Coindesk & Cointelegraph give Fake News

[countryfree]

This is worrying because investors need good information and 2 leading crypto websites aren't delivering. I guess they don't have any journalists. They receive press releases, they send them to a guy in Asia (they probably found him on Fiverr?) to rewrite it somehow, and they publish it without understanding anything.

This is exactly what they did in the following 2 articles:

https://www.coindesk.com/crypto-traders-who-lost-big-in-poloniex-flash-crash-receive-bitcoin-refunds

https://cointelegraph.com/news/poloniex-will-reimburse-135-million-loss-from-clams-flash-crash

I'm a victim here. I've lost more than one BTC in this 1,800 BTC affair, which I explain in this topic.

Coindesk and Cointelegraph are both saying I will get my money back, but I won't, nor will anyone. It's 100% fake news, and Poloniex knows it very well. That's his plan.

What Poloniex has been announcing is that to all people who have had their money stolen, Poloniex offers all trading fees. That sounds like a nice gesture, except that trading fees for a maker is 0.15% at this exchange. As anyone can imagine, to get 1,800 BTC back from a 0.15% fee, that will take a lot of trading... And actually, no trading will happen. Because, as everybody affected, when I discovered that my coins were gone, I quickly withdrew what was left of it. Hey, when you see that your coins disappear, you don't leave them at an exchange you cannot trust!

So Poloniex won't have anything to pay, and that's what Coindesk and Cointelegraph should have they have said, if they had understood anything about the issue, or if they had any will to give good information to their readers.

[zviadits]

This is not the first time I've met people who lose money due to crypto media publications. It annoys me especially when FUD is published, and I also hate bitcoin predictions. Many people believe this without even suspecting that this is a lie or unverified information.

[countryfree]

Fortunately, I'm not a victim of misinformation myself, but I've created this topic so that people won't become victims. Those 2 articles give a white hat to Poloniex, it certainly doesn't deserve it.

Now, I'm not familiar with Coindesk or Cointelegraph, but I certainly won't become one of their readers, now that I've seen that they're publishing fale news.

[PrimeNumber7]

I would not call this game news. If you are trading using their platform, you will be credited back anything you pay in trading fees towards what you lost. If you are not trading, you would not receive credit for fees you are not paying.

The blog pose also said they are exploring other ways to potentially reimburse lenders for *the lenders’* losses.

There is obviously counterparty risk when margin lending. Otherwise exchanges would use customer deposits to fund these loans.

[countryfree]

I would not call this game news. If you are trading using their platform, you will be credited back anything you pay in trading fees towards what you lost.

You must do the maths here. I would have to make more than 10,000 BTC worth of trades to regain what Poloniex stole from me, so it's not gonna work (and some other guys have lost 40 times more than me). The redactors at Coindesk and Cointelegraph should have seen it if they were professionals.

[gentlemand]

Coindesk are owned by Digital Currency Group. Cointelegraph is supposedly owned by the people behind Bytecoin/Freewallet/Changelly and others.

That means neither are our buddies and they're not going to publish anything that goes against their interests.

I know for me at least this is the first time I'm deeply versed in a subject that's regularly reported by the media so I know most of the stuff they spout is vapid junk and sometimes outright misleading. I hope it's better on other subjects but I'm not holding me breath.

[drumamat]

Coindesk are owned by Digital Currency Group. Cointelegraph is supposedly owned by the people behind Bytecoin/Freewallet/Changelly and others.

That means neither are our buddies and they're not going to publish anything that goes against their interests.

I know for me at least this is the first time I'm deeply versed in a subject that's regularly reported by the media so I know most of the stuff they spout is vapid junk and sometimes outright misleading. I hope it's better on other subjects but I'm not holding me breath.

I do not want to somehow justify these 2 editions,but it seems to me that in addition to them there are also many publications that can lead to human error.The whole Internet is trying to mislead everyone.And nothing strashnogo.Our task is to filter and analyze the content to avoid mistakes.

[pooya87]

all the news sites publish crappy not-researched articles. some of them more than others, these two are among those that publish less crappy articles at least.

as for the case with Poloniex, it seems to me that they are just publishing whatever that Poloniex is publicly claiming, and the article i read on Coindesk is clear about it. whether this exchange owners are lying or not is another matter. in other words the article is not saying you will get your money back, it is saying the exchange has claimed to be giving it back.

[Jating]

If you have been visiting the Press and see that someone posted an article coming from those two sources, you will have an idea that crypto journalism is really one of the worst out there.

That's why when I see news coming from them, I take everything with a grain of salt and would rather do my own research and go to the actual source. If you can't find any source then those articles are paid to create shills around the crypto community. So everyone should not believed everything here because majority of the authors are misleading their readers.

[Kasabus]

News outlet are not so reliable compared to Poloniex itself, medias in general are not transparent, they could publish fake news in return for money.
I think you should just based on the statement directly coming from Poloniex alone if there is, not from the media outlet that you can't trust.

[countryfree]

all the news sites publish crappy not-researched articles. some of them more than others, these two are among those that publish less crappy articles at least.

If you have been visiting the Press and see that someone posted an article coming from those two sources, you will have an idea that crypto journalism is really one of the worst out there.

Yes, this is really frightening. There's no such thing as crypto-journalism. Websites receive press releases from big fishes like Poloniex, and they publish whatever the big guys are saying. I had no idea it was so bad.

There's more:

https://coingeek.com/poloniex-using-trading-fees-to-repay-18-million-in-lost-btc/
https://thenextweb.com/hardfork/2019/08/13/poloniex-bitcoin-margin-trading-cryptocurrency-clam-tokens-fees/
https://bitcoinmagazine.com/articles/poloniex-reimburses-lenders-affected-by-crash

But you don't need to read any of them, as they're all saying exactly the same thing: what Poloniex said.
Somehow, this is showing me that there's a business opportunity there: doing real journalism related to crypto. Because that doesn't exist as of today.

[gentlemand]

Somehow, this is showing me that there's a business opportunity there: doing real journalism related to crypto. Because that doesn't exist as of today.

I remember one site attempting this, I think it might have been called Coinfire, and the geezer running it was doing crazy shit like actual research and questioning the stuff he'd been fed which didn't make him popular. He was moaning about not being able to make it pay and threw in the towel.

Let's face it, most people involved in cryptoland are stupid and greedy. There's little room for interest in intellectual rigour or truth.

Follow people you respect on Twitter. Anything beyond that is likely to be crap no matter what.

[eternalgloom]

Somehow, this is showing me that there's a business opportunity there: doing real journalism related to crypto. Because that doesn't exist as of today.

I remember one site attempting this, I think it might have been called Coinfire, and the geezer running it was doing crazy shit like actual research and questioning the stuff he'd been fed which didn't make him popular. He was moaning about not being able to make it pay and threw in the towel.

Let's face it, most people involved in cryptoland are stupid and greedy. There's little room for interest in intellectual rigour or truth.

Follow people you respect on Twitter. Anything beyond that is likely to be crap no matter what.

That's what you get when pretty much all major publications charge thousands of dollars to publish glorified press-releases, while hiding that they're doing that.
It becomes the norm and then it's strange when you've got other websites that want to take a different approach.

Still, it should be possible to monetize your website without accepting paid op-eds, it's just way more difficult

[gentlemand]

That's what you get when pretty much all major publications charge thousands of dollars to publish glorified press-releases, while hiding that they're doing that.
It becomes the norm and then it's strange when you've got other websites that want to take a different approach.

Still, it should be possible to monetize your website without accepting paid op-eds, it's just way more difficult

Crowd funding proper journalism would be interesting, though I've no idea how you'd do it safely or recruit competent writers.

If there's one thing this space needs more than anything it's informative objectivity. There's money on the line and thousands of pricks who want to con you out of it, including most of the 'news' sites one reads.

[Slow death]

I'm usually a guy who criticizes these bitcoin-related news channels, but today I come to defend them because I don't think they're wrong

https://cointelegraph.com/news/poloniex-will-reimburse-135-million-loss-from-clams-flash-crash

see:

Cryptocurrency exchange Poloniex has announced a scheme to reimburse users affected by a flash crash in May, which led to total losses of around 1,800 Bitcoin (BTC). In an Aug. 13 blog post, the company pledged to repay daily trading fees (in BTC) to impacted lenders until their losses are fully recovered.

cointelegraph posted poloniex's announcement: https://medium.com/circle-trader/lending-pool-loss-update-2-trading-fees-are-now-being-credited-to-impacted-lenders-more-actions-dad6840298ef

Of course there are cases where they post news that in some ways are news that it seems they haven't done the proper research

[Mandoy]

I dont think it was coindesk or cointelegraph. These two news websites have nothing to do about the fake news but rather they are honest about their news. They got their info from poloniex team who posted an article on medium ( https://medium.com/circle-trader/lending-pool-loss-update-2-trading-fees-are-now-being-credited-to-impacted-lenders-more-actions-dad6840298ef ) . And so I guess the one who is making the  news isnt coindesk or cointelegraph but rather poloniex itself. Poloniex made a promise to the victims and they post it on medium and even distributed the news to coindesk and cointelegraph.

Also regarding their action on affected lenders, the time frame they set to help is "somewhere later in August". This means that we can say that it is a fake news if Polonies fails to deliver their promise during this month of August. So far it is only August 15 and we still have 16 days to go to wait and see if they will really comply.

[Nadziratel]

Unfortunately, one of the biggest problems in the market is the lack of reliable and significant data flow. There is too much misleading and manipulative information pollution over the internet. When it comes to money, it is normal for everyone to provide misleading information for their own interests.

[slaman29]

Feel really sorry for you my friend, but there you have it, people just publish what they're paid to do. But I think you shouldn't disrespect the business. If it was a PR, it will surely have disclaimers saying it is a PR or paid content. Hopefully some journalist does reach out to affected users like yourself. I think it's quite stupid to waive fees... so you lost 1 BTC, to gain it back you have to make how many BTC in trades? This is ridiculous.

[audaciousbeing]

Fake news is an epidemic that can destroy anything. Even in our socio cultural relationship, fake news can destroy existing relationship and the amount of time the people who make up such stories one begin to wonder why such cannot be devoted into proper reportage. We have seen fake news led to civil wars in many countries. The good news about the art of journalism is that one can sue any news house that allows its platform to be used for such reporting but in crypto, everything goes without anybody to be made responsible.

Even though we are likely not to do anything about it, it should be condemned by every concerned individual in the crypto hemisphere so they know the implication of half baked reporting.

[pawanjain]

This is worrying because investors need good information and 2 leading crypto websites aren't delivering. I guess they don't have any journalists. They receive press releases, they send them to a guy in Asia (they probably found him on Fiverr?) to rewrite it somehow, and they publish it without understanding anything.

This is exactly what they did in the following 2 articles:

https://www.coindesk.com/crypto-traders-who-lost-big-in-poloniex-flash-crash-receive-bitcoin-refunds

https://cointelegraph.com/news/poloniex-will-reimburse-135-million-loss-from-clams-flash-crash

I'm a victim here. I've lost more than one BTC in this 1,800 BTC affair, which I explain in this topic.

Coindesk and Cointelegraph are both saying I will get my money back, but I won't, nor will anyone. It's 100% fake news, and Poloniex knows it very well. That's his plan.

What Poloniex has been announcing is that to all people who have had their money stolen, Poloniex offers all trading fees. That sounds like a nice gesture, except that trading fees for a maker is 0.15% at this exchange. As anyone can imagine, to get 1,800 BTC back from a 0.15% fee, that will take a lot of trading... And actually, no trading will happen. Because, as everybody affected, when I discovered that my coins were gone, I quickly withdrew what was left of it. Hey, when you see that your coins disappear, you don't leave them at an exchange you cannot trust!

So Poloniex won't have anything to pay, and that's what Coindesk and Cointelegraph should have they have said, if they had understood anything about the issue, or if they had any will to give good information to their readers.

Well that must be really sad to lose such a big amount. The scheme that Poloniex have announced definitely sounds like a shit one.
Reimbursing the amount through trading fees sounds like a terrible idea to me. Why would a person invest such a huge amount into the same exchange which was hacked.

The article also said that Poloniex had reimbursed 10% of the lost amount i.e. 180 BTC and distributed it proportionally to the investors.
I wonder if that's true. Did you get the 10% of the lost amount?