Crypto Leaders: Don't Do This
The telltale signs of a leader who ignores his advisors
Imagine my surprise waking up on a Sunday, heading over to YouTube, and seeing what can only be described as a Theranos-level of hubris, arrogance, and flippancy.
The culprit: Do Kwon, he of $LUNA, $UST, and the collapse of both.
He went on a tour that *should have been* an apology tour but can more accurately be described as akin to the Charlie Sheen “Winning” events from a decade or so ago: “Not only am I not crazy, you should totally trust me, and also I’m here to make a buck or two.”
I wrote much more about it here on the Metacoin site, and invite you to check that out.
And He’s Back
We broke this down and suggested that Do Kwon was a Name Dropper Extraordinaire. To wit, this morning (Central Time in the USA), he’s hanging with Binance.
So Mr Kwon is (1) associating with Binance, (2) saying his coin “will pump to $100 soon,” and (3) running a replay of his weekend event with the highly respected Laura Shin to give his rehab tour air cover.
Gold-Plated Engraved Invitations for Regulators
If you’ve spent any time at a publicly traded company, or one in a highly regulated industry, you know some things are just…wrong. “Puffery” is one of them. You would never advise a CEO to get up in front of the press or a group of analysts and say “our stock is going to the moon!” You have to constantly change lenses as a leader; you must know that every sentence will be diagrammed, every word parsed, and every number scrutinized.
In a field that is often called the Wild West, when craziness like the Luna/Terra implosions happen, you are inviting regulation on a silver platter.
“But it’s decentralized!” you cry. True. But once we’re talking things like “stablecoins” — supposed to be stable as long as the underlying fiat currency is, also, stable — you need to play by the rules, whichever they may be.
And when you have Janet Yellen and Jerome Powell both looking in your direction — while trying to control US inflation and keep the value of the dollar strong — you probably need to pay attention to how you’re perceived.
What Next, Do Kwon?
You’re failing in your rehab tour, you’ve lost trust, and you appear to be nothing more than a shyster. So, Mr Kwon, maybe listen to your advisors and sit down for a spell.
Your future is in your hands. Life’s What You Make It.