Crisis Management In Crypto | Navigating Challenges and Ensuring Resilience

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Crisis are an unpleasant event that do happen or might occur due to some negligence or bad decision making, the major reason crisis do happen is when there is money involved especially when it is been mismanage. This event don't always bring anything good at all, once it happened in a business or company, it will take grace and good decision making/strategy for such company, business to bounce back up. When it come to crypto, this crypto crisis is actually very common, most crypto project owners have no idea what they are going into, no purpose or they are just following the trend especially during bull run markets. At first due to their marketing awareness, they will succeed at first and along the line, things will start falling apart based on one bad decision implementation or due to greediness.

Since I joined the crypto space, I have seen lot of crypto projects failed woefully with no hope of coming back to live unless they have to change the whole projects details because once it occurs, people will make sure they don't go back to such project again especially if they lose huge amount of money in the process. The First crisis I experience in crypto was the steemit hostile takeover, as a user back then this crisis happened all of a sudden when Ned had to sell steemitdotcom to Justin which most community members was against, since his plan was to move the project to his own tron blockchain, such decision didn't sit well with everyone. Lot of things really happened that period that everyone felt it, we even thought that is the end of everything until Hive platform came up to rectify everything.

The decision made by the developers back then is what I can reckon to as a good crisis management, First of all they had to Identify the problems, there is no way someone can solve a problem without first identifying what actually cause the problem in the first place. Also having a Resilience leadership also help out in this kind of situation, having people who can come together to make decisions that can eradicate this crisis, people with one common aim and purpose, who have experience about such event and how to create solution really help. Also one thing I notice back then, there was Open communication and enough informations been shared by the developers just not to keep the communities in a panic mode, I actually love that aspect and how swift they were in coming up with a good solution almost immediately.

Here we are today, with a blockchain/community that is better in every aspects from the previous one, more friendly with different opportunities embedded in it. At times any time I remember the incident, I do wonder what might have happened if everyone decide to remain silent without putting in a fight to manage such crisis, will the community be as strong as this because right now the previous platform is almost a ghost town.