It started with curiosity. Cryptocurrencies were mooning, and the FOMO (Fear of Missing Out) started kicking in. A quick Coinbase buy, and an interest started growing. It turned quickly into an obsession. I tried to absorb as much info as I could on Twitter, Reddit, forums etc., but I soon discovered something dark. Internet tribalism. Something that has been impacting politics more and more in the later years, and it is extremely rampant in the crypto space.
So what exactly is tribalism, and why is it so problematic? There exists many definitions, the one I use is "the behaviour and attitudes that stem from strong loyalty to one's own tribe or social group".
Why this affects cryptocurrencies is pretty simple to explain, but here are some reasons:
- The belief that cryptocurrencies are a zero-sum-game. For some cryptos to gain, others have to fail. This is IMO a logical fallacy, because different cryptos have different strengths and uses, and most cryptocurrencies are in some way or form connected in the marketplace (when Bitcoin or Ethereum drops in the market, so does most of the other currencies).
- Unjust moderation, from official moderators, or from the users through downvoting. Just look at Reddit, at /r/btc and /r/bitcoin, where opposing viewpoints are actively moderated, or shunned away by the users. These communities become echo chambers, and neutral discourse is almost impossible. Seemingly neutral communities are dragged into a vicious battle of downvotes and name-calling, and the problem is self-reinforcing.
- Feelings. Holding a security, whether it is a stock, bond, or cryptocurrencies tend to evoke a lot of feelings in the holder, especially among inexperienced investors. More seasoned investors have learnt that to be a successful investor, one should strive to decouple your feelings from the invested objects, in order to have an objective investment strategy. Using your gut and heart in the marketplace is not a good long-term strategy.
- Justification. Many people will always attempt to defend their purchase in any way possible. This is why we have "console fanboys" in the gaming space, regardless of the fact that for instance the PlayStation 4 and the Xbox One basically have the same specifications. This is why we have Intel vs AMD "debates", Android vs iOS, Republicans vs Democrats, BMW vs Audi. Brand loyalty taken to the extreme, because of the human need to rationalize ones decisions.
The Great Schism of 2017
In 1054, after centuries of disagreements, the Roman Catholic Church and the Eastern Orthodox churches broke communion, and went their separate ways. Christianity have been divided ever since.
Something very similar happened in the Bitcoin-community in August of 2017, when after years of disagreements on the roadmap of Bitcoin, and threats of forking, the userbase split. The majority of the network remained with Bitcoin (BTC), but a sizable part of the community went with Bitcoin Cash (BCH). Both claim to be the original Bitcoin, and like religious dogmatists, claim that they represent the true vision of the "holy text" (whitepaper) of the "prophet" (Satoshi Nakamoto). There is no coincidence that I have chosen a religious divide to exemplify this. Derogatory terms have been used by both sides, "Bcash", "Bcore", "Btrash", the list goes on. Rampant "brigading", when one group does an organized attempt to take over or just troll the other group using mass mobilization and internet bots, is eerily similar to street battles, but luckily the only damages are hurt prides.
I think that "neutral" subreddits should take an active stand against this tribalism. A Code of Conduct that enforces civil discourse, and enforced using moderation and with repeat offenders, banning. /r/cryptocurrency has such rules, but it is not sufficiently enforced today. I also hope that the owners of both /r/bitcoin and /r/btc can do the same.
While I do not believe that the schism will ever be truly healed, both Bitcoin and Bitcoin Cash are viable currencies and have their merits. Tribalism hurts the crypto community. It shuns away newcomers, it confuses users, and overall it will only serve to delay mass adoption.