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Latest Tron “scandal” highlights the problem of fake news in the crypto markets
Recently, Tron appears to have been at the center of the latest fake news scandal to hit the crypto world. It started on July 8, after Twitter user Hayden Otto posted a tweet stating that Chinese police were raiding the Tron offices in Beijing. The accompanying video initially seemed credible, showing uniformed police in an office that also displayed the Tron logo. The implication was that police were raiding Tron for participating in a scam.
However, this was far from truth, as Tron founder Justin Sun quickly jumped in to clarify. Protesters had stormed the offices, after finding out that a project called Wave Field Super Community was actually a Ponzi scheme (the project had associated itself with Tron, despite the company' attempts to dissociate itself). The police presence was, in fact, there to monitor the situation and protect Tron's employees.
Despite fast action on behalf of the company, Tron's price immediately plummeted. The incident wiped over $100m from Tron's total market cap in the space of just a few hours which it later recovered.
A recurring problem
Unfortunately, the Tron incident isn't the first case of fake news plaguing the digital currency space. In May, Primitive Ventures founder Dovey Wan outed a fake news scam in China. The report appeared to indicate that Craig Wright had transferred funds out of a BTC wallet known to belong to Satoshi Nakamoto and transferred it to Binance, thereby confirming that Craig Wright is indeed Satoshi.
This relates to an ongoing point of contention between Craig Wright and Binance founder Changpeng Zhao (CZ). The latter had delisted Craig Wright's Bitcoin SV coin from Binance a few months back following Wright's repeated (and unproven) claims that he was Satoshi Nakamoto. Again, the fake news had a market impact, as the value of BSV spiked immediately after the "news" broke.
Neither are these new incidents. Back in 2017, a Steemit writer had warned of the market impact of fake news. They cited a story that had circulated, stating that the IOTA project had partnered with Microsoft and Cisco. In fact, IOTA had only been in talks with those companies. The writer warned:
"This is a PRIME example of how virality with news about popular currencies can create massive, artificial pumps that are destined for a short life once the inaccuracy is revealed for what it is."
While some may dismiss these rumors as frivolous, the truth is they can inflict severe damage on markets. Investors can quickly lose trust and dump their holdings, causing markets to nosedive in response. The Tron and Bitcoin SV incidents are illustrative of just how easily this can happen.
Navigating the sea of fake news
It's not just necessarily a crypto problem, although crypto-Twitter seems to be an unhealthy source of truth for many in the industry. One problem with Twitter is that it becomes a breeding ground for fake news because projects are competing with one another. However, one project losing value doesn't equate to others gaining. This isn't how markets operate.
Nevertheless, traditional markets are also often subject to ups and downs depending on rumors and misinformation. Elon Musk caused shockwaves in the financial markets last year when he suddenly tweeted that he was taking Tesla private at $4.20 per share. He wasn't - resulting in the SEC taking swift action against him.
Because of incidents like these, 40% of Americans report fake news as one of their serious concerns in making investment decisions. Even seemingly reputable brands like Walgreens have faced SEC action for misleading investors.
However, crypto is far more volatile in general than the traditional markets, meaning fake news disproportionately affects market swings. With the influx of institutional money into crypto, we need more reliable sources of news and information than just Twitter. If markets continue to fluctuate so violently, it may ultimately cause institutions to pull their money out. This would be catastrophic for the digital asset space, which is only just starting to gain a veneer of credibility with big investors.
Is there an answer?
Some sources, Mark Zuckerberg included, point to artificial intelligence algorithms as the solution to the fake news problem. In the future, it may be possible that crowdsourced intelligence will help to reduce the instances of fake news. But currently, AI algorithms aren't advanced enough to differentiate all the levels of human nuance contained in even the shortest texts.
The cryptocurrency media operates at breakneck speed, resulting in reporters often picking up stories and reporting them as rumors, asking questions later. The mainstream media only tends to report on significant events in crypto and doesn't track every story. Therefore, crypto media needs to take responsibility for putting facts before clickbait headlines.
However, individuals can also take steps to ensure that they are applying reasonable doubt to tweets and clickbait headlines they see online. If you read an outrageous claim online, check multiple sources, and verify the author before sharing it. Check to make sure the website or Twitter account isn't a spoof or a fake. If something seems inauthentic, don't give it the oxygen of publicity.
In the end, there is no easy solution to the fake news problem. It's down to each individual and entity to take responsibility for what they post, what they share, and what they choose to believe and the markets will do what the markets will do. But let's try and make sure that as much as possible is based on facts, rather than fake news.
Innovation in manufacturing has crawled since the 1950s. That's about to speed up.
Richard Feynman once asked a silly question. Two MIT students just answered it.
Here's a fun experiment to try. Go to your pantry and see if you have a box of spaghetti. If you do, take out a noodle. Grab both ends of it and bend it until it breaks in half. How many pieces did it break into? If you got two large pieces and at least one small piece you're not alone.
But science loves a good challenge<p>The mystery remained unsolved until 2005, when French scientists <a href="http://www.lmm.jussieu.fr/~audoly/" target="_blank">Basile Audoly</a> and <a href="http://www.lmm.jussieu.fr/~neukirch/" target="_blank">Sebastien Neukirch </a>won an <a href="https://www.improbable.com/ig/" target="_blank">Ig Nobel Prize</a>, an award given to scientists for real work which is of a less serious nature than the discoveries that win Nobel prizes, for finally determining why this happens. <a href="http://www.lmm.jussieu.fr/spaghetti/audoly_neukirch_fragmentation.pdf" target="_blank">Their paper describing the effect is wonderfully funny to read</a>, as it takes such a banal issue so seriously. </p><p>They demonstrated that when a rod is bent past a certain point, such as when spaghetti is snapped in half by bending it at the ends, a "snapback effect" is created. This causes energy to reverberate from the initial break to other parts of the rod, often leading to a second break elsewhere.</p><p>While this settled the issue of <em>why </em>spaghetti noodles break into three or more pieces, it didn't establish if they always had to break this way. The question of if the snapback could be regulated remained unsettled.</p>
Physicists, being themselves, immediately wanted to try and break pasta into two pieces using this info<p><a href="https://roheiss.wordpress.com/fun/" target="_blank">Ronald Heisser</a> and <a href="https://math.mit.edu/directory/profile.php?pid=1787" target="_blank">Vishal Patil</a>, two graduate students currently at Cornell and MIT respectively, read about Feynman's night of noodle snapping in class and were inspired to try and find what could be done to make sure the pasta always broke in two.</p><p><a href="http://news.mit.edu/2018/mit-mathematicians-solve-age-old-spaghetti-mystery-0813" target="_blank">By placing the noodles in a special machine</a> built for the task and recording the bending with a high-powered camera, the young scientists were able to observe in extreme detail exactly what each change in their snapping method did to the pasta. After breaking more than 500 noodles, they found the solution.</p>
The apparatus the MIT researchers built specifically for the task of snapping hundreds of spaghetti sticks.
(Courtesy of the researchers)
What possible application could this have?<p>The snapback effect is not limited to uncooked pasta noodles and can be applied to rods of all sorts. The discovery of how to cleanly break them in two could be applied to future engineering projects.</p><p>Likewise, knowing how things fragment and fail is always handy to know when you're trying to build things. Carbon Nanotubes, <a href="https://bigthink.com/ideafeed/carbon-nanotube-space-elevator" target="_self">super strong cylinders often hailed as the building material of the future</a>, are also rods which can be better understood thanks to this odd experiment.</p><p>Sometimes big discoveries can be inspired by silly questions. If it hadn't been for Richard Feynman bending noodles seventy years ago, we wouldn't know what we know now about how energy is dispersed through rods and how to control their fracturing. While not all silly questions will lead to such a significant discovery, they can all help us learn.</p>
Join Pulitzer Prize-winning reporter and best-selling author Charles Duhigg as he interviews Victoria Montgomery Brown, co-founder and CEO of Big Think.
Women today are founding more businesses than ever. In 2018, they made up 40% of new entrepreneurs, yet in that same year, they received just 2.2% of all venture capital investment. The playing field is off-balance. So what can women do?
In a recent study, researchers examined how Christian nationalism is affecting the U.S. response to the COVID-19 pandemic.
- A new study used survey data to examine the interplay between Christian nationalism and incautious behaviors during the COVID-19 pandemic.
- The researchers defined Christian nationalism as "an ideology that idealizes and advocates a fusion of American civic life with a particular type of Christian identity and culture."
- The results showed that Christian nationalism was the leading predictor that Americans engaged in incautious behavior.
A pastor at the chapel of the St. Josef Hospital on April 1, 2020 in Bochum, German
Sascha Schuermann/Getty Images<p>Christian nationalists, in general, believe the U.S. and God's will are tied together, and they want the government to embody conservative Christian values and symbols. As such, they also believe the nation's fate depends on how closely it adheres to Christianity.</p><p style="margin-left: 20px;">"Unsurprisingly then, in the midst of the COVID‐19 pandemic, conservative pastors prophesied God's protection over the nation, citing America's righteous support for President Trump and the prolife agenda," the researchers write.</p><p style="margin-left: 20px;">"Correspondingly, the link between Christian nationalism and God's influence on how COVID‐19 impacts America can be seen in proclamations about God's divine judgment for its immorality―with the logic being that God is using the pandemic to draw wayward America <em>back </em>to himself, which assumes the two belong together."</p><p>The logical conclusion to this kind of thinking: America can save itself not through cautionary measures, like mask-wearing, but through devotion to God. What's more, it stands to reason that Christian nationalists are less likely to trust the media and scientists, given that these sources are generally not concerned with promoting a conservative, religious view of the world.</p><p>(The researchers note that they're unaware of any research directly linking Christian nationalism to distrust of media sources, but that they're almost certain the two are connected.)</p>
Predicted values of Americans' frequency of incautious behaviors during the COVID‐19 pandemic across values of Christian nationalism
Perry et al.<p>In the new study, the researchers examined three waves of results from the Public and Discourse Ethics Survey. One wave of the survey was issued in May, and it asked respondents to rate how often they engaged in both incautious and precautionary behaviors.</p><p>Incautious behaviors included things like "ate inside a restaurant" and "went shopping for nonessential items," while precautionary behaviors included "washed my hands more often than typical" and "wore a mask in public."</p><p>To measure Christian nationalism, the researchers asked respondents to rate how strongly they agree with statements like "the federal government should advocate Christian values" and "the success of the United States is part of God's plan."</p><p>The results suggest that, compared to other groups, Christian nationalists are far less likely to wear masks, socially distance and take other precautionary measures amid the COVID-19 pandemic.</p><p style="margin-left: 20px;">"Christian nationalism was the leading predictor that Americans engaged in incautious behavior during the pandemic, and the second leading predictor that Americans avoided taking precautionary measures."</p><p>But that's not to say that religious beliefs are causing Americans to reject mask-wearing or social distancing. In fact, when the study accounted for Christian nationalist beliefs, the results showed that Americans with high levels of religiosity were likely to take precautionary measures for COVID-19.</p>
Limitations<p>Still, the researchers note that they're theorizing about the connections between Christian nationalism and COVID-19 behaviors, not documenting them directly. What's more, they suggest that certain experiences — such as having a family member that contracts COVID-19 — might change a Christian nationalist's behaviors during the pandemic.</p><p style="margin-left: 20px;">"Limitations notwithstanding, the implications of this study are important for understanding Americans' curious inability to quickly implement informed and reasonable strategies to overcome the threat of COVID‐19, an inability that has likely cost thousands of lives," they write.</p>
Parental anxieties stem from the complex relationship between technology, child development, and the internet's trove of unseemly content.