Crypto misinformation is turning into an issue for people new to the game.

[Shenzou]

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.

[Welsh]

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.

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.

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.

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.

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.

[kanayaTabitha]

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.

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.

[yazher]

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.

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.

[Darker45]

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.

[Welsh]

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.

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.

[Coin_trader]

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.

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.

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.

[Kelvinid]

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.

And that is one reason why they fail because they become greedy and misinformed. People think that this was an investment to become rich, they keep that belief until they found it wrong and leave. But for those who clearly understand the risk in crypto, the more they become resourceful and the more they become careful with their actions and decision-making.

Thus, if we are new to crypto investment, we shouldn't be confident enough of what we've know from the internet alone, it sometimes needs to experience and do market exposure just to know how it really works.

[Jawhead999]

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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.

I think it won't help to much, if you search a Bitcoin information on google you'll get many misleading sources and not from bitcointalk. This forum doesn't have enough SEO rank to beat some top sources (e.g. cointelegraph, bitcoin(dot)com etc).

I don't know it's bot or not, but merit amount has an impact to be appeared in the top result if you include "bitcointalk" on search box.

[Cling18]

Misinformation and fake news will always be around us especially in the crypto world where knowledge is an advantage. That's actually the reason why newbies are always advised to do serious research before entering the world of investing and trading. It isn't right to believe in everything that we read online so we should do a long process of learning and discovering.

[tulusikhlas]

Usually the application of this information when a person often does not know where to refer to accurate information. While recipients of information such as beginners tend to prioritize the results of points only. Like most crypto news which only shows profit, on youtube videos, Tiktok and other social media also those who deliberately display profits but do not fully understand crypto flow.

[Kakmakr]

Crypto currencies are ideally suited to the gullibility and greed of people, because the price possibilities are outrageous. People have seen what one tweet from Elon Musk can do to Alt coins like Dogecoin or Shiba Inu .... so their normal judgement are clouded, when it comes to anything Crypto related.

They also saw what happened to Bitcoin's price since it's launch and they are hoping that some obscure token can do the same. It is things like this that are driving the hype and the greed.  

[BITCOIN4X]

Crypto misinformation is turning into an issue for people new to the game.

I want to know Why is this considered a game?

Bitcoin is not a money game and I would never agree that someone would be right enough to call it a game. Bitcoin is a modern payment system where users can easily send money to recipients anywhere and anytime without/ with a much better level of privacy compared to bank transfers. Bitcoin has a good reputation as a currency and bitcoin has also helped users to benefit from other functions. Misuse of functions is a natural thing for irresponsible people because they want profit so that the negative effect will lead to bitcoin. Ponzi investing, other scams in the name of bitcoin are some examples of real money games but that cant be the reason why bitcoin is called a game as it is only misused as an instrument for personal gain.

Newcomers should be well equipped with knowledge before they use their money for investment. Basic knowledge is mandatory for them so as not to fall into misleading investments. There is no reason to even try because losses are real things and can even happen to anyone if you are not careful.

[BlackHatCoiner]

Behind this industry, there's immorality and cryptocurrencies are made in a way to attract people and make them believe they can become richer by investing on them. What happens is that they act at the expense of others.

For example, a millionaire may advertise themselves along with a new token and suggests from their crowd to invest into it. Once the millionaire wants to “cash out” their crypto-belongings, as what most of the millionaires who enter this field want, they'll harm the rest, newly appeared investors who think likewise.

The system encourages this expense; let alone the spreading of misinformation which is usually propaganda.

My advice to the newcomers is: You wanna make some hard cash? At least read what the hell you're putting your money into it. Educate yourself. Don't let others put the fish in your mouth; learn fishing!

[shield132]

I think that it must be a mandatory for those who plan to register on exchanges to pass Cognitive Abilities tests because people buy coins blindly. I don't take seriously someone who buys Shib coin after reading meaningless posts on reddit.

It's just curious, person sees a coin on telegram groups or somewhere else where there are signals whether coin will rise or fall in certain moments and people think that these kind of signals are real. It can be real but after all, it's scam project where the owner / main group is prioritized and you are looked as their puppet. Maybe they benefit you with some signals but some will fail for you but not for them. It's just very funny when one person tells you that he will do all the research, etc just to benefit you and make you rich and then you blindly believe that.

[Natsuu]

Crypto misinformation is turning into an issue for people new to the game.

I want to know Why is this considered a game?

Its all about perspective my friend. Considering something as a game doesn't mean that you can't take that thing seriously. A game is a concept of how you will play your cards the right way to win. And winning in this perspective is earning.

[Kong Hey Pakboy]

Usually the application of this information when a person often does not know where to refer to accurate information. While recipients of information such as beginners tend to prioritize the results of points only. Like most crypto news which only shows profit, on youtube videos, Tiktok and other social media also those who deliberately display profits but do not fully understand crypto flow.

It's not the accuracy of information, it's more on the people that are ignorant and that they disregard or don't do any research first because they think that cryptocurrency and all of it's affairs are pretty easy. Plus, a lot of dumb experienced crypto users overhype crypto to the point that it's a lie already.

[ven7net]

I have seen topics and posts around with incredible amounts of misinformation. Mostly posted by newbies as their first or second post. Most people that have been in the crypto game for a while knows to take most "news" about crypto with a grain of salt. But some people that are newer to it might fall victim to fake information or fake investment "guides" that tell you to invest in some token that is, to an experienced person, obviously a pump and dump or scam coin. A friend of mine who is semi-new to this called me a couple weeks ago frantic, telling me that he had seen a prediction about some random token and told me that he might invest in it if the returns were real. He asked me if he should go for it, and I told him that he looked alot like a scam project. Its a good thing that he didnt put capital into it, because within a week of him seeing this article on the token, the website for it was gone. This is an example of how easily people that are new to this get tricked into losing their capital. Theres really nothing anyone can do about it, but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.

You are right, there is such a problem in the crypto market. The flow of information about the offer to invest in cryptocurrencies is very large and, of course, there is misinformation or, in other words, deception in the flow of this information. Only an experienced player can identify a deception on their own, but beginners very often believe in beautiful headlines and deliberately invest in a scam. To avoid losing your funds, you need to learn to distinguish between real information and deception, but this can only be done through personal experience. You can end up asking for help, but where is the guarantee that you will not be deceived even there.

[Review Master]

Theres really nothing anyone can do about it, but I think the easiest way the prevent scams and slow them down is to educate people that are new to this.

Indeed, there are more fake information regarding crypto and fuds are spreading quickly. But looks like, you're talking about shilling groups where any shit/scam projects are promoted as those will take bullish rally and everyone's will be next millionaires. We can't stop those shillers as they're everywhere and even many of those are on forums to shill projects. So we just need to be aware from those shillings, thus we can prevent any losses, IMHO. 

[The Cryptovator]

It's a common issue, especially on the forum. But it's not hard to verify a subject to the internet nowadays. You can't trust blindly in the internet world. I know a lot of misinformation threads around the forum. But I notice then mentioned there, so others could read it. Sadly we are very lazy. We become conscious after an incident. Before that, who cares?

So just be careful from misinformation spreaders. Don't trust without verifying information. If we don't have enough knowledge about cryptocurrency then spammers could confuse us soo quickly. It's quite important to learn in a proper way regarding cryptocurrency to identify misinformation ad well. Otherwise, we don't know who is right and who is wrong.