Coinbase recently hired AlexOnchain to be their Crypto Twitter Lead. Okay, so what? On the face of it, it’s a typical corporate sleight of hand. But dig a little deeper, and you have to ask: Is this a stroke of genius or a potential faceplant? As much as it’s fun to cheerlead, let’s add a bit of realism into this story.
Is Crypto Twitter Really the Key?
Coinbase’s desire to increase its political social media footprint, particularly in DeFi and Web3 беседе. Fair enough. Are Twitter threads and meme wars the best way to engage the still elusive “next billion users”? Are we conflating activity with impact?
Here's the thing: Crypto Twitter, for all its energy, can be an echo chamber. A very loud echo chamber. I’ve seen this place become successful on the back of tribalism. Shilling is running wild, and even well-reasoned discourse tends to get washed away under the tsunami of boiling hot takes.
Think about it. Coinbase is a publicly traded company. They’re understandably trying to figure out new paths to institutional investors and through the regulatory labyrinth. Does going all in on the scary, confusing and dangerous world of Crypto Twitter really implement such a strategy? That’s the equivalent of a Fortune 500 company deciding to organize its marketing strategy on 4Chan. Intriguing, perhaps, but wise?
Also, let's be honest. Surely there are better and more honest approaches to developing one’s brand than engaging in duels to the death with trolls in the egg and catfish avatar set. How about user experience, privacy and security by design, and regulatory compliance? These are the topics that truly move the needle for the everyday person, not the latest Doge coin pump and dump.
Binance to Coinbase: Upgrade or Downgrade?
AlexOnchain comes from Binance. That's notable. Binance has absolutely dominated when it comes to connecting with their community on social media. Is that success transferable?
Binance and Coinbase operate in different universes. Unlike traditional companies, Binance, particularly in its early days, took a much more freewheeling, “move fast and break things” approach. Coinbase, on the other hand, has long cultivated an image of being the white-hat, regulated goody two shoes.
Will AlexOnchain be able to modulate their vibe to align with Coinbase’s more buttoned-down corporate culture? Will they be given the freedom to innovate and the resources they require to truly make an impact? Or will they be crushed by corporate bureaucracy and make no waves risk aversion?
That’s a little like commissioning a street artist to do a mural on one of the walls in the lobby of a local bank. It has the potential to be phenomenal… or it has the potential to be a total failure. It’s true the artist’s value in realizing their vision is critical to success on most projects. At the same time, the bank’s customers have to be willing to adopt something a little more innovative.
Measuring Success Beyond Retweets
Coinbase is looking to grow their brand. Those are vague goals. Finally, how are they going to measure success with this new initiative? Will it be a ranking of Twitter accounts with the most followers, or retweets, or computed from some sentiment analysis feature? These are vanity metrics. Easy to track, but often meaningless.
What’s much more important is the effect on user adoption. Our long-term success KPIs include increased trading volume and enhanced brand perception among non-crypto natives.
If Coinbase isn’t mindful, they may find themselves pursuing short-term wizardry while cannibalizing the long-term value creation that should come as a byproduct of their platform. It’s the equivalent of optimizing for clicks not conversions. Sure, you can create a huge amount of buzz, but that doesn’t mean you will generate any income from it.
Here's where the anxiety kicks in. What happens if AlexOnchain doesn't deliver? What if the Crypto Twitter pr campaign goes horribly awry and makes Coinbase look terrible? What if all this effort is just one big, expensive PR stunt?
Coinbase should enter this endeavor with a clear strategy and realistic expectations, alongside a clear system for measuring success. If not, this whole endeavor may just become a very costly lesson in the dangers of seeking internet clout.
Only time will tell whether Coinbase’s gamble will pay off. It's a bold move, no doubt. But boldness without strategy is just recklessness. In short, I, for one, am watching through wide eyes filled with skepticism…and just a hint of hope.
