Bridging the gap: Crypto users’ sense-making of a historical market crisis
The conflict between cryptocurrencies’ ideological promises and their practical reality has recently become a considerable topic of scholarly discussion. It has been framed in terms of the so-called ‘promissory gap’ of cryptocurrencies – a gap that is founded in the contrast between the promises o...
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| Format: | Article |
| Language: | English |
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DIGSUM
2024-11-01
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| Series: | Journal of Digital Social Research |
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| Online Access: | https://publicera.kb.se/jdsr/article/view/33355 |
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| author | Annika Aebli Fabienne Silberstein-Bamford |
| author_facet | Annika Aebli Fabienne Silberstein-Bamford |
| author_sort | Annika Aebli |
| collection | DOAJ |
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The conflict between cryptocurrencies’ ideological promises and their practical reality has recently become a considerable topic of scholarly discussion. It has been framed in terms of the so-called ‘promissory gap’ of cryptocurrencies – a gap that is founded in the contrast between the promises of a ‘trust-free’ system and actual reality. Yet, while crypto’s notion of ‘trust-free’ money has been heavily questioned, there is little research on how users seek to overcome cryptocurrencies’ promissory gap. Contrary to the promises of being ‘trust-free’ by design, this paper demonstrates that struggles for trust and control represent a focal point of the community interactions surrounding crypto. By drawing upon Dervin’s sense-making methodology to conduct interviews with 28 crypto investors, this study examines how social actors attempt to construct ‘bridges’ over a ‘gap-filled’ reality related to the moment of a historical crisis in crypto. The results reveal crypto’s intricate social embeddedness: whilst unequal power dynamics, distrust, and conflicting interests represent primary elements of users’ struggles in the crypto space, users attempt to restore a sense of control by recalling personal motivations and connecting with like-minded people. The paper provides insights into crypto users’ strategies to construct meaning in a highly uncertain environment and contributes to the discussion of crypto as a socially structured phenomenon.
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| format | Article |
| id | doaj-art-c3459a56df4340fcb89359890e847784 |
| institution | Kabale University |
| issn | 2003-1998 |
| language | English |
| publishDate | 2024-11-01 |
| publisher | DIGSUM |
| record_format | Article |
| series | Journal of Digital Social Research |
| spelling | doaj-art-c3459a56df4340fcb89359890e8477842025-01-15T09:49:10ZengDIGSUMJournal of Digital Social Research2003-19982024-11-016310.33621/jdsr.v6i3.33355Bridging the gap: Crypto users’ sense-making of a historical market crisisAnnika Aebli0https://orcid.org/0000-0002-8209-9950Fabienne Silberstein-Bamford 1Independent Scientist and Affiliate at University of LausanneUniversity of Zurich The conflict between cryptocurrencies’ ideological promises and their practical reality has recently become a considerable topic of scholarly discussion. It has been framed in terms of the so-called ‘promissory gap’ of cryptocurrencies – a gap that is founded in the contrast between the promises of a ‘trust-free’ system and actual reality. Yet, while crypto’s notion of ‘trust-free’ money has been heavily questioned, there is little research on how users seek to overcome cryptocurrencies’ promissory gap. Contrary to the promises of being ‘trust-free’ by design, this paper demonstrates that struggles for trust and control represent a focal point of the community interactions surrounding crypto. By drawing upon Dervin’s sense-making methodology to conduct interviews with 28 crypto investors, this study examines how social actors attempt to construct ‘bridges’ over a ‘gap-filled’ reality related to the moment of a historical crisis in crypto. The results reveal crypto’s intricate social embeddedness: whilst unequal power dynamics, distrust, and conflicting interests represent primary elements of users’ struggles in the crypto space, users attempt to restore a sense of control by recalling personal motivations and connecting with like-minded people. The paper provides insights into crypto users’ strategies to construct meaning in a highly uncertain environment and contributes to the discussion of crypto as a socially structured phenomenon. https://publicera.kb.se/jdsr/article/view/33355Cryptocurrencyblockchain technologypromissory gapcrisissense-making |
| spellingShingle | Annika Aebli Fabienne Silberstein-Bamford Bridging the gap: Crypto users’ sense-making of a historical market crisis Journal of Digital Social Research Cryptocurrency blockchain technology promissory gap crisis sense-making |
| title | Bridging the gap: Crypto users’ sense-making of a historical market crisis |
| title_full | Bridging the gap: Crypto users’ sense-making of a historical market crisis |
| title_fullStr | Bridging the gap: Crypto users’ sense-making of a historical market crisis |
| title_full_unstemmed | Bridging the gap: Crypto users’ sense-making of a historical market crisis |
| title_short | Bridging the gap: Crypto users’ sense-making of a historical market crisis |
| title_sort | bridging the gap crypto users sense making of a historical market crisis |
| topic | Cryptocurrency blockchain technology promissory gap crisis sense-making |
| url | https://publicera.kb.se/jdsr/article/view/33355 |
| work_keys_str_mv | AT annikaaebli bridgingthegapcryptouserssensemakingofahistoricalmarketcrisis AT fabiennesilbersteinbamford bridgingthegapcryptouserssensemakingofahistoricalmarketcrisis |