Welcome to Crypto – the world of misinformation. What is actually real in the crypto realm? Are crypto influences manipulating the space, to deepen their own pockets? Is there room for the little guys, who have great tech but without the deep pockets? Are we beholden to the influence of people like Elon Musk and the like?
In the largely unregulated world of Bitcoin and cryptocurrency, fraudsters are quickly getting rich by deliberately spreading false information which affects the price of their holdings using social media, scam news sites, and private chat apps.
In the wild world of cryptocurrency trading that is largely untouched by regulation, the spread of fake news and unsubstantiated rumours is becoming common practice, with many bad actors looking to prey on novices.
It’s the perfect environment in which to proliferate misinformation – it’s mercurial, confusing, and full of uneducated, overeager traders hoping to strike it rich.
“A lot of this falls on the fact that people need to be more sober-minded in the space,”
said Laz Alberto, a cryptocurrency investor and editor of the newsletter the Blockchain Report. “A lot of conversations that I hear start with ‘my friend says’ or ‘I saw this on Twitter’ or ‘I saw this in a Telegram group.’ Before listening to anyone in crypto, you have to learn firsthand.”
But learning takes time and finding good information can try your patience — particularly when it seems as if everyone around you seems to be making money hand over fist by acting on the latest blog or tweeted investment tidbit. Usman Chohan, an economist and researcher at the University of New South Wales, compares the current hysteria to the “irrational exuberance” of the dot-com era, where paper fortunes rose and fell based on an illogical, capricious market.
Last August, the Securities and Exchange Commission warned about cryptocurrency fraud and ICO-related scams on its public investor site, noting that bad actors engage “in market manipulation, such as by spreading false and misleading information about a company.” Still, the S.E.C has only announced charges against one alleged ICO scam, and it’s unclear what government agency would have the jurisdiction over, or interest in, in the ‘pump and dumps’ that happen daily via Telegram groups.
“There are frankly a lot of groups that have now cantered around misinformation,” said Alberto.
“It’s obviously illegal, but there’s no regulation and they’ve gotten away with it.”
So what is the solution?
During an earlier interview with the team of Nugenesis, we came to learn about the Justsocial.tech social media platform, designed to make crypto enthusiasts aware of what is happening in this space.
Just Social is also giving a free medium for great projects to be announced. Projects that otherwise – for lack of funds – would not make it out of the design stage.
When we asked CTO Luay Mohsen about what issues he believed the current space had, he replied: “If companies like ours, that have been in the space for years and who have fully built their technology, find it impossible to advertise on some of these channels – not for a lack of finances alone, but for lack of support from the crypto media – then how can the little guys ever make it? What happened to the days of a guy in his garage who could change the world.”
“Although having a need to spend up to $8000 on a single article is devastating, we found that working with the smaller Crypto media networks, who are passionate about the space was great – but trying to get larger crypto news sites to acknowledge the work, was close to impossible.”
So I asked Luay “Why would Nugenesis and Justsocial.tech be any different?”
Luay replied: “Our team all agreed that when we first started, money will only ever be secondary to innovation and advancements. Every developer wishes to be rich, bit initially its more important that we understand and work to a common goal. The preservation of the space is what has to be the priority”.
“We designed the launch pads to allow great tech to get out into the world, while Just Social helps them reach the world. It also helps people make educated decisions. The less people are taken advantage of, the better the future crypto space will be.”
From our initial investigation we found that the Justsocial.tech platform provides for reviews, critiques and assessments of tech projects, the generation of an accreditation and qualification systems, and the opportunity for users to access an extensive list of news and crypto information.
Labled as the first Crypto/Tech virtual incubation and social network Centre, Justsocial.tech will become a one-stop-shop for all crypto enthusiasts. It is focused on the crypto and technology space providing users the optimal access to data, community interaction, innovative technology and multiple ways to participate including offering their services.
It will also provide access to several launch pads for new projects known as V2R (‘Vision to Reality’) and a Fully Fledged Decentralised Crypto-fiat exchange – the LedgerX.exchange – to maximise the liquidity and capital flow for innovative tech to realise its full potential.
Now THIS is a project we will continue to follow closely.
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