As with all other industries, there is also marketing in the cryptocurrency sector. With the increasing variety of cryptocurrencies, many tokens are seeking to increase value through marketing. Therefore, some people who have the right to speak in the field of cryptocurrencies will use their influence to promote unknown tokens to obtain high-priced rewards. Recently, people have begun to accuse some industry reds of promoting "lifting shipments." Although it is unlikely to eliminate this phenomenon, it is still important to remind these cryptocurrent celebrities to recognize their responsibilities.
The impact of a tweet
Cryptographic currency traders will give some advice to novices, but this is not free. They always get some rewards, such as buying their recommended currency before sharing the tip, or linking the referral to the exchange. These practices are at least transparent, and no one will have an opinion on how they profit from their knowledge. But some people's practices have caused some controversy.
One name that people often mention when it comes to "selling shipments" in the cryptocurrency market is John McAfee. This maverick programmer has been a proponent of the cryptocurrency world, and he always finds its potential very quickly. His Twitter account has more than 500,000 fans who have used his words as truth and he has been used to sell altcoins. The Telegram trading community now also encourages fans to set up an update reminder for McAfee's Twitter and then flock to buy their new recommended token.
Dark art of social marketing
When social media reds collect money to promote a product or service, they will intentionally reveal some news; many celebrities also get into trouble because they have not done anything. However, the world of cryptocurrency is darker because the community is like a village. It seems that everyone knows each other and mutual support is part of doing business. Reds collect money through cryptocurrencies, and there is no transparency at all. Many people are willing to participate in such behavior, but some people object to it, saying that they have rejected more than 10,000 US dollars in compensation and are unwilling to promote certain tokens or ICO.
Computer security expert John McAfee claims his account is hacked
But there are not many people like McAfee who have no scruples. The purchasing power of a large number of fans will make the price of less well-known tokens soar, but then it will fall rapidly. This situation reached a ridiculous level on Wednesday. The Twitter account of the "father of anti-virus software" issued a series of tweets to promote several altcoins, and the prices of these coins have risen. However, McAfee has said that its account has been hacked.
Being influential is also given a major responsibility
Even if cryptocurrency reds don't want to manipulate the market, they will unwittingly cause price volatility, especially when the founders of a currency are famous, such as Ethereum and Litecoin. Vitalik Buterin and Charlie Lee have great influence on Twitter. Their every move has a major short-term impact on the price of the currency. For example, Buterin mentioned that Omisego or Li Qiwei praised Decred. Curiously, the death news of these important people has a greater impact on the market. In fact, there was a false news of the death of Vitalik Buterin earlier this year.
If industry reds like John McAfee want others to believe in their own words, then they will draw attention to promising cryptocurrencies. But even so, their behavior will be used by scammers. McAfee has had to stay away from some scammer accounts that want to give him 25 bitcoins to promote a token. In the world of cryptocurrencies, it seems impossible to eliminate conflicts of interest and individual power. However, Bitcoin is largely unaffected by the “higher shipmentsâ€, thanks to its huge market share and decentralization. However, for other cryptocurrencies, this is not uncommon.
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, the content is for reference only.
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