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Coinfessions: Where Crypto Twitter Bears Its Soul

Coinfessions: Where Crypto Twitter Bears Its Soul

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Key takeaways

  • Coinfessions is a Twitter account that regularly posts crypto-themed “confessions” posted by members of the crypto community.
  • The messages, which are usually very short, confess various secrets related to losses, profits, unethical behavior and activities that take place behind the scenes of crypto projects.
  • The account offers crypto-borns the opportunity to learn from the experiences of other community members through a downtrend in the market.

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Shady scams, huge losses, accidental wins and behind-the-scenes drama are the domain of Coinfessions, which has quickly risen on Crypto Twitter.

What is Coinfessions?

Confessions is a Twitter account that anonymously shares “confessions” from members of the crypto community.. Although the account was only launched in April 2022, it has already amassed over 98,600 Twitter followers and has become widely popular on Crypto Twitter.

Maintained by the anonymous founder of the trading blog Alpha illustrated, Coinfessions collects 25-100 submissions a day via Google Forms and publishes about one in ten. The code system allows recognizers to prove the author they present or track the previous one.

Sometimes funny, often tragic and sometimes outrageous confessions are usually focused on what is happening in the space at any given time. Crypto Briefing explores further what the popularity of Coinfessions suggests about the state of the crypto community.

Big wins, bigger losses

2022 has been a tough year for the crypto space mainly due to the brutal market downturn. The global market capitalization of cryptocurrencies peaked at over $3 trillion in November and dropped to about $988 billion over eight months. Confessions have thus become a channel for market participants to talk about their losses. In fact, most of the testimonies center around one topic: the failure to turn paper profits into real ones.

“At one point I had pension money on the table” argued sender. “I failed to win even though I had notes on my desk and the leaders of my Discord group told me so. I didn’t tell my wife. We could have had the life we ​​dreamed of and I regret it every day. There are countless comments like this, each more painful to read than the last. Some confessors saw the value of their portfolio skyrocket, only to have it quickly return to its original level, a trading error commonly referred to as “round-trips.”

A theme that unfortunately comes up again and again is the idea of ​​being worse off than before entering the crypto space. The posters have admitted losing their entire life savings to market volatility, exploitation, scams, protocol crashes or loan company withdrawal freezes. Several LUNA accolades came up shortly after the collapse of Terra’s ecosystem; There was also the bankruptcy of Celsius Network is reflected in performances. Others have professed to be saddled with huge debts now.

In many cases, the loss of funds had a dramatic effect on the posters’ lives. Stories of separations, divorces, job losses and estrangement from family and friends are published regularly; some of the starkest confessions with lose money that did not even belong to the confessor.

“For years I’ve been pestering my father, who works 12-hour night shifts, that the banks won’t let me get a mortgage on a studio apartment without [a] With a 12% deposit, he and his mother sold their apartment to downsize. They put their remaining money to me for my seed capital. Instead of using it for a mortgage, I listened [YouTube] influencers and [put] it with 50,000 Bitcoins at the beginning of the year so I could pay dad back and also get an apartment. Eager to answer his calls [because] he keeps asking what the delay is. I’m running out of excuses.”

Stories like the one above highlight another important factor: many crypto-borns are young. Although people of all ages have invested in cryptocurrencies, the online community consists mostly of male teenagers, college students, and young adults. For some of them, the only way to enter the market was by borrowing funds from their relatives, girlfriends or wives. “My mother has forgiven me, but I will never forgive myself” said confessor after explaining how they lost their mother’s savings.

Fortunately, the market is not always negative, although the balance is currently tilted in that direction. Every now and then someone confess have radically changed their behavior or lifestyle because of the money they earned. Such messages are often met with a mixture of congratulations and envy in the comments.

Coinfessions, which act as a sales channel for these people, also allow the wider community to have their voices heard by other merchants. In fact, that’s exactly why the account was created. “I felt there was a disconnect between the good advice shared and the common wisdom and the reality of what most market participants do,” the owner said. Crypto Briefing. Thanks Coinfessions, hhigh-profile stories like the collapse of Terra get an intimate spin because the people who lost money in them describe exactly how it felt.

Candor through anonymity

The anonymity offered by Coinfessions has also provided an opportunity developers, merchants, and management to share their honest thoughts on sensitive topics. For example, in July send led to heated debates on Twitter about the DAO’s effectiveness, with an insider claiming that very little was being done behind the scenes.

This dynamic has been fascinating ever since there is a strong pseudonym culture in the crypto space, which means that it would not be difficult for anyone to create a new profile and reveal similar secrets. The explanation lies in the fact that Coinfessions works as a powerful loudspeaker (in fact, one user once used the Coinfessions application only take contact with a well-known merchant).

It can be seen from the platform has also been a channel for community members sort out own feelings or get advice. “I have started collecting NFTs with the intention of… escaping with the money,” confessed founder before continuing: “Now I fell in love with the community and I don’t know what to do. The community is strong and looks up to me.” Teenagers have spoken the same way a state of confusion the market has left them in or their lack of social life outside of crypto.

I have some simple rules that I try to follow [when picking confessions]”, the Coinfessions operator explained. Accusations, suicide threats and requests for money are prohibited. “It keeps the page on track and keeps it from turning into doom porn or a mudslinging contest.” According to them, the focus is on personal stories.

Genuine confessions of unethical (or at least highly questionable) behavior have made it to the platform. The honesty of the posters is amazing at times. “I did a charity project for my neighbor with cancer. We raised over $3 million on Mint Day. He passed away, so I [took the money],” stated user in May. Second argued to have reported a former crypto friend to the IRS. While most of these messages have been taken with humor, some have received strong backlash – especially when the person being scammed is a well-intentioned family member.

Confessions as a mirror

Naturally, the question arises whether all these confessions are true. Maybe not, but the crypto space is ridiculous enough to make many of them believable. The rapid growth in popularity of the confessions also shows that these stories at least seem authentic in the eyes of the community. The gallows humor of some of the posts certainly fits the cryptomeme culture, as do the complaints about lost funds.

Coinfessions have already been used by crypto-natives in a variety of ways that are noteworthy, whether it’s attracting the attention of notable crypto figures, admiring trading gains, shadowing the DAO, acknowledging unethical behavior, or venting pain. Thus, it wouldn’t be surprising if the account, which already serves as a sort of community mirror, would become permanent. At the moment, crypto-borns are in pain – but the contents of the account may become lighter when prices rise again. Or, as the owner put it, “when the bull market comes back, there it is [hopefully] don’t need Coinfessions because everyone is too busy making money.”

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.

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