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Crypto news and articles: for your benefit or someone else?

2017-12-20, Michael Thompson

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Crypto news and articles: for your benefit or someone else?

It's no secret that there's a significant amount of fake news and misleading information on the internet. However, this is more prevalent when it comes to cryptocurrency-related information, including websites near the top of major search engines. There's a lot of money to be made by convincing the masses to buy or sell, and people are after that money!

One of the most prominent examples was a smear campaign launched by Bitcoin Cash (BCH) supporters against Bitcoin. They posted messages on seemingly reputable websites that Bitcoin was being abandoned and replaced by BCH. Thousands of people panicked and sold their Bitcoin. People continued to sell as the price dropped significantly, many suffering huge losses. Without careful attention and due diligence, it would be extremely easy to fall into this trap.

Similar fake news campaigns have been launched against Ethereum, stating that specific technical issues were insurmountable or that key developers were leaving the project. Some of these articles were top results on major search engines, so don't think search engines can protect you from misinformation. Perpetrators often spread their message to multiple websites, so don't assume something is true just because you read it on multiple websites.

Of course, not all the misleading articles are malicious. There are articles (tweets, blogs) from enthusiasts that, although not malevolent, may paint an overly positive or negative picture from the authors most recent emotions. While this is true of virtually any subject you research, it's more extreme with cryptocurrencies. Some authors have made (or lost) millions of dollars in crypto investments and hence can be extremely exuberant (or negative). We recommend second guessing what you read about crypto and think for yourself if the arguments are reasonable and consistent with available facts or data.

The point I tried to make here: don't be overly influenced from the opinions you read. There are some well-documented facts for and against purchasing cryptocurrencies, which could be used as a guide for formulating your own opinion. There are also logical arguments for (Charlie Lee) and against (Warren Buffett) cryptocurrencies by wise, well-respected individuals.

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