On March 19, 2018, I posted my article titled, "FAKE CRYPTOCURRENCY NEWS" . To those readers who commented on my post and are now followers, I offer my deep gratitude. In my article, I shared my dismay over the imprecision and inaccuracy often contained in news stories about cryptocurrency. I specifically referenced a piece of mainstream news coverage that was misleading on the subject of cryptocurrency regulation.
Careless or unknowledgeable writers who misunderstand and miscommunicate elements of the ever-evolving regulatory picture for cryptocurrency may do damage to readers who rely to their confusion and perhaps to their detriment on stories written as "news" but which in fact are imprecise and inaccurate statements. Granted, even for many lawyers it can be challenging to parse the double-talk and partially obscured agendas prevalent in public announcements by policymakers. But in fairness to regulators and their national and regional leaders, they are just beginning to get their arms around present and future implications of cryptocurrency and blockchain technology.
Indeed, the entire crypto-blockchain ecosphere is awash with innovative and often opaque technical concepts and dynamics, not to mention the hyperbolic marketing claims made by starry-eyed would-be crypto-billionaires with unrealistic expectations of their own capacities to deliver technical advancement. No wonder it's so easy for writers and readers to get things wrong. Consequently, much of the current cryptocurrency news reporting is, as a product of being in its very early history, destined to be mistaken.
This is not to claim that standards of reporting excellence are unmet only in the cryptocurrency news space. Indeed, these days one may legitimately wonder whether or not there is any minimum quality threshold at all remaining in the media in general. But if the current political situation has taught me anything, it is that in the worst of times the best reporters become capable of remarkable feats of heroism in investigative journalism. The question is, of course, how can a reader distinguish between bad reporting and superb reporting?
One must certainly keep one's wits well in order. In side-by-side Google search results, one finds feckless writings as well as sophisticated analyses, even in highly-technical micro-reporting areas such as the budding G20 policy on cryptocurrency and blockchain. Recent writings about G20 announcements concerning cryptocurrency have varied widely in interpreting possible meanings and potential consequences.
As I was drafting this article, I considered selecting two pieces of "news" -- one terribly flawed and naive and the other rather superbly penned. I thought to criticize the former and praise the latter. I had two such stories in mind. But I elected instead to discuss principles, not to mete out punishment and reward. Every story has an author, and if that author is named, then that author is a person with a reputation at risk. People can be fragile, and fans can be loyal. And I truly believe that the majority of humans act with best intentions though obviously with some degree of self-interest.
There are better things to do than engage in target practice. Isn't it better to cull the gems and discard the trash? Even grossly mistaken coverage can provoke new and useful thoughts in the reader. Rather than concentrate overly much on what is fake and what is real, what is wrong and what is right, what is inaccurate and imprecise and what is accurate and precise, I believe it is essential to bathe one's mind in the miasma of writing that proliferates on the day. Be guided by your intuitive response. Conscious analysis can be corrupted far too easily by deep-seated personal bias.
Trust yourself. Trust your own reading of the coverage of the day, the week, the month, the year. And, perhaps, permit some trust in the insights of those writers with whom you feel a harmonic resonance.
Cheers.
The Great Dane
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CAUTION/DISCLAIMER:
Please do not take any of what is written in this editorial as legal advice (or, for that matter, as advice of any kind). One should always seek advice of one's own legal counsel and/or other relevant professionals.
On the Internet goes a lot of rumors, untruthful news and the like. It is difficult to understand all this garbage and to choose something important for yourself.
There's always a clown on the internet. It is such a huge marketplace and in a marketplace, we can't avoid having some spoiled goods.
It is necessary to impose sanctions on the damaged goods :)
Where there are clowns, there is a circus. It is important we not be a captive audience. Thanks for your thoughts.
Yes indeed. But the process of sifting through the rubble can be illuminating just as it can be maddening.
Before you make bread, you need to sift flour :))
It is true that emotions are the target of the Fake News, and although it is a trendy new term "it" has always existed, it has been called many things, propaganda, marketing, salt and pepper, spin, a new term is used every once in a while. what they all really mean is BS but everyone seems to have adopted a well used tool of control called "political correctness" these may seem like words to the mainstream, but be not fooled, they are much more than just words. Words are powerful spells and can be custom weaponized. Superpowers use words to control everything in the modern world, they use lots of words to construct the very fibers of this era. they call it Data, Big Data. The centralized data giants are the wielders of mass hypnosis, because they take the words we read and write and they use them to predict and control us. They sell us things that trigger subconscious associative memory because it is delivered using your words. The words you wrote or said to your phone or computer. every device you use is actually spying on you.
Thank you Dane for this article which indeed inspires one to take a fresh look at things, hopefully many readers will think about how this confusion is distorting our evolution and maybe consider if it is time to revisit our core values.
Today, most people who read news on social networks suffer from a lack of concentration. And all because on the page in any social network, they expect an overload of content: information comes from all sides, and in order to properly evaluate this information, there is not enough time, nor attention, nor, in fact, desire. That's why fake news spreads as fast and destructive as wildfire.
Thanks so much, grisotti, for your multiple comments. Yes, information overload is one of the great challenges facing humanity every day. Readers often rely on information outlets to choose the stories (and the priority of position thereof). The effect is hypnotic.
Undoubtedly you are correct that huge internet companies solicit and harvest data in order to track and even guide user preferences. As to what often masquerades as the "news", much of it reads more like industry press releases than like neutral reporting. Thank you very much for your insights.
When it comes to crypto or any investments, I would say it's so hard to trust any news specially if it's from mainstream media. Internet could be a good source but of course, there's always some BS everywhere so it's better to be careful. One tip a smart investor should always keep in mind is to "trust your guts", and never forget to DYOR ( Do your own research ). That two things may be enough to get most profit in investing.
Brilliant in their simplicity, the two rules of conduct you espouse ought to be kept in mind. Trust your gut and do your own research. Exactly. Bravo.
Finally I found someone with enough guts to address this issue. There are so many dodgy crypto specialists operating in many click-bait crypto websites. Thus why it is important to do self-study before taking any crypto advice especially from some self-declared crypto gurus out there.
Thank you for your kind words. I have simply observed that there is huge hype in the cryptocurrency space. Some ICO initiators are guaranteeing hefty returns and are acting as if they have deliverables when in fact they cannot prove that they do. It is entirely understandable that regulators are arriving in force to police the bad actors.
I’ve noticed a lot of FUD, which seems to me to be orchestrated to coincide with the expiration of the Bitcoin futures. The latest was the reports that owning Bitcoin could soon become illegal, because child pornography was found on the blockchain. This later turned-out to be completely misleading and none of the pictures in question could be described as remotely illegal. The media outlets were however happy to pass this story around. I’m just watching to see what fake news comes out a few days in advance of the next futures expiration on the 18th April. I’m sure the Binance “hack” will also be wildly misreported.
Excellent observations. I wouldn't be surprised if your predicted correlations turn out to be correct.
Thank you. I'd be delighted, if I were proved wrong, but I can't help but notice the correlations mentioned. On the plus side, the futures could take on a more bullish outlook and, from what I've read, Hedge Fund managers are talking more positively about the outlook for Bitcoin this year. We can imagine the kind of people they're talking to and the kind of inside information they have access to. A few months back, I remember a HFM, whose name escapes me now, saying that he thought BTC would fall to $6k and at the time I thought that seemed unlikely. Now, as I say, they are talking more positively, so I just hope my comments turn-out to be redundant, but it's a pattern that seems to me to be repeating itself so far this year.
Indeed! I was telling someone else about that! Do your own research!
Yes, I believe it's vital to do your due diligence. Thanks for your comment.
fake news are now common issue, we common people often experience it, we should believe ourselves and you are right @thegreatdane
Yes, if you've made it this far, then you've done something right. Taking responsibility as individuals, and making our own carefully-considered decisions, those principles are paramount.
Listen to as many sources as you can but trust no one.
Your remark has real value, yet it may be a bit dark. I do not suggest we entirely repudiate our trust in others. None of us exists on this planet alone. By definition, we must rely on others for many things. But as you point out, it is far better not to rely on a single source of information or advice. We may selectively trust other humans, but is important not to abdicate our own obligation of self-responsibility.
Interesting articles, thanks for sharing. I've smashed the upvote button for you!
The issue is that because this market is based on speculation, news has the ability to damage it whether it is fake or real news.
If you are looking to get hold of some crypto without investing or mining, look into https://www.crowdholding.com. They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.
Thank you for your vote of confidence. You make a subtle and interestingly ironic point: because the cryptocurrency market is inherently so speculative, all stories -- fake or real -- have the propensity to do damage to the reader. I imagine you are quite right. The remedy, I suppose, would be to avoid cryptocurrency entirely. But the topic is a fascinating one, and in some form it seems it will be one of the major waves of the future. At a minimum, a robust education in the subject is, I suspect, a vital tool for self-protection.
good post !!
O.o jajaja
Love reading the posts and insight Keep it rolling ;D
Thanks very much, Jazmin! I appreciate your continuing support and encouragement!
I am new to steemit but I also like his post vibes
Thank you. I am honored.
Love the reminder to "trust yourself", as well as your value for what you refer to as "grossly mistaken coverage". I absolutely agree that even such has the ability to inspire "new and useful thoughts". Great post, thanks for sharing your perspective @thegreatdane.
Thank you, in particular for your mentioning my attempt to see the silver lining. Sometimes, we are called to greater action not by seeing what is right, but rather by seeing what is wrong.
I absolutely agree with you. There is much that can be learned from contrast.
You just buy the damn thing and be patient, this is the patient basically stealing from the impatient here...
as always another great article!!
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