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by justboxing
3036 days ago
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> This conflict over IOTA has been unfolding for a long time and the guys on that subreddit defend it fanatically, accusing DCI of "FUD"ing IOTA It's not just IOTA. It's more or less any of the top 10 / 20 (by MarketCap) Crypto-currencies on the respective sub-reddits. It's especially bad on r/Ripple where anything critical of Ripple / XRP is instantly deleted by the mods in the name of F.U.D (Fear, Uncertainity, Doubt), and even a small +ve news is posted several times in a day, even trials of Ripple that doesn't even use XRP for the transactions. And then there was this self-proclaimed shill who described in great detail how he made tons of money shilling various coins on reddit. https://www.reddit.com/r/CryptoCurrency/comments/7xkm0z/i_wa... From what I've observed on r/Cryptocurrency and related coin subs on reddit over the past month or two, Reddit is being carefully manipulated by whales and scam coin creators to attract bag holders and manipulate the markets for a quick profit. And many of the mods engage in circle-jerk postings, maybe they are in on it too. Who knows. |
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The chaos is one of the most interesting factors for me. It reminds me of the internet circa 1995 - you have to do your own research, estimate/predict larger trends in information flow, and have a finely tuned bs meter. The biggest barrier to entry is that no one is trustworthy, so even your tools need to be properly vetted or self-made because unlike the 90s internet, the thrill of finding a vulnerability may carry a substantial reward.
I do think there is a legitimate opportunity in the crypto space and 'believe' in the underlying tech. You just have to ignore all the folks building their rockets out of lead and toilet paper while rofling about their moonshot, sneak past the whales, and slip between the trading bots.
One other interesting aspect I don't hear mentioned often is how this comes on the heels of the Russian election meddling and the similarities in tactics. If crypto has any real immediate use for the average person, it's a good way to gauge how susceptible you are to propaganda. Invest (enough to sting if you lose it all) and see if you can turn a profit. Force yourself to put part of that money into an obvious scamcoin and keep track of how you relate to discussions surrounding it. Crypto can be a psychological playground if you let it.