🛋 [Analysis] The IKEA effect and cryptocurrencies – Robert Miller
The IKEA Effect means that the task of constructing something leads people to value (and overvalue) their creations. Cryptocurrencies have their own Ikea effects. There are a lot of ways you can help “build” them up, such as:
- Contributing to the code
- Running a node
- Mining
- Building a service native to that cryptocurrency
- Being an advocate
- Educating others
- Participating in a community
- Hodling
Cryptocurrencies are as much of a social phenomenon as they are a technical innovation. If your community isn’t building with your cryptocurrency they aren’t becoming attached to it. When people put labor, whether that’s running a node or a meetup, into a cryptocurrency they become intrinsically invested in it. That hardens their convictions, solidifies their beliefs, and can turn people who came to your platform as mercenaries into missionaries.
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