The Dangers of fake news and information on Cryptocurrency..........

[Donk1]

  Greetings my fellow Nigerians So I was thinking why is it that most times people get confused in their different information and that often causes arguments especially in news related to crypto and various social media platforms So yeah everyday we do research and find some news on cryptocurrency but it is certain that not all are true. With scams everywhere it is best for us to keep our heads up especially on social media because they can just introduce a fake project with an unrealistic profit leading people into a pump and dump scheme. Check out this image:



Click the link to read more on how FOMO and fake news led to the loss of $49k in just 10 minutes.
https://x.com/lookonchain/status/1713920641521660232?t=WJSvrsAHv4ftc9QIADS5xw&s=19


All this set of information are used for various reasons for instance, to draw attention, to mislead people, most especially to spoil the name of anythng that has a good reputation like our Bitcoin. Basically I always wondered why many people in our country Nigeria still don't believe in the potential of Bitcoin That is because of the wrong information that they have been told. And the thing about fake news or information is that it spreads wide and it is hard to tell if it is fake.
That is why when we are doing reserch   we should confirm it and critcally examine if that information is true  To do that we must check the source, look for multiple sources, and we should always be very critical about their headline. Lastly staying informed requires reliable information especially we that are in the Bitcoin talk forum No offense though, but we have to be very careful of the informatron that we bring here as discussion that seems too good to be true so we won't mislead ourselves in this our crypto space.
Thanks for your time folks.

[Hatchy]

Though your post is a bit mixed up, but I'll reply in relation to your title. Alot of times we see many false information online about certain things on the crypto space, that's why it's very important to do your own research. Many people fail to confirm informations and out of fear, they make alot of bad decisions that might not be good for their investments.

Not every news or story we must listen to, basically if you understand the crypto market, you should know sources on where to get reliable information from. Sometimes the information might be valid, but they are old news that had just been reposted. That's why you must confirm every news before jumping into conclusion...

[Ambatman]

Don't Trust, Verify.
This pretty much sums everything
No matter the source, even how reputable it is try and do your own personal research to confirm.
Most times news outlets are just trying to click bait audience and could do anything to bring attention.

I have seen popular news outlets and even accounts on twitter (X)  that has lots of followers
Post that Blackrock are buying Bitcoin
Not even knowing that people are owning Bitcoin through blackrock.


Information is power. And your source can serve as a competitive edge.

[Amphenomenon]

The unfortunate victim lacks the knowledge aside being tempted by FOMO because he went to invest in WBTC which is different from BTC itself.

I know under such false news he may have made lost with bitcoin but this will be really minimal (I think less than 10 percent) to the lost he/she got from the WBTC.

[CryptopreneurBrainboss]

Lastly staying informed requires reliable information especially we that are in the Bitcoin talk forum No offense though, but we have to be very careful of the information that we bring here as discussion that seems too good to be true so we won't mislead ourselves in this our crypto space.

The good thing about the forum is that you can't post a wrong information and it stays unnoticed for a long time which is why the forum is one of the best places to get your information about the industry from. Don't trust information you see here until it has been discussed and confirmed to be true because some people don't even verify the information they're sharing on the forum. Alot of them mean no harm but they don't know that they're harming people spreading fake Information. Just because the information are posted by trusted sources doesn't make them authentic either because of the high level of hacking going on that verified channels have become victims. The industry is one that alot of things go free without being handled properly so we should always verify all the information we're digesting.

[Odohu]

News is very important in cryptocurrency in general and it is what drives the market. This is why crypto founders spend so much money in promotion and advertising to keep their project in positive light. It is therefore, very important to be careful of where we get our information to avoid taking decision based on fake news. I have been a victim of this before when news broke out that one of the token I bought partnered with Binance and I bought more just to find out later that it was a fake news.

[Cryptohygenic]

U talk well mate, fake news dey very misleading for the crypto market bcos e fit cos investors panic to discourage buyers while encourage holders to sell out of fear dem get from the news of the coin dem invest on or crypto news generally.
If u check, u go see say na those way call dem self professional crypto analysts way be anti cryptos dey speculate the fake news just to cos market war and investors sentiments.
But well the effect of the fake news no dey bother us at all bcos we consider such as one major factor way dey influence markets volatilities.

[Emjay24]

The whale acted on impulse and got himself scammed. Like he should know there are official sources for information. The US SEC should have an official website which they update by themselves and that's where he should confirm any news before taking any financial action. He acted on impulse without confirmation and that lack of confirmation cost him those funds. A bitter lesson to him and a lesson to everyone to always verify and DYOR before making any decision on the crypto space.

[Pablo-wood]

I see this scenario has a case of greed. The whale was carried away by how much profit projected due to the news but was caught up in the dark after it turned out to be false. News control the crypto space but one still have to be careful because the level of FUD going on the period can lead to massive losses.

I believe the whale got carried away and forgot to do further research and also verify the source of the news to taste it's authenticity. This is a lesson to all of us.

[Agbamoni]

Ambatman said a lot, I would've have said but adding to what he said. I will tell you, that anything that has to do with online not just in cryptocurrency alone. Always do your own research, verify the information before making your conclusions. Information's online is not what it used to be when the internet began. Back then, you can easily trust a particular source because he is known for sharing vital information's but currently, you dont need to trust any source when you're not sure of it.

[TokenTikas]

Seeing your post, I'm sharing how I'm careful. I do not always follow all kinds of news because spammers have become so smart that they continue marketing very smartly to spam from where many people fall into their trap without realizing it and move towards being harmed. For this, I have selected some sites that always publish authentic and true news. When I see the news, I do not believe it at first, I try to dig into the matter a little and then look at the criteria. Actually, this is how I find authentic news.

I personally follow the sites or media that maintain quality and quantity and publish correct information. I check their updates every day and analyze them myself so that I am not harmed in any way.

[ZeroVinsonN]

This is why we should watch out for information credibility, don't just agree to something because you think you know the source and for that reason then you can trust them, that's no longer how the world works, most sources we think are credible are the ones selling false information to us on a regular especially since they can even buy paid by shady individual to promote their opinion/services, things like this happen alot today with our everyday Nigerian influencer who will not really care to very the information they are sharing on their handles as long as they are getting paid for sharing it, they forget to realize that many Nigerians trust their opinion and that when they share the services people who trust them will key into it and fall victim.

[Youngrebel]

Fake news is one thing that, has some negative effects on people and coming to crypto currency it's important that we that are into crypto verify the source of any information that we are getting.because fake news can lead people to lose money because it can present a false narrative about a crypto projects which people will invest into and only find out later that, the narrative painted were false. People should always make saw that they verify information concerning crypto through a verified chanels like this forum before taking any other decisions.

[sotelorene]

Fake news is one thing that, has some negative effects on people and coming to crypto currency it's important that we that are into crypto verify the source of any information that we are getting.because fake news can lead people to lose money because it can present a false narrative about a crypto projects which people will invest into and only find out later that, the narrative painted were false. People should always make saw that they verify information concerning crypto through a verified chanels like this forum before taking any other decisions.

This one na mostly for people wey dey do Crypto relative stuff like trading of coins because I don't trade all I do is invest because of reasons best known to me and so e go dey very hard for me to take any false or fake information because I'm not into trading but people wey dey into trading supposed dey careful for the kind information because some of the information are not true while some are true but sometimes e dey, dey very hard to get the one or know the one wey dey legit and the reason why some people dey fall for these kind of information na because of greed to get rich overnight.

[promise444c5]

That’s the price you have to pay for trusting so easily.. This is not the first either and it’s no different from the recent trend  where Celebrities make false promises /hypes a crypto… investors mindrust a coin for another token then get rugged/ FOMO and end up  stuck at the top while serving as liquidity exit ..! At least, the whale didn’t lose that much beyond tens of thousands although that was because of the early circulation of the opposing news.

[Sammye3]

Though your post is a bit mixed up, but I'll reply in relation to your title. Alot of times we see many false information online about certain things on the crypto space, that's why it's very important to do your own research. Many people fail to confirm informations and out of fear, they make alot of bad decisions that might not be good for their investments.

Not every news or story we must listen to, basically if you understand the crypto market, you should know sources on where to get reliable information from. Sometimes the information might be valid, but they are old news that had just been reposted. That's why you must confirm every news before jumping into conclusion...

Exactly, the potency of every news should be considered on the time it was released as well which at that point could have an effect but reposting an old news that could potentially affect the market would definitely mislead people and prompt a buy or a sell order based on the news released which was originally a past news. FOMO has really caused a lot of people money because they think there is not enough time to make proper research because investing so as the trade waits for no one but never consider the fact that they could actually lose out entirely on such trade.

I believe we learn a lot from this threads and integrating it into our daily lives would definitely improve our lifestyle and knowledge to avoid mistakes and regret.

[Yablee0]

That's one of the stuff going on in our society now people are pend in deriving pleasure by defaming others and it's crazy because I don't see what they intend gaining from it. Social media and internet at large has given so many people an opportunity to do what pleases them, spread lies and give false information and you as a person take it to be serious without  proper verification you become the victim.

So it is important not to be too serious about any information gotten from social media till it's confirmed to be true

[Mate2237]

Fake news is one thing that, the crypto world has come to realize off recent times. Because while going through your social media platforms and even the net you see a lot of too good to believe stories about crypto currency. especially with altcoins criminal elements has found a way to make people believe in investing into a particular coin using fake news and even through promotion of crypto currencies projects that are not sustainable so that people can invest into it.



We should not fall prey into this type of scams. We should open our eyes and be enlightened enough not to be fooled into investing into what is too good to believe.any news that we see on the Internet or even social media platforms should be checked so that we don't fall pray into losing money by investing into what is not real simple because someone deceived us with a fake news about investment in crypto.

[Mighty97]

That's well said. There have been so many misinformation and fraud in the space of crypto, mostly on social media. It is essential to continuously check news from sources that can be trusted before jumping to action. Having your own research done and remaining cautious will definitely save you from being a victim of false projects or pump-and-dump traps.