Life Is Too Short To Read Fake Crypto News
Fake news is spreading everywhere, be it family related news, political/entertainment related news or even business-related news. Hence, it’s obvious that there is fake news spreading even in the crypto world.
The websites or even experts related to the cryptocurrency news are in fact guilty for spreading such fallacious or rather unverified news. The reasons behind doing such an awful act are just so many. But they could mostly be widely because of the 2 following reasons:
- It could be a trick by many media professionals, in order to keep the reader or viewer, glued to their websites, videos, newspapers, etc.
- The above point is made clearer by saying that these professionals basically have a strategy to gain more sales.
Three major Examples of the ever-increasing Fake news in the Crypto World
Ethereum Co-Founder, Vitalik Buterin Died in a Fatal Car Crash:
One of the major news that shook the entire crypto universe, was the news on June 25th 2017, which reported Ethereum’s co-founder, Vitalik Buterin, dead due to a serious motor accident.
Obviously, this news proved to be fake when Vitalik tweeted on his official Twitter account. In the cryptocurrency equivalent of posing with the day’s newspaper, he scrawled out some data linked to the latest block, mined on the ethereum blockchain on a piece of paper and took a selfie with it.
Effect- Even though Vitalik proved it wrong, but the damage was already done within the 24 hours. ETH had lost around $4 billion.
New Zealand Prime Minister to Invest in Bitcoin:
In December 2017, New Zealand Herald (not the real nzherald), one of the country’s fake websites, posted on Facebook that New Zealand’s Prime Minister, John Key, had invested in Bitcoin.
He later said, “This is outrageous. People are at risk here, and you’d think Facebook would take their responsibilities seriously.”
The post was later removed.
Effect- Obviously the sellers gained profits for a certain period of time but the Prime Ministers’ reputation along with the people whom he had associated with, were at stake.
Amazon To Accept Bitcoin As a Payment Option:
Another one of the news that made the Internet Crazy was of Amazon accepting bitcoins.
It was found that the fake news is from a newsletter written by James Altucher, who speculated this news.
Effect – Obviously the crypto craze increased but Amazon didn’t bother much.
How to play safe?
The websites or experts fail to realize that they are misleading the public which could harm their complete knowledge about the issue since the people tend to believe them.
So, in order to avoid such fake news, you could do the following-
- Cross check what you read from more than one reliable source.
- Check for sources of information for every content.
- Don’t believe or follow hypes.
- Follow crypto experts on social media websites like Twitter and Reddit.