![]() ![]() Being part of the community naturally exposes one to so many discussions and differing points of view that it creates a context around cryptocurrencies that could not come from casual observation alone. An investment, even a tiny one, forces one to delve deeper into the weeds of the tech and its practical applications. This is certainly not to say that journalists who want to cover crypto should not invest in it-quite the contrary, as I firmly believe that many journalists beginning to cover Bitcoin and cryptocurrencies today have a superficial understanding of the space precisely because they haven’t invested. The same goes for journalists, who should disclose if they’ve invested significantly in crypto or have any other conflicts of interest that would reasonably be expected to be divulged. As a result, prices quickly go through the roof, whether or not the coin has the fundamentals or the real-world use cases to live up to the hype. Crypto bloggers, YouTubers, and financial advisors who want to take credit for predicting the next hit coin also end up inadvertently contributing to the hysteria. ![]() But it’s not only investors spreading the FOMO. These people, or at least most of them, aren’t trying to be dishonest with their promotions they have been seduced by the potential of the coin and the promises of its creators. When the news is big enough to capture the attention of mainstream media reporters, freshly-published articles become shilling tools for online investors who are eager to spread the word, and in their minds, the wealth. With such a system, news of major company developments, partnerships, or events, or simply rumors of such news, can create self-amplifying crypto-crazes that swing coin prices in ways that make both blockchain companies and investors a lot of money. Consequently, many of those investors become evangelists for their chosen coin, since one’s financial success then becomes dependent on that coin’s continued growth. When these surges happen, word spreads quickly across the global infosphere, through social media platforms like Reddit, Twitter, and Facebook, creating a tidal wave of people rushing in to buy out of fear of missing out-or ‘FOMO’ in slang. Each month there are at least two or three that really surge in value and capture the attention of the online crypto-community at large. Every day dozens of coins see price gains at rates that are extremely rare in the traditional stock market. The crypto-economy is comprised of over a thousand different digital currencies, many of which are essentially offered as a way to buy what amounts to shares in a company that uses blockchain technology. ![]() Actually, ‘booming’ might be an understatement-exploding like a supernova is more like it. With the Bitcoin revolution in full force, the cryptocurrency market is also booming. ![]()
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