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Trash Ditch: When the Media Lies About Crypto

5 min reading

The media seems to be really determined to tarnish the image of cryptocurrency an industry known for its rapid development and its intricacies.

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Nobody said it was easy to understand crypto - the technology is complex, the jargon is impenetrable, the interface needs improvement. It's quite difficult to make a transaction for the first time without your trust - the media, your artist - bothering you with fraud or misinformation.

Specialized cryptocurrency users have mostly learned how to set this up, but for those outside of the Citadel or Crypto City, a lot of the information they consume is a real trash can. I mean dubious promotion by coin and content creators looking to benefit from crypto with deposited permits. There is a lack of quality information about this burgeoning industry that has enough money and intrigue to attract the attention of Average Joes - a flaw that traders are all too happy to take advantage of.

What happens in the trash can rarely reaches the edge of mass crypto. It's happening in the funniest of places, far from the eyes of savvy observers, who typically focus on arrogant conversations about regulation, venture capital, and everything else that's trending right now, like irreplaceable tokens (NFTs), but it's happening there, in public. What if you dig a canal? As a pioneer in digging trash cans,

I found two types of debris piling up:

  • red cover shadows  
  • influential people on YouTube.

Let's start with the red layer. Red Tops is a cheap and popular tabloid. Most crypto watchers get their news from a combination of news websites, crypto twitter and telegram groups. That means they don't pay attention to the fact that Safecoin is important enough to have its own share in The Express. Or The Sun devotes most of its coverage to the Shiba Inu. While serious people spend their time debating whether journalists should own cryptocurrencies or buy cryptocurrencies smart people make Average Joe the next Dogecoin clone.

Unfortunately, this practice sometimes even extends to prestigious institutions such as the British Broadcasting Corp. Finally, the trash pit is filled with a gulf between those who know their roots from the referees, and those on a day trip who are just visiting and may not know all the tourist traps. Most of the trash that fills the trenches consists of scams involving influential people on YouTube. They seem to have almost completely escaped the attention of the crypto media. Logan Paul (5 million subscribers), for example, explicitly agreed to a "shitcoin" (his word) called Dink Doink, which trades at $0.0000000045 and appears to have been simply handed over by Paul and the developers as if it had never been happened.

For Paul fans, that now means crypto: a pumping and dumping scheme where everyone thinks: "Well, that's just crypto!" You won't be surprised to learn that Paul also created an NFT project called CryptoZoo which is so lazy that it uses stock images instead of real art. Perhaps the most impressive example of YouTube's cryptocurrency – and there are many to choose from – is the Save The Kids coin. The coin in the crypto version of Mad Max, the Binance Smart Chain (BSC), is donated to charity and backed by an impressive list of influential people on YouTube, including four members of the FaZe Clan, a professional esports and entertainment organization. . At launch, most of the influential people involved were directly selling their tokens or “making” consumers. This caused enough scandal that the four members involved were removed or fired. This only happened because of the persistent investigative work of YouTube detective Coffeezilla. Coffeezilla is also known for covering scandals near home, such as its videos on Tether (900,000 views).

For an entire generation that gets their content off YouTube, crypto is more like exposing Coffeezilla than growing a vibe at a Web 3 conference. Cryptonews is when your celebrity character rains down on you the day after you learn how to use PancakeSwap. What does the trench say about modern cryptocurrency business? The mining phenomenon is almost certainly a by-product of the wider inflection of the cryptocurrency ecosystem. Today it is impossible to cover the industry holistically. Journalists, researchers, and critics must choose their recordings. There they deepen this specialized knowledge until the point of entry is lost.

This put Average Joe in a precarious position. To enter the Citadel (or Crypto City) you must first cross the moat, but the path is dangerous, the support beams are weak. If they fall, they can be swept away never to be heard from again. They are still in cryptocurrency, but in a distorted version of the late-night casino filled exclusively with speed freaks and scammers. And really, what comes with the garbage ditch is a hoax of the old belief, a pig in a hole. In this scam, swindlers appear in the village and offer pigs in small bags (snouts) at a discount. Blinded by the lure of getting cheap pork, someone is sure to buy one soon - before someone else does! - before you check the bag. The swindler escapes and the farmer opens the sack to find the cat ("let the cat out of the bag").

 

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