FUD, FUD Everywhere
FUD, FUD Everywhere!!!
The Fake News meme doesn't end with the phony media giants like CNN, ABC, FOX, etc. The largely free market world of cryptocurrencies is full of all manner of bullshit intentionally created to cause FUD. Fear, Uncertainty, & Doubt that spreads like a disease among the vulnerable investing public.
People searching the internet for information on their speculations can't help but come across this misinformation on a daily basis, it really is everywhere. Not a single coin I've researched has been immune to it. Character attacks on project members, false accusations about developments or business models, overblown hysteria over bugs or delayed schedules. All of this commentary is designed to muddy the information waters and sow FUD among the would be blockchain investors.
I'll be very blunt and concise. The weak minded should not invest any substantial amount of their wealth in any sort of blockchain project. Those without conviction and understanding should not invest any substantial portion of their wealth in a blockchain project.
If you are a fair weather speculator and want some exposure to the blockchain space then your best best is obtaining a small amount of the big 4 coins (BTC, BCH, LTC, ETH) and letting it sit on a paper wallet in your gun safe for several years. If you don't have the discipline necessary to gain an unshakable understanding of your investment then you will be vulnerable to the FUD and should stay away for your own mental and financial health.
If you can't handle the volatility inherent to the digital asset markets you should also stay away. A small investment held offline in paper wallets where it's out of sight, out of mind is once again your best bet if you want exposure without the emotional roller coaster effects.
Types of FUD:
"X Country is Banning Bitcoin!!!"
This is most often used by mainstream media talking heads to deter the bigger players from entering the markets. No nation has the power to ban bitcoin, although this ploy has been attempted many times. Most cryptocurrencies are borderless assets with no centralized power structure, very literally represented by digital bytes of information. In the Information Age we live in this is unstoppable and uncontainable.
"X Country is shutting down the Exchange!!!"
This is the next most common form of FUD out there. Exchanges represent centralized sources of access in a market place that was designed to resist centralization. As more people come to realize the power and freedom digital assets provide this is less and less of a problem. Even now there are fully decentralized open markets where these assets can be bought or sold. These centralized exchanges are not all bad and they will have their place in the new economy, but they are not a vital link in the markets that they previously were. Serious cryptocurrency investors don't keep their long term holdings on any exchange or with any 3rd party. This completely eliminates any risk of losing your assets for this reason.
"X coin is a scam or vaporware!!!"
Getting down to FUD targeting individual projects, this becomes a common accusation. Most digital assets representing a business are still under development. This doesn't mean there is no value in the project or that it is a scam. Thurough testing and development of a product is a requirement and many times a frequently moving target. There are no shortcuts around this. In a brand new type of economy patience is a critical virtue for the serious investor. These are uncharted waters and if you exile every project that runs into unforeseen delays or obstacles you'll miss out on some of the most valuable ideas out there. The whole digital asset industry is still in the beta phase of development, this means there are bugs, hiccups, unforeseen challanges, and many other obstacles that come with forging new economic paths. Patience is key.
Social Media FUD:
The easiest way to spot this type of disinformation is to look at the source. Before taking that Reddit comment slandering your coin or information source seriously, look at the author and see what sort of value they have added in the past. Are the same hanful of commentators responsible for dozens of posts or comments shit talking a coin? That's a good indicator they are intentionally spreading FUD. They do this to decrease confidence in a project and supress the price so their clients can accumulate more coins cheap. Or so their own competing projects can take advantage of the uncertainity to gain market share.
Cryptocurrency and many of the tokenized business interests that take advantage of the blockchain represent very real threats to much of the mainstream economy. Those entrenched in the existing failing power structure are not just letting their hold on the economy slip away uncontested. The same tactics used against the Brexit movement in England are being used against the digital asset economy. The same tactics used against the MAGA movement in America are being used against the digital asset markets. When you approach all of the available information out there from this perspective it allows you to cut through most of the bullshit and figure out what is real.
So, what is real in regards to the digital asset economy?
In late February 2018 the digital asset market as a whole is in its infancy. This means the risk involved with these tokens is very real and shouldn't be ignored. This isn't a market where noobs can come in and get rich quick without massive effort. This isn't a market where those without understanding and the conviction that comes from it can withstand the storms of misinformation and volatility. Until all of the old systems are replaced those storms are unavoidable.
The potential available to the early investors, innovators, and adopters is off the charts enormous. I am of the opinion that nearly all forms of digital wealth will be transitioning into the blockchain economy eventually. Think in terms of a decade. This is why I think we're in the very first inning of the Crypto Boom. The value and efficiency the blockchain adds to our real world economy dwarves that of the Internet. That's not something I say lightly either.
I've spent hundreds of hours learning about this space and dozens of the specific projects within it. I am confident my assessment is accurate and the blockchain economy will be ubiquitous to our lives in due time. I quit my very stable and valuable job in the architectural industry because I have built up an unshakeable conviction through my studies. That was a very risky move, I won't pretend otherwise. It is a risk I feel is warranted though.