Topic: Crypto misinformation is turning into an issue for people new to the game. - page 4. (Read 589 times)

Maybe a solution is to adopt a top answer feature in the forum. Let's say there's a misleading info thread, A bot can automatically choose the best answer based on the merit received of a certain post just like on Quora which really help user to filter the quality answer out of the garbage post.

That's the problem that's trying to be highlighted here. People can do all of the research that they want before investing, but the issue is that there's a plethora of misinformation out there, and for someone who's new to investing in cryptocurrencies they likely don't know the reputable sources, and they can't exactly validate any new information they've read. This is the problem, while there are quite a few resources out there which try to minimize this, it's hard because new users are likely to be more encouraged to click the click bait titles, that the misinformation usually deploys as a technique of spreading the misinformation.

This has been a problem ever since. And, admittedly, this is hard to combat. For as long as the crypto market is showing proofs that it is indeed possible for a token to grow double or triple in price in just a matter of days, there will always be people who will risk investing in unknown tokens. The risk is always high but since the reward is also high, there will always remain some who will take the risk. Education would help, of course. But when it goes contrary to what some have actually experienced, its effectivity would lessen.

That's why it's highly recommended to everyone before trying to invest, they need to make their own research and minimize the possible loss by investing only some small amount just to gather experience. not to put everything in one time thinking that it will double in the next week or month. seriously their not investing at this rate, they're just doing some suicide mission where all their money has been put on the table. they are prone to lose everything if this is the case.

I think this is the purpose of the scammers making newbies who don't aware with scam news got trapped by them and make profits to them, if we look back at the history we could see the pattern if crypto price created new all time high there will be a lot of fake news or scam after. Why ? it's because the scammers knows when crypto price create new ATH means there are a lot of new investors who can get tricked by them and that's why there will be a massive drop after all time high.

From Bitcoin's very inception there's been gross misinformation even from supposedly reputable news sources. I have caught, and observed the BBC promoting misinformation or even scare mongering from using Bitcoin, based on loosely based accusations, without any substance. I found that instead of taking the responsibility themselves they were quoting other articles from tabloid's in the British Media, without actually verifying their claims. Instead, they were using words such as supposedly, or claimed probably to cover their arse if someone actually challenged their points. Though, by simply sharing or reiterating the point of their media, they were convincing their readers to stay away from Bitcoin, as they should know that the general public consumption is based on the title, and potentially a few sentences in the first paragraph of the article, and even when their readers do read the entire article they usually aren't actively approaching it with a conscious mind, and won't identify the type of language they are using, like the ones I outlined above; claimed, and supposedly.

Point being; Bitcoin has always struggled with misinformation, and I find this is the biggest roadblock when I have discussions about Bitcoin with others; they always seem to bring up past articles that the BBC, and various other news sources had written up, usually trying to paint Bitcoin in a negative light, and when that's already embedded in their minds, it's hard to convince them otherwise.

Potentially, I would argue that more, and more people every day are becoming aware of how the news, and other sources of information are pushing some sort of agenda. Plus, we have a plethora of archive websites, and fact checking websites. I'd like to think, and I do believe it's the case that people are becoming wise to it.

They probably do exist to some extent, although the rich prime scam is a pretty commonly talked about scam, and probably isn't even that effective when it's involving fiat currencies these days. Though, there are definitely more sophisticated scams circulating about both in cryptocurrencies, and fiat. Bitcoin years ago tended to appeal to a certain crowd, and while it's stereotyping to a degree, I believe it was somewhat true that in the early days Bitcoin appealed to those that were interested in computers, and cryptography, and therefore they were at least a little more resistant to the more obvious scams. However, as Bitcoin becomes more of a mainstream interest, then the potential for scamming increases.

With the increase of the amount of information that we are getting in this day and age where the whole world is connected by a small click of the button it is obvious that we will be getting a lot of information that are useless and a lot of information that are used to scam or mislead others, and this is not specific to crypto or bitcoin, and if you are on the internet you should obviously know where to get your information and how to check their credibility so you don't fall into the trap of scammers.

But how can we educate people other than centralizing information?

Unless we all get together and create a Wikipedia of sorts misinformation will always happen

Newbies are very vulnerable to scam. They don't know basics and I agree with you that basic websites like coingecko or coinmarketcap are what newbies have to know if they are serious with their capital and investment in crypto market.

https://coinmarketcap.com/
https://www.coingecko.com/en

The forum is good because here you will get many reminders that shit altcoins are bad for investment. I ignored those reminders but after a few years, I realized their value.

This has been a problem for years. I remember talking to this guy who considered investing in some random altcoin, and he didn't even know there were websites like Coingecko that allowed to see the market capitalization and other crucial data about various cryptocurrencies to make up one's mind. Some people who invest in altcoins don't seem to understand how many other altcoins are offering the same stuff, and it keeps working even though there is a lot of information about cryptos online. But overall, I think this forum is a very helpful place for newbies because they can ask about coins and there will almost always be someone to tell them that it's just another shitcoin.

It's literally a thing in anything really, whether it be a type of investment, a community heck even a game could have misinformation, just that the damages dealt is different from each community. Damages in crypto scene is pretty much as big as the amount you actually invested, and that's pretty big imo. Mostly because misinformation comes from people being scammed instead of the market actually destroying them. Pretty sure getting destroyed by your investment is a lot a better option than getting destroyed by scams.

there's lot of frauds actually reason there are some people that can obtain wrong information especially newbies which is always the main victims around the internet and probably even here in forum. And it's not surprising in my personal because of greediness of some people in crypto, they all think it's all about free money and through easy work they can earn good amount of crypto. I mean without doing any research to obtain specific information, common reason they always fell to scam activities from frauds. They don't have consideration for short.. Lol

It turns out that having free capital is also dangerous . Those who have it must learn to properly manage their assets. Since scammers often write about a limited offer, the speed of decision-making is important to them. And who can fall for their bait? Someone who has money ready to invest.
Some begin to think and check, while others, due to the fact that the "supply is limited", are in a hurry to part with the money.
 To misinform people about a product or project, scammers do not spare advertising, and people who can be easily seduced react the fastest.
Older people trust scammers, hoping to secure their old age. Young people have heard a lot about the ups of some people who were able to get rich on the growth of cryptocurrencies, they believe in miracles. If a person is desperate for money, they can easily fall prey to deception. And about greedy characters is simply not worth talking about. Some don't even learn from their mistakes.

Unfortunately, this is the market we will in, there are so many scammers around who will take advantage of anyone, like promising good money as ROI. But as we said here, if it's too good to be true, probably is. So let this be a a lesson for newbies not to blindly invest their money on such projects that tells that investors are going to get X amount of returns. Everyone needs to work hard if they want to earn a good amount of money here.

these misinformation is caused by FUD's and other uninformed people spreading fake news, the only way to combat this is to research real information about cryptocurrency, there are many articles in the internet that explains what cryptocurrency really. don not easily believe the heresay of other people especially ones that don't really know what cryptocurrency is.

My question with misinformation, is whether it can encourage people to develop critical thinking skills and a knowledge base which makes it harder for them to be deceived.

I haven't heard of many nigerian prince schemes in crypto. Those scams mainly target the elderly, while crypto's average userbase is composed mostly of young people. Part of the reason the elderly are targeted for scams, could involve them growing up in a world without misinformation or the scams we have today. Which led to them not developing defenses against it.

The youth of today being exposed to greater disinformation, could sharpen their critical thinking to where they wouldn't fall for scams, previous generations would.

Topics like misinformation may not be completely one sided. But rather an arms race. One where disinformation, and defense against disinformation, are both progressing in an effort to outdo each other.

Every information, speculations or predictions that we see, it has to be verified first before believing them. There are really a lot that will misinform especially the newbies.
Because they're too easy to fall for those sweet words and promises and that's why they're also the main target of these people who shares misinformation.

I dont know how to predict altcoins or new project tokens which is I don't have time with them, all I know is how to predict Bitcoin and how I trust this coin.  People must do diligence before putting investment and don't believe what others say, you should have your own research especially those altcoins that most commonly will fluctuate the price every now and then or manipulating as a fraud of pump and dump group.

This isn't a game but rather than I consider it a sort of gambling, the real fact is, cryptocurrency's price movement is unpredictable no one knows when it will go or any direction, unlike if this is manipulated.

After all, you've got the answer.
It's all about us and as I said, when it comes to financial matters like investment, we should have our own research and we don't need to rely upon others opinions to avoid misinformations.

Crypto market will always be full of scams, it's easy to create a shitcoin, bribe some small unregulated exchange to list it and then hire shills to promote it. Or even skip step two and just sell it as a token on Ethereum blockchain. This is a lot like penny stocks but even more wild and unregulated. It should be a common knowledge to not trade small altcoins, but like with gambling, some people believe that they have luck and skill on their side. That until they lose their life savings on a stupid bet.

This will always be part of the market, what happens is that people come to this market thinking about all the profits they can make and they do not think about the philosophical approach that satoshi took when creating bitcoin, the phrase ‘being your own bank’ is not an empty slogan of bitcoin, it is the reality of every single bitcoin holder.

We are our own banks which means that all the responsibilities that banks traditionally took to protect our money now fall under our responsibilities, which means that newbies which are easily mislead by fake news invest in those bad projects thinking they have a safety net as they do with traditional banking when that is not true, then they lose their money and get disenchanted with the market when it was themselves which failed at their jobs of securing their coins, so while it is disappointing this still happens I do not see this changing anytime soon.