Throughout history, communities have played an intrinsic part in how humans come together to share ideas, collaborate and align themselves with each other to incorporate a common identity.
Community can be defined as:
“The condition of sharing or having certain attitudes and interests in common.”
Since the dawn of time it has been embedded in our DNA to naturally form tribes, factions or groups in order to work together with like-minded people and produce better results than if we were to operate alone.
Fast forward to 2019 and communities are as prevalent as ever in today’s society but with one major difference – the majority of our social groups have now been digitalised and the largest communities we form are now online.
The invention of smartphones has now provided us with access to hundreds of thousands of unique groups or social networks, all of which are accessible from the palm of our hand.
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Cryptocurrency investors are opportunist and opportunist are fickle people. Investors are often looking for the shiniest coin. The problem is that there are a lot of shiny coins and it’s hard to tell what the brightest one is. An investor may obsess over a single currency one week and be swayed to a new “up-and-comer” the next.
This is because these communities aren’t communities at all. To the investors, the Telegram room is nothing more than a help desk. These groups aren’t developing organic, long lasting relationships with each other. Instead, their entire interactions are based on self motivation and making as much money as possible.
When another shiny coin comes around, their loyalty to self and greed overtake their appreciation of the community. This is how platforms lose their 10,000 strong Telegram community to the wind.
As the SEC and popular social media platforms continue to tighten regulations on cryptocurrency, it is going to get increasingly harder to build and maintain and actively engaged community. Whitepaper launches, hype ads, and poorly thought out Influencer videos are methods of crypto Stone-Age. People are going to need some new tools to build the future for crypto-communities and startups.