The fall in value of Meta and PayPal is caused, among other reasons, by their bad reputation.
Society acquires products with more awareness than before and does not allow itself to be subjugated.
Bitcoin was not born between barricades and cannon fire, as the French Republic did in the 18th century revolution. However, it did in a tumultuous era, where torches are also raised and hymns to freedom, ethics and justice are sung. equality. Or rather, tweets are launched that go viral, furious opinion articles are published and people stop buying products from certain brands with the aim of a greater good. Yes, it is the time of the “funas” or “cancellations”, where the “bad guys” are made to pay and society is more aware of the power of their voice.
Some may be against these displays of organized rejection, others will think that it is the just measure that some companies or personalities deserve. However, it is a reality that With the appearance of the Internet in our lives, the world began to articulate itself under new codes of values and forms of interaction that changed the laws of the game.
The individual understood that with his time, support and attention (or lack thereof) he could elevate a project or make it disappear. The interaction began to have more and more importance, since the opinion of the masses moves the markets and even generates pressure cookers in politics. Never had a few unknowns had so much power, and that is why we began to be more selective and exclusive.
People have stopped consuming products simply “because it is what it is” or “because the institution with power in power recommended it to me”, and now they question what are the intrinsic values that this product contributes to social dynamics. And although influencers and advertising still have a great impact on the psychology behind purchases, nowadays more and more individuals consider the possibility of thinking if a product really suits them or if it is aligned with their ideologies.
That is to say, now what matters is the opinion you have about things and the subjective value that we give to them. In this new order, The reputation of a brand or individual is crucial for it to succeed or survive in society. Furthermore, in a world where competition between companies is growing more and more and there are multiple alternatives for different services: the user feels increasingly empowered, selective and ideological. He stops buying out of necessity, because now he relates to the market from his ethical values.
I talk about all this because it seems to me that Bitcoin is one of the children of this phenomenon. The idea behind this cryptocurrency was cooked up in one of the most traumatic crises of trust and reputation ever recorded in modern history. The reason why bitcoin is the way it is, we owe it to the elements that made up the 2008 financial crisis: where the bursting of a housing bubble in the United States generated a wave of distrust in mortgage loans and produced a recession that affected worldwide to millions of people.
In a nutshell, the fact that society confirmed the failed financial system in which we were (and continue to be) unleashed a crisis of reputation and trust that persists to this day. The ordinary citizen stopped trusting financial and banking institutions, assuming that they would only look after their own interests, leaving those who most needed capital helpless.
In the midst of this breakdown, Bitcoin was formed as an alternative that would oppose that system that was crumbling. Based on a series of values that today its users embrace as their most precious asset: a decentralized currency, deflationary, private and resistant to manipulation and censorship. This is what Bitcoin embodies and, in my opinion, makes it the money that is most in tune with its time and with which 21st century society can feel closest.
people trust less and less
This idea has become a certainty for me when I see what is currently happening with the stock market, as well as in social networks. Not only are individuals perceived who despise and question the decision-making of governments or the more traditional financial sectors, but also They are also prepared to overthrow all those companies, products or people that do not fit current needs.
I believe that we have learned to analyze all situations that do not happen from disbelief, and that has given us more and more power and ability to choose what really suits us. An example of this is what has happened in the last month with companies like PayPal and Meta, both heavyweights in their industry that have registered historic falls in their shares.
And what is all this due to? Well, undoubtedly the devaluation of the dollar, political tensions and increased competition have helped to depreciate these companies. However, the bad reputation that they have created in recent years seems to be giving the final verdict. Both Meta and PayPal have had episodes of abuse of power that have not been forgotten by society, the first company for the private data leak of its users and the second for the repeated censorship when closing financial accounts.
These actions have been harshly criticized, since Today’s society is searching for services that treat them as equals, respect their privacy and allow them to make decisions on their own. In other words, they want to be treated as adults in a relationship of equal conditions, and not with a paternalistic State that decides the fate of their children.
Punishment (or cancellation, however you want to tell them) seems to be coming in this 2022. When more and more users abandon their Facebook and PayPal accounts to try their luck in other services that have a more business friendly vision, as well as their reputation still it has not been stained.
Is this the end of Meta and the payment platform, PayPal? Well, it’s too soon to say that, although the blow has undoubtedly been hard. What I do see in this series of events is a pattern of behavior in society. Cancellations are not just staying on Twitter, but investors and users are actively using the power they have as clients. Ignoring is also a form of punishment.
In a society where trust is earned and reputation is vital, services that do not take into account the new dynamics of values that users defend, are companies that will not keep flying for long and that they could even be “punished” with silence. Meanwhile, technologies like Bitcoin, which adapt to new demands and are created based on the values that identify this era, have more chances of success among users and a greater spectrum of acceptance.
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias.