I’ve noticed lately that every highly upvoted post here seems to be misleading or even blatantly incorrect, so I thought I’d actually go through some of them to see if the pattern held up. I know it’s a small sample size because I don’t have a ton of time, but I went through the top posts from the past week and picked ones claiming to be some sort of news or analysis on a specific thing or event. These posts are:
Lets start with the first post. An event happened, but that’s about all that the post got right. They implied it was recent news, when in fact it was 18 months old, and then got all of the circumstances and facts wrong. Read here if you want the actual story. Misinformed hit pieces like this are bad for the community, especially when everyone believes them.
The second post is more fear mongering. The OP claims that this new regulation will hamstring defi, making it unusable. The regulations literally don’t even apply to defi because the whole point is there is no single entity. You are interacting with an algorithm, and algorithms don’t have social security numbers. Again, there is literally nothing to worry about here. If anything, its a positive because it shows that the United States is on its way to adoption by recognizing crypto as an actual currency, not just a speculative asset, or worse, a security.
Post 3 tries to convince readers that the new reddit initiative is extremely bullish and will result in hundreds of millions of new crypto users. It ignores that these “cryptos” will all be worthless shitcoins controlled by reddit, and that most people probably won’t even care. Even on r/cc, a subreddit explicitly about crypto, many people don’t even know or care about the native currency.
The last post discusses historical returns of top performing crypto’s. While the information is correct, it is a misleading data set, because it doesn’t consider all of the thousands of failed coins. It seems to be leading people to invest in ico’s by only showing data where the coins are wildly successful, and all you have to do to get rich is buy into an ico. However, many of these are scams and its difficult to pick out for yourself what is what when they are so new. And on top of that, actually participating in them is often difficult, and prices will drop dramatically as soon as retail is actually able to buy in due to dumping of pre mined coins.
In conclusion, 2 of the 4 posts were misleading, and the other 2 were pretty much just wrong. And yet, the posts have almost 25k upvotes between them. If you are getting your daily or weekly crypto news in this manner, and didn’t actually DYOR on these stories when you read them, you will most likely now have 4 incorrect or mislead opinions, and you will lose money and hurt the ecosystem because of it. There’s nothing that anyone can really do to fix this; its up to individuals to think more critically about what they read and check other sources