Bitcoin has a fake news problem

There a currently ~~11~~ 12 news posts in r/cc stating Bitcoin got accepted as legal tender in the Central African Republic.

5 news post that got it right and write about a legal framework.

and 3 topics saying the BTC adoption news are fake.

Is this a good ratio? I don’t know, but I feel this is just the tip of the iceberg and you usually don’t get the 5 +3 threads until a week later.

It also seem to be a Bitcoin specific problem. Probably because it is the best know coin. But I don’t know. I read way way way less news like this about ETH for example.

Some of these news post are blatant copies and some evidently just changed some words to make it look like they are different.

This shit is influencing the market and I wonder how much influence a few people have to spread news like this.

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33 thoughts on “Bitcoin has a fake news problem”

  1. It’s because everyone I know shares that shit without any verification. My dad and his generation are the worst! So many of the things he shares are speculation made to look like groundbreaking facts.

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  2. Isn’t it the same problem with crypto market in general . Last time i checked litecoin / walmart was doing numbers followed by pump and dump as well .

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  3. Bitcoin is the biggest name so attracts more attention, but I don’t think the issue is fundamentally unique to it.

    The underlying problem is that many people make ZERO effort to read, let alone to critically assess what they read. Most people respond to the headline, and if they do read the article they take it at face value. And, ironically, in their distrust of the “mainstream media”, many people instead choose to trust random voices on the internet, which really are just random schmucks with a platform and, usually, an agenda. Of course, said random schmucks stoke the fire by saying things that align with prevailing cliches–“governments are evil” or “Bitcoin is awesome” or whatever. Throw in a few bot accounts to get the upvote party started, and boom.

    What I’m saying is, yeah, it’s a problem, but it ultimately stems from people’s ignorance and gullibility. Fake news artists are scum, but, just like in the real world, fake news can only spread when there’s a receptive audience that’s willing to insulate itself from facts. That’s on us.

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  4. This is what happens when the sub allows moonfarmers to spam articles nonstop. They don’t care about the articles, just those precious up votes.

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  5. Unfortunately the auto-filter for this sub doesn’t recognize the identical articles posted by different news outlets, so we get the exact same content with the exact same titles, with different URLs. And not a single one of the posts is worth anything, except *maybe* the initial one.

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  6. No one actually cares about news. It’s all manipulated just like the stock market. The idea of crypto market being free of manipulation are over.

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  7. The market is easily influenced. Much more so than traditional markets because of the relatively low volume.

    Bitcoin’s value in fiat can drop rapidly with very few or even one sale when news influences buyers and sellers enough to cancel buy and sell orders.

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  8. I’m not picking sides, they both suck, but the last administration proved a scary af point; you can basically say whatever the f$&% you want to the proper demographic in the US and they will defend it to the death as a truth.

    People go from reading a headline to sharing total garbage on social media in 2 seconds

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  9. Bitcoin worse enemy are the bitcoin maximalists. The damage they do not only to bitcoin but the entire crypto community is unmeasurable. There are maxis who state facts but the A-holes and we know who they are that simply toss hate to everything and everyone that isn’t bitcoin is going to leave a dark stain impossible to wipe off.

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  10. Dark money from many outlets funds lots of bots pushing FUD in order to make minority opinions or even made up opinions seem like majority opinions, causing people to question their beliefs. Just look to the Koch brothers empire pushing pro-fossil fuel or anti-renewable energy takes that has led to the politically charged climate change debate we now see.

    I would not be at all surprised if this was taking place with financial establishments pushing false narratives about cryptocurrencies. Not to say all posts are coming from bots, but it could definitely be an underlying issue that pushes inaccurate or otherwise misleading ideas to the forefront.

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  11. President Faustin Archange Touadera validated the law Wednesday, saying that the exchange rate between cryptocurrencies and the FCFA is freely determined by the market. Tax contributions can also be paid in cryptocurrencies through platforms recognized by the government, the government statement said.It said the country is now the “first country in Africa to adopt bitcoin as a reference currency.”
    https://apnews.com/article/cryptocurrency-technology-business-west-africa-bangui-ea66802fe442cb1452e8c57944f1f5a9
    First story shared a few days ago was misleading but not fake news. These recent news articles confirm that it has passed and is no longer speculative.

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  12. I’m really sick of seeing people share the posts that are just plain wrong. I see the links shared go to sites like “bitcoinsuperundergroundcryptonetwork(dot)com” and im so annoyed because no one cares about sources. They just see the headline and believe it.

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