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Why should crypto influencers be trusted? Examination in Social Psychological Perspective – Part II

When it comes to social influence and human relationships, the question of who influences whom is crucial. To the influencer Effect agentto the victim Purpose we can say. Social powerIndividuals have the ability to influence others. People can influence the feelings, thoughts, and behaviors of others through social power. Six types of social power can be mentioned: reward, punishment, information, expertise, identity and legitimate power. If we want to examine it in the context of cryptocurrencies and phenomena, we can say that the powers of information, expertise and identity are quite effective.

In Information Power An agent of influence changes the target’s behavior by providing desired information. For example, RENDER offers users high-performance, decentralized GPU processing power and greatly increases functionality in many fields, from digital media to the world of gaming. It has been at the forefront of many fields such as virtual reality for years. It is backed by many big companies.

The seductive power of information

By providing you with the detailed information above, I have harnessed the power of information. I talked about the functions of RENDER in the field, and if you think that projects like high GPU power, artificial intelligence or virtual reality might be useful in the future, you might be inspired by the information I gave. are The catch at this stage is this: you don’t need to know about these issues to be influenced by the information presented. Even random information can influence us, we will discuss this issue in our article about cognitive shortcuts.

Similarly, some influencers may provide information about products that are not genuine or advertise with fancy wording. As can be understood, while the power of information can be beneficial when it comes from the right sources, it can also harm you because you are very susceptible to influence in an area you are not. know Considering that many people, especially in Turkey, lack media and financial literacy, it can be assumed that they will not research the information presented and believe what they read on Twitter. Will invest. So, you need to be careful about this issue and don’t believe everything you read, research the source, and also ask the people who provide this information.

Finally, some crypto-phenomena provide this information through a token economy, while others can take advantage of information power with very simple examples. For example, we’ve referred to PEPE as “The New Doge and Shiba” several times. Considering that the respective memecoins don’t have a project and are just community coins, even this information will suffice.

In expert power An agent of influence shows the target how he or she knows information that the target does not, and influences that person’s behavior through his or her knowledge and experiences. In the simplest example, playing the role of a dentist in a toothpaste advertisement means that the power of expertise is used. When presented with certification, its effectiveness increases. For example, having a diploma in dentistry behind the person in the same ad gives extra credibility.

Serving as a diploma Income tables

When we examine this in the context of cryptocurrencies, we see that many of the phenomena are educational content as well. In the training they sell, they are actually trying to show people that they are experts on the subject, how they base their investment decisions, and why they should listen to them. Similarly, a common method used by influencers is the sharing of income statements. The relevant income statements may be referred to as their “diplomas”. A person who sees phenomena earning so much tries to do the work that person does and attends training, thinking that if he were not an expert in that field he would not be able to make so much money. .

Finally In the power of identification An agent of influence changes the target’s behavior by signaling that the target identifies with him and can be a role model. Congruence between the person identified with and the target audience is very important. An already rich person who doubles his wealth with crypto doesn’t have the same impact as a person who was poor in the past but his life changed after he met crypto and became very rich.

Expressions that emphasize “I was like you in the past”

As a personal comment, in my opinion, the main reason people are attracted to phenomena is the power of identification. Because some phenomena (I won’t name people to avoid suspicion, but you can guess) keep insisting to people that they were in the same position as them, that after they started investing. became rich, and that they opened their eyes. Make 50x-100x from one coin for a totally different life.

Considering economic integration in Turkey “Someone like them (from the masses, whose financial condition is not so good)” A person who sees that he can become rich by investing tends to try similar methods. If you remember the example we gave at the beginning, identifying your friend who makes 10x profit from coin A and thinking that it is you instead is very motivating to invest in this sector. is Moreover, doing this without doing anything, just pressing the “buy” and “sell” buttons makes one even more excited.

Personal research is required.

To summarize, crypto-phenomena exercise the forms of social power described above, consciously or unconsciously. The most important thing we should pay attention to is to be aware of them and purify our investment behavior from these influences. You may choose to buy coins offered to you by someone, but you should research the personal history, knowledge, information they provide and the sources of information of the people making the offer. You have money at stake and maybe even a balance you’re saving for the future. Investing is not a game, so you should actively monitor and research what you invest in.

This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.

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