Just in, the CEO of Binance, Changpeng Zhao took to Twitter to share news about an ongoing FUD (Fear, Uncertainty, and Doubt) that spread across massive crypto sites making BNB collapse. This was on 18 August 2022.
"More FUD about me. This one is pretty funny, says the FBI raided "a room full of #BNB and BUSD".
A major news site in China called "163" shared a blog post on Google with the exact words :
币安创始人赵长鹏于FBI的突袭中在豪宅被捕，现场在豪宅地下室搜出一屋子的BNB和BUSD。
This translates to:
“Changpeng Zhao, the founder of Binance, was arrested in the mansion during the FBI raid, and a room of BNB and BUSD was found in the basement of the mansion.”
Binance CZ Caught With a Room Full on BNB and BUSD
It is really interesting is it not? The police found CZ in a room full of BUSD and BNB. Heck! Who knew that crypto coins are already tangible?
Bloggers like me have already manufactured BNB and real word BUSD and now are using it. Who knew the crypto coins would become tangible even before they were fully accepted globally?
Who knew that even the CEO would possess coins he himself has not manufactured?
Only the bloggers knew.
Sadly, other cryptocurrency stations picked up the news and aired it, including China News (CN). Social media groups too helped spread the FUD.
It is sad that top News Sites have little to no knowledge on cryptocurrency. How can a crypto coin be found in a basement? Do they not know the characteristics of cryptocurrency?
The Characteristics of Crypto Coins:
1. Digital. Crypto coins are digital currencies that only exist in a blockchain.
2. Intangible. By virtue of being digital, the coins are therefore intangible.
3. Decentralized. Not owned by anyone. Owned by many investors at the same time.
Top media stations should hire cryptocurrency writing experts including some of CreativeSeasonOfficial writers to avoid embarrassment and unnecessary FUD.
Effects of FUD on Top Investors like Elon and CZ
For me and you, this is humorous, however for investors, it is a stab. FUD affects normal trading and can cause a probable collapse of a coin. Following false information, investors liquidate immediately for fear of loss, which causes massive price changes in assets such as BNB and
Tesla. For example, following the FUD on Binance CZ, the price of BNB dropped from $310 to $301 in minutes. That is a huge crash in the digital space.
Even though 163 deleted the original article, you can still find copies of the information on other news sites. This is devastating.
More FUD: Are Binance CZ and Tesla CEO Trafficking?
Yes, Binance CZ and Tesla CEO Elon Musk are “trafficking”.
A few days ago before CZ shared the 163 FUD story, another account took to Twitter to share an interview the account had with Binance CZ. CZ responded immediately saying,
"I have not talked to this person".
Three years ago, another top site, The Block, shared an article about Binance CZ being raided by the police. Lazy researchers quickly copied the article and it spread it all over social media.
The articles got a lot of clicks and again BNB dropped from $24 to $18, making Binance lose a market cap of over $400m within minutes. After generating traffic , The Block changed the article to " visit by the authorities". Worse, it has not deleted the article yet.
Truth is most blogs are using top investors to generate traffic because more traffic equals more money. If your blog is crashing, why suffer yet a rumor can use it to create traffic? This is risky. We can classify it as a lack of knowledge but also a risk to the top investors because they lose clients in minutes.
Is It Okay to Use Top Crypto Investors Like CZ, Elon Musk, and Vitalik Eth for Traffic?
Website traffic refers to the number of people who visit your site daily. Therefore, website trafficking is using either campaign or SEO to increase user clicks on your site.
However, for this case, bloggers use rumors. Yes, Binance CZ and Elon Musk are “website traffickers”. The names can cause traffic for a news blog especially if it is false or a scandal.
Considering the crypto space is stabilizing and is in its infant stages, it is very risky. A company could lose up to $1 billion worth of investment in minutes. It is not right to use rumors for website trafficking.
What should top sites do instead to generate traffic? The sites should look for cryptocurrency article writers, and professional ones too. The sites should also look for legitimate news sources. Using SEO is also great.
Great things take time.
How would you advise a crypto blog to pick a topic for the day instead of using a rumor? Leave a comment below.
Good day!
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