The Cult Syndrome in Crypto and How to Recognize It .:. Late Night Blogging

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I have watched an interesting YT video where some guys were debating about some of the recent crypto projects that went down the drain (or are currently struggling) lately... The debate that they had was leading to the "cult syndrome" that we can see very often in crypto, but also in some other parts of life... This title that I put up is maybe a bit too heavy, but I will try to explain my point of view...

Now, one of the first things that can make confusion is, is there a difference between a "maxi" (Bitcoin maxi, ETH maxi, HIVE maxi...) and a "cult member"? I think that there is, but if we go into the core it can look like they are the same thing.

In modern English, a cult is a social group that is defined by its unusual religious, spiritual, or philosophical beliefs and rituals or its common interest in a particular personality, object, or goal.
Source: wikipedia.org


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IMO, the main difference is that, for example, BTC maxis believe in Bitcoin, or to be more exact, in its technology... But, in a way that there is no other blockchain/project that CAN, or even COULD do better than Bitcoin... It's a bit weird thesis as if you do believe in Bitcoin (which was a new tech in a certain period of time), you believe in tech in general, and tech is always improving... So, Bitcoin maxis ignoring the base of what they believe, as they ignore new tech in all that stubbornness that there is no other than BTC... Is this Bitcoin maximalism contradictory to itself?

Now, if we go into the "cults" in crypto, the first token that comes to my mind is HEX... After that, I would say that even LUNA was a kind of a cult... Celsius isn't far away either... and there are many, many others that could be added to this "cult" basket...


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Now, what could be the difference between them and, for example, BTC maxis? I would say that there are a couple... First and more important, the whole system spins around 1 person, that is praised and adored by everyone in the cult... Everyone knows the name of the project creator, but not everyone knows how it works, or what it does!

Richard Heart, the creator of HEX, is one of that kinds of people... It is undoubtedly an intelligent person who knows how to control people and their emotions... That's the most important quality that every cult leader has to have!


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The second important thing is the complexity of the project... It is always something way too complicated (without any need to be), usually to hide tracks and suspicious activity, and it's hard to explain how it works... You know the basic things, but never enough deep to understand it all... That's the main problem why people who do the research, don't get into it! Or, if they got into it without knowing, as soon as they figure it out, they go out!


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This leads us to the third thing which is a member base... If you take a look at the main "investors" (if it is transparent), you will see a leader on top, and most other unknown people as the rest... That's because those projects deliberately go after the easy money, after people who are the most vulnerable... Those are, or either newbie in crypto, or elder people...

As proof for the first group (newbies), ask someone from your surrounding about tokens that they know in crypto? I did that many times among my non-crypto friends, and I always heard from them about some tokens that I have never heard about!!! Or they were shady af... Answer would be BTC, and... Shiba Inu, HEX, or that Moonsomething that died, etc... That is the majority of "investors" in "cult" projects...


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I would like to add one important thing about how to recognize "cult leaders" as it could help you in life and save some money probably... Usually, cult leaders are people who aren't "recognized" by other respected people in the industry... Now, that's a great excuse for them as they are "visionaries and nobody understands them"... But if nobody from the "respectable" community is supporting them, that should be a huge red light and alarm to stay off...

Another important aspect is the huge EGO that those people have as they can't make mistakes... That gives another psychological level of (fake) confidence in what they have created and triggers the blind following by members without raising questions... Speaking of questions, if you do that, you are almost 100% kicked out of the cult, as the leader is impeccable...

Let's talk about HIVE a bit... As HIVE doesn't have a "one leader to rule them all", it's hard to say that we are part of a cult, but we can be HIVE maxis, that's for sure... On the other side, speaking of Hive-Engine tokens, we definitely can say that we have some cults there... Even the name "tribe tokens" says that... 😃


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And for the end... I suppose that many readers will agree with these points, but I'm sure that NOBODY will recognize that it is in a cult... That's the main issue as it's hard to realize that when you are IN IT...

These are my own opinions and you can agree or disagree with them... Either way, I would like to hear your opinion about it! Use the comment section wisely... 😃

Thank you for your valuable time,

~ph~


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I think there's a lot of emotions sometimes especially for people who have invested their monies in the projects. And it's not easy to get objective information partly because social media sites will tend to suggest/recommend accounts or videos based on one's watch/browse history.

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You are right about that for sure... There is a huge difference between reading stuff and RESEARCHING it... Yes, we are served the same information over and over again as we are part of OUR "social media bubble", but research should be always broader... We have to SEARCH for the "other side", for dirty things, for the negative side, just to get the big picture about it!
When you know both sides of the coin, then you make a decision... ;)

Thanks for the comment!

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Plenty of interesting points here. No doubt that there are 100s or even 1000s of cult coins or pyramid scheme coins out there, and one must do their own research in order to avoid risking their investments. I find that such due diligence goes out the window though when 5x 10x and 100x gains are achievable. Greed is a dangerous motivator..

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Greed is a dangerous motivator..

For sure! Greed is probably one of the biggest causes of all bad things happening on Earth... Look at the wealthiest people in the world... When will they spend all their money? They couldn't do it in 10 lives, and not just 1... One monthly earnings of Top10 richest people could solve the poverty in Africa...

one must do their own research in order to avoid risking their investments

That's the point of everything nowadays! Nobody does research... It's hard, it's boring... Let's just cheer and jump on every new thing! Like that GIF that I shared in the post... "It's more fun as a follower"...

!WINE

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Nobody does research... It's hard, it's boring... Let's just cheer and jump on every new thing!

Nail on the head... That's it exactly 💯

People don't want to put the work in but expect to get rich quickly.

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I think it's always a good idea to look at both sides and look at them equally. However, I do think it's hard to let go of your bias when your money is on the line. So some of these people might not believe that much, but they want to see their own decision validated by the price.

Posted Using LeoFinance Beta

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So some of these people might not believe that much, but they want to see their own decision validated by the price.

hehehe... that's called laziness and gambling... 😃

!LUV

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It seems that this is not totally limited to the crypto world. I believe that Madoff was a very good example of this cult status it as well. Nobody understood what he was doing but it was so good to get these 10% apr...

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Until the bus has wheels, we are rolling... Nobody is checking breaks or tires... :) It's late to jump off when there is no any left...

!PIZZA

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I think the term cult I usually used quite often as a way to discredit ideas or people, at least outside of crypto. Inside of crypto, I guess people get passionate about what they know, and what they are part of and that may seem irrational to those looking at it from a pure investment perspective or without inside knowledge.

Great article.

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I guess people get passionate about what they know, and what they are part of

In this case, I was more thinking about the people blindly following the "leader" of the cult... Yes, it can be a passion, but usually, that passion is built by the leader and not a "real thing"... I know numerous people that have no idea about anything they are doing, but just follow the person (leader) as they do that for years... It's more like a habit than a passion... And usually, there is no explanation for that, as there are no real (financial) incentives... It's a completely irrational thing...

Cheers!

!PIZZA

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That's a very good point. That can seem very irrational.

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