The Power Of Words In Cryptocurrency

In cryptocurrency, rumors, bad information, or even just plain negativity can crash any coin! Remember the recent Twitter debacle? What if that had been more difficult to prove false? One incorrect Tweet could have changed everything!

This advice can be used for any crypto community. I will use my recent experience as an example.

I recently received very sad news about the first blogging platform that I was active on. Perhaps equally sad was the reaction of many people. Let me start from the beginning.

We were told by the founder that soon "something big" would be announced. There was a time given, which came and went. While true that people were getting impatient, hopes were mostly high.

Finally! We were all set to know what was coming next!!! The deal was finalized, all the i's dotted and t's crossed. Unfortunately those of us who love the platform were not pleased. Yes it was big news, but not what we had been dreaming of.

It turned out that the big announcement was a merger with a new but somewhat similar platform. In this merge, we will be losing all of our posts and comments in less than a month. While I definitely didn't like that idea, I still held hope that things could be worked out.

This is where the power of words come in. I had some hope that we could all go to the new project leaders, and discuss keeping our data. But after talking to one of the people who fought hardest for the platform, and reading the most recent posts and replies, I realized it would never work. Too many had already given up, including most of the best writers.

Why, without even asking other members, do I know this, you might ask? It's simple. There was so much HATRED for the changes - hatred that was being expressed openly. Even if people could have been persuaded to try to talk, it would have most likely turned into a mess because emotions were so high.

Also this very toxic environment of hatred in the comments of the announcement affected the token price in a huge way. It plummeted from being a healthy and actually quite high price to almost nothing. I think it's at about three sats at the moment.

I must ask. What if people were honest about their sadness at losing what is. But also indicated a willingness to wait and see what will be next? Maybe go and see first hand what the new partner is bringing in, rather than going by what others have said?

While those who told us about the partner and the potential drawbacks are wise and trustworthy, it's always a good idea to have an open mind and do your own research. Sometimes things are not what they look like, and other times they are exactly that.

I am grateful to those who presented those drawbacks. It was done calmly and with facts about how the conclusions were reached. It has definitely prevented me from investing in it, at least in the near future. I can't say never, because I do not know what the future holds. The problem lies with all of the negativity and hate in the comments of the announcement, and likely in countless chat rooms. The problem does not lie in the public presentation of the facts.

Even if you are not interested in being a part of something, why wreck it with a comment made in anger? Also, there are still many good people holding the tokens, and have even more locked away in the platform itself.

A calm head and lack of negative talk, at least in public chat and larger private groups, could have easily prevented the price crash. Some small amount of honest but positive feedback could have even made the token price soar!!!

This post is not intended to criticize anyone, only to make each of us, myself included, think hard about the consequences of what is said, typed, or repeated. Your words hold power, and can make or break a project and a token or coin. And with that, fortunes can be made or lost by those who are holding.

Cover image made by me using Canva