February 2, 2021
Boys will be boys, eh? If they’re not giving it the ole “my dad’s bigger than your dad,” then they’re arguing over who has the biggest biceps or the fastest car.
As you may have guessed, I am referring to some of the leading lights in the cryptocurrency world who lately have been flexing their muscles and kicking sand in each others’ face. And frankly, it’s getting pretty ugly.
So what’s behind all of this consternation? One word — Cardano.
Not that Cardano is a bad thing, far from it. No, it’s more the ascent of Cardano and the explosive rise of its ADA currency up the market capitalisation charts.
In short, it has rocketed from a measly 17 cents in December of last year to around $1.30 today. By any reckoning this is meteoric. So as the story goes, this parabolic shift has caught the eye of both the Bitcoin maximalist and Ethereum tribes. It is fair to say that the insults, accusations and underlying pettiness has ramped up a notch, almost to the stage of terminal fallouts
Max Keiser, Peter McCormack and other Bitcoin maximalists have hit a sour note with Keiser tweeted “ETH maximalists are scum.” McCormack then weighed in with “Literally, how F*#king stupid are these people” referring to the Cardano community who have responded vehemently to his tweets.
Raoul Pal, The Real Vision CEO, was also on the receiving end of some acerbic criticism after his channel recorded an interview with Charles Hoskinson, Co-Founder of Cardano. Pal had to fight for his corner hard against both Bitcoin and Ethereum lovers. He even had folks threatening to cancel their Real Vision memberships.
Such is the sentiment right now. It’s almost febrile as Cardano stakes its claim to the third spot and has its eye on world domination. Perhaps, that’s the problem, as Hoskinson – the charismatic visionary leader – is beginning to look more thin-skinned and pugilistic on occasion as he gets caught up in the Twitter maelstrom.
Ultimately, in all of this there are no winners. It does nothing for the cryptocurrency industry. Most importantly, I believe that all of this macho infused infighting turns off new potential entrants to the crypto space, particularly women and professional investors.
In short, it highlights the frailties of men and boys and in my mind reinforces the need for more women to enter, lead, invest and work in the crypto world. Some may argue that if cryptocurrency leaders and commentators don’t start acting like grown ups, a whole raft of society will simply shun the industry, deeming it immature and testosterone led.
But, there is always hope! I am seeing more women led projects and social media presence entering the space, breeding some decorum. In my view, when women do tweet or post, guys react less aggressively and show their softer underbellies.
It’s not a great time right now for the top three cryptos as their communities continue to jab and counterpunch. In the meantime, the female hand on the Twitter tiller is growing mightily. I believe this is good news in terms of tempering the over-enthusiastic machismo of boys and their toys.