairs. Employees can trash-talk their bosses publicly, steal money from the company’s coffers and run side hustles with competitors. That’s the crypto industry right now, considering the majority of rules and regulations pertaining to finance — and even false advertising — barely apply.

FreeBitcoin Banner  

Only companies who are actively building the infrastructure of the new internet should be branding themselves as Web3. That includes leveraging tokenization to improve document sharing, for example, and utilizing blockchain’s advantages to build privacy-preserving and secure communication platforms. There are legitimate blockchain companies out there that are building Web3 products, and they should be the ones making the noise.

In PR, your success depends on your story, and your story is your product. Only when blockchain projects can show the major players in finance that their technology has something to offer that Web2 truly doesn’t will the biggest investors get on board.

Eric Sumner is the content chief at ReBlonde, a tech PR firm specializing in blockchain and Web3. Based in Tel Aviv, he’s a former editor for The Jerusalem Post.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Go to Source
Author: Eric Sumner


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.