Sunday, September 12, 2021

Should you listen to media about trading advice? (yellow journalism)

Yes and no. For this I'm going to focus on YouTube, but this applies to most other places. YouTube like TV is more about emotion vs facts/logic. This is why you will see channels that aren't going into the extremes with nearly every video saying pump or dump with.

NOTE: I do watch these channels, but I can easily use them as examples.

Note BitBoy latest video where part of the title is "bitcoin PUMPING" when in reality it's been a flat line over the last few days https://www.tradingview.com/x/gC5j2XQB. Or note Thinking Crypto where he calls everything bullish and he even makes bad news to seem like good news.

Sadly, it isn't completely their fault. How YouTube works is if you can't draw massive eyes to your videos then YouTube has been found to hide your videos from subs and others. And then they do other shady stuff. Like I can tell you personally as someone with a channel over the past 5 years or so I've been getting paid the same amount every month +/- $20. And at one point I didn't even upload for a year or 2. Others have even tested this and found something is off. So unless if you're able to produce an exact type of content. YouTube does odd things in the background which can keep people from seeing your content. Even if you do those things, they still might.

So why listen to them at all? It's the same reason why you might watch national news when they make near everything breaking news, they overblown stuff, they completely lie about things, and so on. It's because if you can overlook the hype about a pump or dump since you have charts to look at too. And you focus on the exact bits. You might be able to get some insight to what is going on.

But again, note the lies. I'm going to pick on BitBoy again, but a good week or 2 ago (maybe a month) he mentioned how he had some inside source saying XRP was saying XRP was going to settle. He said it a good number of times. Chances are, he 100% lied about that due to having lack of content to produce at the time and just halfway read the writing on the wall and seen if SEC was smart they would try to settle this thing. But in reality, SEC double down on their stupid and I guess that option never even came more recently (which is actually a good thing because this means if the SEC loses then if I'm right the SEC can't go after crypto again so it's a major blow against them).

Basically, you need to filter out if a place uses yellow journalism and how much of it they use. What is yellow journalism?

Wiki https://en.wikipedia.org/wiki/Yellow_journalism - Yellow journalism and yellow press are American terms for journalism and associated newspapers that present little or no legitimate, well-researched news while instead using eye-catching headlines for increased sales. Techniques may include exaggerations of news events, scandal-mongering, or sensationalism. By extension, the term yellow journalism is used today as a pejorative to decry any journalism that treats news in an unprofessional or unethical fashion.

In English, the term is chiefly used in the US. In the UK, a roughly equivalent term is tabloid journalism, meaning journalism characteristic of tabloid newspapers, even if found elsewhere. Other languages, e.g. Russian (Жёлтая пресса), sometimes have terms derived from the American term. A common source of such writing is called checkbook journalism, which is the controversial practice of news reporters paying sources for their information without verifying its truth or accuracy. In some countries it is considered unethical by mainstream media outlets. In contrast, tabloid newspapers and tabloid television shows, which rely more on sensationalism, regularly engage in the practice.

Personally this is my rules on watching news media being crypto or not.

  1. The most honest and truthful answer tends to be the most simple and boring answer. The same normally applies to news.
  2. If they don't give sources, then they are lying or it's their opinion. Sources aren't articles. And if the article doesn't produce a source then it's an opinion. Note: I'm not saying don't listen to them. If they give an overview on articles then fine. Normally they show the title of the article and where it was publish. You can look it up from there if you want to see the sources. I think of it when channels do this is basically they are saying look at these interesting articles. But chances are the channel didn't look into if the article is total BS outside the 3 sec of if it doesn't sound right.
  3. If they are saying buy, sell, or do something without a reason. Then don't unless if you want to. But for all you know they might dump their stuff on you.
  4. Is the trustworthy person they put on really trustworthy. Like I wouldn't take medical advice from some random celeb or pop star, but I would from a doc. Well if someone in crypto who isn't a lawyer, who doesn't work for the gov, who isn't getting their info from lawyers. Do you think I would really trust them in something like the XRP case? I mean you still have some of these saying the Token Taxonomy Act will come out soon, but it's been dead since 2019. Could it come back, sure and I hope it does.
  5. Try to read between the lines. The best lies are one with mostly truth in them.
  6. If it's too hard to see if they are lying or what is a half truth. Then they aren't a good place to get news from.

No comments:

Post a Comment