{"id":33165,"date":"2020-09-23T00:00:00","date_gmt":"2020-09-22T12:00:00","guid":{"rendered":"https:\/\/bravenewcoin.com\/insights\/fake-views-how-social-media-bots-are-distorting-the-crypto-narrative\/"},"modified":"2023-11-27T21:18:33","modified_gmt":"2023-11-27T08:18:33","slug":"fake-views-how-social-media-bots-are-distorting-the-crypto-narrative","status":"publish","type":"post","link":"https:\/\/bravenewcoin.com\/insights\/fake-views-how-social-media-bots-are-distorting-the-crypto-narrative","title":{"rendered":"Fake views: How social media bots distort the crypto narrative"},"content":{"rendered":"

The recent Netflix documentary _The Social Dilemma <\/a>_has stirred new discussions on the dangers of social media platforms. The documentary employs hyperbole when it gravely proclaims that social media is an "existential threat\u201d to humanity. While much of the information it provides is not new, it is nonetheless confronting to have all of the downsides of social media laid out once again. Misinformation, fake news, filter bubbles, bot armies, technology addiction, crypto scams, bullying, and more.<\/p>\n

It’s somewhat of a cliche by now, but the simple idea that "if the product is free, then you are the product", is as true as it ever was. The documentary takes this idea one step further, suggesting that all of us are essentially trapped in The Matrix<\/em>, each of us being served up a unique version of reality, tailormade to hold our attention and sell us products thanks to increasingly clever and manipulative algorithms.<\/p>\n

The documentary concludes that rather than social media itself representing an existential threat to humanity, the real problem is the way that social media amplifies the worst of humanity. And given the nature of human greed and nastiness, both personal and petty, and nationalistic and ingrained, short of throwing one’s phone away, solutions are hard to find.<\/p>\n

Crypto social media<\/h2>\n

Social media is an essential part of the crypto asset and blockchain industries. For example, Reddit is invaluable for gauging community sentiment for a particular project or to find out whether a new crypto venture is legitimate or not. Twitter, on the other hand, provides 24 hours a day, seven days a week discussion of the crypto news cycle. On the micro-blogging platform, thought leaders discuss issues, flesh out ideas, and debunk myths.<\/p>\n

While Twitter has native communities around many topics, Crypto Twitter is especially vocal, infamous, entertaining, and essential. Crypto Twitter is somewhat nebulous and difficult to define but it performs the following important functions:<\/p>\n