Thanks to Mainstream Media, the Public Are Clueless About Cryptocurrency
Did you hear that bitcoin’s dead? Or how about the new coin that’s going to be the next ethereum? Also, there’s this cryptocurrency called verge that experts are tipping to make huge gains this year. And let’s not forget ripple either. You should totally load up on $3 ripple. Navigating the cryptocurrency landscape is tricky enough for experienced heads. But for the general public, who take their news from traditional media outlets, the situation is far worse. Hopelessly misinformed reporting and PR puff pieces published as ‘news’ have left the public more clueless than ever.
Also read: Weiss Ratings Defends its Decision to Give Bitcoin Only a C+ Grade
Sowing the Seeds of Crypto Confusion
As bitcoin reached record highs in December, the mainstream coverage grew to a crescendo. Suddenly everyone from mom to the metaphorical shoeshine boy had an opinion on cryptocurrency as the masses wired their deposits to Coinbase to get some skin in the game. When the markets started to fall in January, these new adopters got burned the worst. Many were stunned to see their rapidly diminishing portfolios, and a number quit altogether, electing to sell at a loss rather than endure more financial agony.
Crypto Gibberish from the Tabloid Press
In the UK, three mainstream publications have excelled themselves when it comes to clueless crypto coverage – the Mail Online, Sky News, and the Express. In one article this week, detailing bitcoin’s slide, the Express featured related ads and articles that urged readers not to buy ethereum, to buy ripple, to look into a bitcoin pension and to learn more about bitcoin ‘skyrocketing’ 25% in 24 hours. Is it any wonder that casual readers have no idea what’s actually happening? The same ads aren’t unique to mainstream media sites either – Coindesk has also come into criticism for hosting similar clickbait ads alongside its news stories.
Even if the contradictory ads are overlooked, the quality of reporting from outlets such as the Express is hopelessly misinformed:
This is the same publication that recently claimed ripple to be a mineable cryptocurrency. This week, Sky News also published – as straight news – a press release for a new ICO headed by notorious British businesswoman Michelle Mone. The Scottish lingerie entrepreneur has a string of failed ventures and dubious business practises to her name, but there was no mention of that in the story, which has since been deleted, but is still available as a cached version. Titled “I hope my new cryptocurrency encourages women to invest in tech”, it bears the strapline “Baroness Michelle Mone launches cryptocurrency Equi which will allow the public to invest in tech start-ups”.
Accurately reporting on the cryptocurrency space requires journalists with the requisite knowledge and expertise. Otherwise, not only are these platforms misleading their readers – they’re potentially defrauding them. While the ‘fake news’ meme has caused the public to be more sceptical of the information they’re fed, the majority still presume that if a story’s on an established site, it must be true. If media outlets can’t tell the difference between vaporware and legitimate cryptocurrencies, and don’t understand things such as market cap and total circulating supply, they should refrain from dispensing investment advice or enlist reporters who can.
Do you think mainstream media coverage of the cryptocurrency space informs or confuses the public? Let us know in the comments section below.
Images courtesy of Shutterstock, the Express, and Twitter.
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Bitcoin Couture Makes Its Debut at New York Fashion Week
While New York Stock Exchange traders were grappling with a market in freefall, elsewhere in the city this week all eyes were on more important matters. New York Fashion Week officially starts today (February 8), and at a pre-show on Tuesday, the latest haute couture and avant-garde designs were on display. Seeking to tap into the zeitgeist, Ovadia & Sons’ catwalk show featured a model rocking a bitcoin-themed outfit.
Also read: You Can Now Bid for Jamie Dimon Crypto Art Made From Old Credit Cards
From the Blockchain to the Catwalk
Fashion designers are notorious for tapping into whatever trends are en vogue, often commandeering movements and themes with little sensitivity or understanding of the underlying issues. Not that it’s necessary to comprehend distributed ledger technology to slap a bitcoin logo on a silk shirt of course; all that’s required is for a certain motif to be hot, and right now bitcoin ticks all the right boxes.
Ariel and Shimon Ovadia’s coda to NYFW saw them draw their inspiration from punk, Silicon Valley, and crypto. A collection of 35 men’s pieces was showcased, with the highlight – for bitcoiners at least – being a natty green shirt paired with a faux sailor’s cap. “Bitcoin accepted – No cash” ran the slogan on the side of the shirt. Judging by the haunted look in the model’s eyes as he traipsed down the catwalk, he was holding some very heavy crypto bags.
Many of the pieces exhibited at events such as New York Fashion Week are haute couture that’s destined never to make it to the high street. Thus, the prospects of snapping up Ovadia & Sons’ bitcoin shirt – and of being able to pay for it in bitcoin (no cash) – seem remote. Still, should any self-styled fashionistas fancy replicating the look, it’s nothing that couldn’t be whipped up in five minutes with the aid of a gaudy green shirt and an iron-on bitcoin logo.
Would you wear the bitcoin outfit paraded at New York Fashion Week? Let us know in the comments section below.
Images courtesy of Shutterstock, and Getty Images.
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NY Regulator Demands Vigilance Against Market Manipulation from Bitlicense Firms
Accusations, rumors and fears of manipulation in the cryptocurrency market have been around for a long while now. The most recent one involves Tether supposedly artificially propping up the price of bitcoin by printing USDT. Now one regulator demands that companies in its jurisdiction will take action against such possible risks.
Also Read: Weiss Ratings Defends its Decision to Give Bitcoin Only a C+ Grade
Vigilant Against Market Manipulation
“DFS took the lead in 2015 in regulating the virtual currency market, and we continue to be vigilant concerning risks in these markets. Market manipulation presents serious risks, both to consumers and to the safety and soundness of financial services institutions,” said Superintendent Maria T. Vullo. “As the cryptocurrency markets continue to evolve, DFS is directing virtual currency companies to take the necessary steps to guard against fraud, and to be extra vigilant about manipulation. By these actions, the market can evolve with strong regulatory supervision.”
All Bitlicense Firms to Report Risks
Immediately upon discovering any wrongdoing, a licensed cryptocurrency firm must submit a report to DFS with all the details. They must also submit, as soon as practicable, further reports of any developments along with a statement of the actions taken, and a statement of changes put in place in order to avoid repetition of similar events.
What could have prompted the regulator to suddenly fear manipulation in the crypto market? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
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Cryptocurrency Trader Sues T-Mobile for Giving Hackers Control of His Account
Cryptocurrency use requires great personal responsibility with regards to data security. Investors need to not only make sure they are using best security practices but must also hope that service providers that have the potential to jeopardize their holdings do so as well. In a recent federal court case, a T-Mobile client claims that the company exposed his money to hackers.
Also Read: Seele ICO Sets Up Emergency Response Team After $1.8m Fraud
T-Mobile Suit
According to the suit, the company’s lax security measures enabled the criminals to transfer his phone number to an AT&T account which they control without his consent. And with this in their hands, they were able to change the password of one of his bitcoin exchange accounts and steal his cryptocurrency. “T-Mobile was unable to contain this security breach until the next day,” Tapang alleges. The hackers then shifted the spoils of 1,000 omisego (OMG) tokens and 19.6 bitconnect coins for 2.875 BTC, worth $20,466.55 at the time, and transferred it out of his exchange account.
Emotional Distress
Besides the loss of his bitconnect coins and OMG tokens, Tapang claims he also suffered “emotional distress” as he couldn’t use his phone and had to “expend time, energy, and expense” to resolve the matter. For this he is seeking not just monetary damages but also an injunctive relief, which means that the federal court will order T-Mobile to deploy more security measures to prevent the occurrence of similar incidents in the future.
If these allegations are true, should T-Mobile be completely liable for the customer’s losses? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
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SEC to Focus on Cryptocurrency and ICO Fraud as Top Priority
The financial inspectors of the SEC publish their top priorities at the beginning of every year in an effort to improve compliance, prevent fraud, monitor risk, and inform regulatory policy. This year, tacking fraud in the ICO and cryptocurrency markets takes center stage.
Also Read: Weiss Ratings Defends its Decision to Give Bitcoin Only a C+ Grade
SEC Priorities for 2018
“I appreciate OCIE’s dedication to maximizing the effectiveness of their resources with a keen eye toward asset verification, market infrastructure, and duties owed to retail investors,” commented SEC Chairman Jay Clayton.
“As the markets continually evolve and the products and services available to investors adapt, OCIE remains committed in its risk-based examination program to prioritizing the interests of retail investors and examining those aspects of securities firms posing risks to investors and the proper functioning of our capital markets,” added OCIE Director Pete Driscoll.
Protecting Retail Investors
Areas of focus will include, among other things, “whether financial professionals maintain adequate controls and safeguards to protect these assets from theft or misappropriation, and whether financial professionals are providing investors with disclosure about the risks associated with these investments, including the risk of investment losses, liquidity risks, price volatility, and potential fraud.”
Why have American regulators decided to focus on cryptocurrency and ICOs in 2018? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
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Besides the Meme Jokes Crypto-Enthusiasts Are Actually Buying Lamborghinis
The luxury Italian sports car, Lamborghini, otherwise referred to as the “Lambo” has become a ‘holy grail’ for some cryptocurrency enthusiasts. As ridiculous as $200K+ automobile may sound to some individuals after bitcoin’s rise in 2017 that dream is now attainable for a lot of early adopters.
Also Read: Australian Freeze: Big Aussie Banks Denying Bitcoiners
When Lambo?
A Lamborghini is an Italian automobile that can cost anywhere between $200,000 to $2,200,000 depending on the model. Over the past few months when many cryptocurrency enthusiasts were celebrating bitcoin’s meteoric rise, the topic of “Lambos” had become a hot conversation. Across social media forums and trading chat rooms many individuals often ask “when Lambo?” referring to the time when crypto-hodlers can all be able to purchase the luxury vehicle. At The North American Bitcoin Conference in Miami, there were quite a few Lambos on site for everyone to drool over. Some even speculate that the rise of digital currencies had inadvertently pushed Audi/VW (the parent company of Lamborghini) public shares because of the crypto-madness last year.
One Bitcoiner Purchased a 2015 Lamborghini Huracan for $115
One dealership that sells luxury cars, Motorcars of Georgia, met a man last fall who purchased a 2015 Lamborghini Huracan with money he earned from a bitcoin investment. In fact, the $200,000 sportscar (45 BTC at the time) only cost Peter Saddington $115 dollars back in the early days. Saddington purchased his first bitcoins after he read about the currency’s first ‘crash’ from $30 to $3 per coin. Saddington reveals that he purchased the coins in 2011 for roughly $2.52 and won’t reveal to the media how many he owns. In addition to being an early adopter, Saddington also has his own YouTube channel and the video of him buying a Lambo from Motorcars went viral with over 1.5 million views.
Lambo Sales On the Rise Since the 2013 Bull Run
The love for Lambos has been infecting the crypto-community for quite some time as the first Lamborghini purchase with bitcoins took place in 2013. The same Newport Beach dealership sold a Lamborghini Gallardo for $209,000, or 216.8 bitcoins that year. If a cryptocurrency millionaire is lazy they can also purchase a Lamborghini Huracan LP-610-4 online from their couch. The green Huracan can be delivered ‘anonymously’ and is being sold by the White Company for BTC, ETH, and LTC.
Save Those Satoshis
Cryptocurrency enthusiasts saving their precious satoshis for a Lambo can also look at a special Lambo-centric price ticker that pairs a Lamborghini Aventador with the price of BTC. At the time of publication one BTC equals about 0.0214768460576 of a slice of one Lamborghini Aventador, according to Lambo/BTC Ticker’s statistics.
What do you think about the relationship between Lambos and cryptocurrency enthusiasts? Let us know in the comments below.
Images via Pixabay, Peter Saddington’s CNBC interview, Lamborghini, Lambo2BTC
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