Classic bait of the media to spread panic: “the Chinese government will seize power over bitcoin”

Classic bait of the media to spread panic: “the Chinese government will seize power over bitcoin”

Another story in the mainstream media that aim to deter ignorant people from using bitcoin – China can seize the cryptocurrency.

This meme FUD (fear, uncertainty and doubt) is widely distributed in 2015 and 2016.

Scare tactics

After a lot of articles about how mining bitcoins can consume all energy sources on earth in just a few years, which will lead to insurmountable environmental disaster emerged a new attempt to inflate the paranoia around cryptocurrencies. Now all is to be feared that the Chinese government will seize control over bitcoin.

The article “the Risk of sabotage China bitcoin” (“Bitcoin is at risk of Chinese sabotage”) first appeared in the British newspaper Sunday Telegraph. It has re-released a number of English-language Newspapers, even in Australia and New Zealand. As such stories spread quickly, it will soon be translated into many other languages, the local media and published in many other regions of the world in the coming days.

Ultra-high hash power

The source of intimidation in the headers is a message from “security researchers” of bitcoin. Googling for two minutes about the writers of the newspaper, you can find the company data to which they refer, currently engaged in their own ICO. The concentration of hash-power in China is the already widely known issue and the cited information is already in the public domain.

With the exception of the statement that the Chinese government can use its power over the miners to sabotage the bitcoin network, the article doesn’t say anything new. It is not even mentioned numerical previous failed attempts of China to ban or destroy bitcoin, or what bitcoin was originally developed to bypass the government’s attempts to control it. The authors recognize the existence of technical solutions against this, as the development of other solutions, but indicate that only attempt to attack China, can cause irreparable loss of faith in bitcoin.

The real conclusion from this article is that if you want promotion as an expert on bitcoin or scareware, you just need to give the media a piece of cake.

News tags
Let's Disqus