Rules to Stop Misinformation in CryptoCurrency
I don't consider myself an expert in crypto-currency.
I am not a seasoned investor.
I have taken finance classes but I am by no means qualified, yet I tend to be a skeptical of even sourced material and news concerning crypto-currency.
Yet something really bothers me about Crypto Hype.
What I mean is the pattern I've observed over the last weeks.
It goes something like this:
1. A coin will be worth practically nothing.
2. A "partnership" will be announced from a dubious source and spread by amateur investors.
3. The price will pump and gradually fall to nothing.
Po.et and Tron are two examples.
Now full disclosure. I do hold Po.et. I invested because I like the concept and it has a real world purpose. Yet if you go and have a look at the sub Reddit it is nearly completely unmoderated and just has wild speculation.
On the other side you could look at Stellar's sub Reddit. It is carefully moderated and nonsensical postings are swiftly removed and as such the community is thriving.
Moving forward, I think it will do ourselves and the community a hell of a lot of good if we hold ourselves to some basic rules before posting about a coin or investing.
MADMAN'S ANTI HYPE RULES
The first is very simple. Don't repost anything without sourcing where you found the information.
The second is to Scrutinize the information. Is the announcement relevant or is this just FOMO?
The Third and final rule is Can I easily explain why I invested in this to my mother?
If the answer is no you haven't done your research properly.
If we can all adhere to these simple rules we can not only make smart investing decisions for ourselves, but we can spot the spread of fake hype.
Thank you all for reading!
Feel free to spread the Message!
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nice post, thank you for the detail ;)
Thanks @thomasfarley, feel free to Spread the rules around!
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Excellent post, thank you for sharing that.
https://steemit.com/money/@arthursen/new-article-quoting-dan-larimer-about-account-safety
Thanks @Arthursen, I was getting frustrated with the lack of critical thinking in Crypto!
Great Post! People need to do their research before buying into the hype and perpetuating the distribution of mis-information. Like you, I only considering buying into a specific coin if it appears to help resolve a real world problem.
Thanks @joelfriedman68 Feel free to spread these rules or add more to the list!
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