From Twitter hacks to scandalous reports, there’s no shortage of activities taking place online surrounding cryptos
This article was written by Charlotte Day, Creative Director at Contentworks.
Fake news has become one of the buzzwords of 2017. Misleading headlines, nonsense articles and made-up figures have become part of our very existence with the finance industry constantly trying to bat away stories that could directly influence the market. So how do we know what’s real or not?
Being somewhat of a complex and misunderstood concept, cryptocurrencies like Bitcoin often fall victim to false news bandits who strive to unsettle the world of digital trading.
From fake valuations to Twitter hacks and scandalous reports, there’s no shortage of malicious activities taking place online making it all the more important to stay on the ball with regards to the latest cryptocurrency information. Here are some examples of recent fake news:
Ethereum founder killed in a car crash
Ethereum - a cryptocurrency and payment system like Bitcoin – was greatly affected by fake news earlier this year. When news spread online that the founder had been killed in a car crash, $4 billion was wiped off Ethereium’s total market value just like that showing how radical and detrimental to business fake news can be.
Rumor that Amazon will accept Bitcoin
Not so long ago, rumor that Amazon will accept Bitcoin set the Internet alight. People were convinced that the digital currency was soon to be given a credible boost, but this was all down to a misinterpreted newsletter with a striking lack of evidence. While Amazon may indeed accept Bitcoin in the future they’ve never released an official statement confirming this information.
So as you can see, fake news can totally disrupt the cryptocurrency trading industry. It can send the markets up and down keeping traders on their toes. Looking on the positive side, crypto is at least gaining exposure and is certainly not the only victim of fake reports.
How to source the facts from the myths
With so much online content being shared by popular networking sites like social media, it’s easy to get the wrong end of the stick and make presumptions that aren’t true. While networking platforms and official bodies such as the US Securities and Exchange Commission are cracking down on so-called ‘fake news’ and trying to protect the finance industry, it’s important for finance – notably FX writers – to source the facts from the myths. Here’s how:
Be aware of fake news and don’t take anything at face value
Don’t believe everything you read on social media
Don’t jump on the bandwagon or follow hype unnecessarily
Double check all sources, cross reference and confirm the origin of quotes and articles
Analyze posts from news outlets and reputable industry leaders to gauge market sentiment
Keep an open mind to avoid misreporting facts. Research without bias or agenda.
Ask yourself why a story has been written? Is there an underlying purpose?
Pause for thought
It has been reported that banks are trying to restore the normal status quo of economics and are therefore pedaling fake news regarding cryptocurrencies to derail this digital currency. With investors, governments and businesses showing interest in digital currencies it’s important to watch out for sources that may resist and resent such change.
Still getting it wrong? What you need to know
Many writers still source the wrong information. To avoid this you should know that:
Fake news often looks like and is formatted the same as regular news
Many writers use pseudonyms such as Equity Options Guru, The Swiss Trader, Trading Maven and Wonderful Wizard to hype stocks
Analysis presented as impartial is often paid for
Articles on investment research websites may not be objective and independent
The importance of compliance
Being aware of fake news and taking care when sourcing information is one thing. Compliance is another. Even if you’ve access to information that’s true and correct, you still can’t write whatever you want or you run the risk of generating ‘fake news’ yourself without intending to.
If all brokers offering cryptocurrencies claim to have the fastest platforms and the tightest spreads, these statements become meaningless. They’re also overly promotional and will likely break the compliance rules set by regulatory bodies like CySEC, the FCS and FSA. With the new MiFID II regulations clamping down on trading, keeping a close eye on content is crucial, it’s also essential to:
Disclose all facts
Not make promises
Be transparent and not misleading
Not try to sway people in their trading decisions
Provide reasonable and balanced information
Give the pros and cons of particular scenarios
To conclude, cryptocurrency is not a fake news concept but it has been the focus of many untrue reports, which have had a knock-on effect. Anyone involved with the industry therefore needs to be aware of such falsities and do all they cannot to be fooled.
This article was written by Charlotte Day, Creative Director at Contentworks.
Fake news has become one of the buzzwords of 2017. Misleading headlines, nonsense articles and made-up figures have become part of our very existence with the finance industry constantly trying to bat away stories that could directly influence the market. So how do we know what’s real or not?
Being somewhat of a complex and misunderstood concept, cryptocurrencies like Bitcoin often fall victim to false news bandits who strive to unsettle the world of digital trading.
From fake valuations to Twitter hacks and scandalous reports, there’s no shortage of malicious activities taking place online making it all the more important to stay on the ball with regards to the latest cryptocurrency information. Here are some examples of recent fake news:
Ethereum founder killed in a car crash
Ethereum - a cryptocurrency and payment system like Bitcoin – was greatly affected by fake news earlier this year. When news spread online that the founder had been killed in a car crash, $4 billion was wiped off Ethereium’s total market value just like that showing how radical and detrimental to business fake news can be.
Rumor that Amazon will accept Bitcoin
Not so long ago, rumor that Amazon will accept Bitcoin set the Internet alight. People were convinced that the digital currency was soon to be given a credible boost, but this was all down to a misinterpreted newsletter with a striking lack of evidence. While Amazon may indeed accept Bitcoin in the future they’ve never released an official statement confirming this information.
So as you can see, fake news can totally disrupt the cryptocurrency trading industry. It can send the markets up and down keeping traders on their toes. Looking on the positive side, crypto is at least gaining exposure and is certainly not the only victim of fake reports.
How to source the facts from the myths
With so much online content being shared by popular networking sites like social media, it’s easy to get the wrong end of the stick and make presumptions that aren’t true. While networking platforms and official bodies such as the US Securities and Exchange Commission are cracking down on so-called ‘fake news’ and trying to protect the finance industry, it’s important for finance – notably FX writers – to source the facts from the myths. Here’s how:
Be aware of fake news and don’t take anything at face value
Don’t believe everything you read on social media
Don’t jump on the bandwagon or follow hype unnecessarily
Double check all sources, cross reference and confirm the origin of quotes and articles
Analyze posts from news outlets and reputable industry leaders to gauge market sentiment
Keep an open mind to avoid misreporting facts. Research without bias or agenda.
Ask yourself why a story has been written? Is there an underlying purpose?
Pause for thought
It has been reported that banks are trying to restore the normal status quo of economics and are therefore pedaling fake news regarding cryptocurrencies to derail this digital currency. With investors, governments and businesses showing interest in digital currencies it’s important to watch out for sources that may resist and resent such change.
Still getting it wrong? What you need to know
Many writers still source the wrong information. To avoid this you should know that:
Fake news often looks like and is formatted the same as regular news
Many writers use pseudonyms such as Equity Options Guru, The Swiss Trader, Trading Maven and Wonderful Wizard to hype stocks
Analysis presented as impartial is often paid for
Articles on investment research websites may not be objective and independent
The importance of compliance
Being aware of fake news and taking care when sourcing information is one thing. Compliance is another. Even if you’ve access to information that’s true and correct, you still can’t write whatever you want or you run the risk of generating ‘fake news’ yourself without intending to.
If all brokers offering cryptocurrencies claim to have the fastest platforms and the tightest spreads, these statements become meaningless. They’re also overly promotional and will likely break the compliance rules set by regulatory bodies like CySEC, the FCS and FSA. With the new MiFID II regulations clamping down on trading, keeping a close eye on content is crucial, it’s also essential to:
Disclose all facts
Not make promises
Be transparent and not misleading
Not try to sway people in their trading decisions
Provide reasonable and balanced information
Give the pros and cons of particular scenarios
To conclude, cryptocurrency is not a fake news concept but it has been the focus of many untrue reports, which have had a knock-on effect. Anyone involved with the industry therefore needs to be aware of such falsities and do all they cannot to be fooled.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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