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Except that what's being implied about the New York Times and New York Post articles in that quote is misleading. Yes, the headlines mention the flashy gains, b

Except that what's being implied about the New York Times and New York Post articles in that quote is misleading. Yes, the headlines mention the flashy gains, but both of the referenced articles repeatedly mention the losses and scammy aspects of some coins. For example, here's a pull quote from the NYT piece: > But as some people mint millions from little-known cryptocurrencies, others have seen impressive gains disappear overnight. For every Solana or Luna, there’s an out-of-the-way token that shoots up in value, only for its price to collapse. Some of these projects are scams, or what industry experts call “rug pulls,” in which someone aggressively markets a coin, then immediately liquidates the holdings, leaving investors with major losses. The whole second half of the article is about such scams and how many gains are ephemeral "paper gains". Meanwhile, the New York Post piece quotes an expert who says "The volatility attracts people who like gambling, excitement and so forth ... They’re not so interested in underlying economics, but [rather] the chance of a very rapid, high gain, or a very rapid, sharp loss." It also profiles a TikTok influencer who uses astrology to predict coin prices -- with the clear implication that this is ridiculous. So while the overall message of the essay is on point (there was tremendous misleading and dangerous advertisement), a lot of "traditional journalism" was in fact extremely skeptical and quick to point this out.

rvz 4y ago
> Except that what's being implied about the New York Times and New York Post articles in that quote is misleading. Yes, the headlines mention the flashy gains, but both of the referenced articles repeatedly mention the losses and scammy aspects of some coins. I absolutely agree. However... I'm sure we both know that all of this is no different to the pump and dump / exit scams of 2017 repeated again for this run. Once again when it is all going up, the media selects a few winners to boost and create headlines like this to get retail investors to put their life savings in and it is only then once the crash eventually happens, the stories turn negative with the 'we saw it coming' rhetoric, despite spreading articles with clickbait headlines luring retail in to those extremely risky investment platforms where they don't read or care about the risks. I don't expect retail investors to care about the loses of others or reading the whole article as they are attracted to the high risk, high reward aspect of these speculative and high risk assets. Thus, they will ignore the losers that got 'unluckly' and they will take their punt in whatever has been promoted by the media, thanks to the clickbait headlines. > It also profiles a TikTok influencer who uses astrology to predict coin prices -- with the clear implication that this is ridiculous. Oh yeah 'that' one. [0][1] Shame on Reuters and others for boosting this fool during the hype of Jan 2021. To show you how dangerous and ridiculous this individual is for her flawed 'analysis' and 1M+ account following, just look at her greatest h̶i̶t̶s̶ misses: >> “However getting into mid-March, I see a big correction. Mid-April is also really less optimistic. May is bullish.” No correction happened in March 2021. Bitcoin was at >$50K. Mid-April it was at $63K. Finally, her finest one: 'mAy iS bULliSh'. Going from $57K to $33K (40% down in May) is somehow 'bullish'? A total fool boosted by the media due to her large following, which as you can see is very dangerous and irresponsible for them to hype up idiots like her to make retail investors listen and lose money based on dodgy and bizarre indicators. [0] https://news.ycombinator.com/item?id=25776080 https://news.ycombinator.com/item?id=25776080 [1] https://reuters.com/article/us-crypto-currencies-astrology/when-to-trade-bitcoin-when-saturn-crosses-mercury-of-course-idUSKBN29J0JX https://reuters.com/article/us-crypto-currencies-astrology/w...

rvz 4y ago

> Except that what's being implied about the New York Times and New York Post articles in that quote is misleading. Yes, the headlines mention the flashy gains, but both of the referenced articles repeatedly mention the losses and scammy aspects of some coins. I absolutely agree. However... I'm sure we both know that all of this is no different to the pump and dump / exit scams of 2017 repeated again for this run. Once again when it is all going up, the media selects a few winners to boost and create headlines like this to get retail investors to put their life savings in and it is only then once the crash eventually happens, the stories turn negative with the 'we saw it coming' rhetoric, despite spreading articles with clickbait headlines luring retail in to those extremely risky investment platforms where they don't read or care about the risks. I don't expect retail investors to care about the loses of others or reading the whole article as they are attracted to the high risk, high reward aspect of these speculative and high risk assets. Thus, they will ignore the losers that got 'unluckly' and they will take their punt in whatever has been promoted by the media, thanks to the clickbait headlines. > It also profiles a TikTok influencer who uses astrology to predict coin prices -- with the clear implication that this is ridiculous. Oh yeah 'that' one. [0][1] Shame on Reuters and others for boosting this fool during the hype of Jan 2021. To show you how dangerous and ridiculous this individual is for her flawed 'analysis' and 1M+ account following, just look at her greatest h̶i̶t̶s̶ misses: >> “However getting into mid-March, I see a big correction. Mid-April is also really less optimistic. May is bullish.” No correction happened in March 2021. Bitcoin was at >$50K. Mid-April it was at $63K. Finally, her finest one: 'mAy iS bULliSh'. Going from $57K to $33K (40% down in May) is somehow 'bullish'? A total fool boosted by the media due to her large following, which as you can see is very dangerous and irresponsible for them to hype up idiots like her to make retail investors listen and lose money based on dodgy and bizarre indicators. [0] https://news.ycombinator.com/item?id=25776080 https://news.ycombinator.com/item?id=25776080 [1] https://reuters.com/article/us-crypto-currencies-astrology/when-to-trade-bitcoin-when-saturn-crosses-mercury-of-course-idUSKBN29J0JX https://reuters.com/article/us-crypto-currencies-astrology/w...