July 12th 2021 - The Decline of Crypto Influencers
TikTok has recently banned paid promotion of cryptocurrencies, which some of the commentators see as the beginning of the end of crypto influencers. Many in the cryptosphere, especially those who had entered it before the latest bull cycle, would probably welcome this new decision. Doge mania and rampant shilling various meme coins with little or no practical purposes has brought nothing but bad publicity to crpytosphere, making cryptocurrencies look less like a practical tool of financial freedom and more like a glorified "get rich quick" schemes and ways to inflate people's egos.
This, together with Elon Musk's apparent loss of his "superhero" abilities to move markets with his tweets, might indeed prove to be beneficial to cryptosphere, at least in short term. People involved in crypto should return to basics and see cryptocurrencies for what they are, or at least, what they were created for. Cryptocurrencies are supposed to bring financial and other freedom to individuals and help them make their own fortune on their own terms, without state and over-powered middlemen like banks. Short-term emphasis on daily or hourly candles on the price charts and cults built around people like Musk is probably source of the most negative trends in crypto today. When crypto influencing becomes thing of the past and phrase "do your own research" gets taken seriously, fortunes in cryptosphere would ultimately start to turn for better.
On the other hand, bans, despite helping to improve situations in the markets in the short run, are never good in the long run. What TikTok did – what many would contribute to the pressure by Chinese govermnet – isn't that different from rampant censorship being applied by Facebook, Google, Twitter and the rest of Big Tech. Such censorship should never be applauded, because history teaches us that such bans usually lead peoples and countries to places they never actually wanted to go.
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