Cryptocurrency
Beware The Sirens’ Call
Snake Oil Salesmen Lurk Around The Corner
It has become a habit of all lately to predict a price for Bitcoin, and everyone is exaggerating.
Nobody learned a lesson from all the previous failures of the centralized part of crypto (collapsed exchanges and custodians), or perhaps insiders are sure this time about Tether’s abilities to mint tokens out of nowhere, buy Bitcoin BTC, and use these BTC as reserves.
In the online world of crypto analysts, we sadly can’t separate the wheat from the chaff.
The problem in crypto is the lack of accountability of the vast majority of influencers. The YouTubers and the Twitter influential accounts have been exercising their power to create pump-and-dump conditions that only damage their followers financially.
Influencers Never Change
Anything that attracts attention works for influencers, as long as it will profit them. Excessive Bitcoin price predictions are the forte of every influential personality in this domain.
YouTubers couldn’t care less about your financial well-being. To them, you’re merely prey, a potential victim, and when offering any financial advice, they care not about your financial losses.
They’ve realized their power and shamelessly abuse it, disregarding the welfare of their followers, who rush to buy into anything they endorse.
While some may claim they have noble intentions, the reality falls short.
As they accumulate tens or even hundreds of thousands of followers, even the most prominent ones succumb to the pressure of promoting various crypto projects with a limited use case or potential.
Few prioritize discussing the genuine utility of cryptocurrency, a glaring oversight. A missed opportunity, since the overwhelming majority today is missing the point of the concept of Bitcoin.
Despite understanding the significance of censorship resistance, they prefer to endorse centralized, censorable networks and their underlying tokens.
Despite the widely accepted notion that sponsored content should be disclosed, most YouTubers ignore this.
Becoming an internet-paid shill seems like a modern online occupation, for individuals devoid of any moral compass.
To succeed as a paid YouTube shill, all it takes is uploading daily gibberish on YouTube, albeit with your face on display for the world to see.
This is what the audience and YouTube itself seem to demand:
A recognizable face, preferably one with unique characteristics.
Rather than offering mundane financial analysis, the average viewer craves entertainment and promises of easy wealth.
The YouTube crypto entertainers deliver precisely that, while rarely disclosing how they were sponsored to promote obscure tokens with limited utility.
But why would they, after all? Nothing is stopping them.
In Conclusion
The unchecked power and influence wielded by YouTubers (and other platform influencers) in the cryptocurrency space is concerning.
Their disregard for financial responsibility and transparency poses significant risks to their followers.
Being vigilant, questioning motives, and seeking reliable sources of information before making any financial decisions based on YouTube advice is the right approach.
We can always watch our favorite streamer or YouTuber for the entertainment factor alone as some of them, indeed excel in that.
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