Craig Wright takes on the rise of fake news

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In his latest blog post, “Undermining Truth: The Rise of Fake News,” Dr. Craig Wright tackles a topic that the world, especially the Bitcoin community is all too familiar with: fake news.

Fake news as a weapon

“Fake news or “true lies” are not merely the result of poor research, but, more accurately, one of promoted activities which are intentionally designed to mislead,” says Dr. Wright. “Technology is promoting not only access to information, but the ability to create ‘cheap fake’ and ‘deep fake’ counterfeit information. It is noted that it becomes simpler to promote conspiracy theories. The ease at which companies can now create and spread false information is leading to an information pandemic that could be more dangerous than viral epidemics. The negative impact of such misleading pseudo-knowledge undermines the valid trust that responsible organizations have built over the years.”

It is no secret that the internet and social media platforms unfortunately facilitate the propagation of fake news. Sometimes, consumers spread this information unknowingly, but in other instances, individuals intentionally spread fake news because they know others will believe it. Unfortunately, fake news has now become a marketing, or rather, a counter-marketing tool, to destroy human trust and belief in reputable companies, brands, products, and ideas—we see third parties do this to Bitcoin SV all the time.

“For a brand to differentiate itself and to expend extra capital on creating a sustainable product, people need to see the benefits available—and not have them diminished through sham offerings and counterfeits that are unlikely to provide benefits such as sustainable sourcing,” says Dr. Wright.

Which reminds me of Bitcoin. The benefits of Bitcoin are clear as well as readily available and enterprises and individuals are capitalizing on the advantages of a Bitcoin-based system. However, trolls on Twitter and other social media platforms continue to spread false information or rather, fake news, about Bitcoin which unfortunately damages its reputation and impacts the general public’s perception toward Bitcoin.

Fighting fire with Bitcoin

Although fake news affects Bitcoin, Bitcoin-based platforms have the ability to combat fake news. If a website or social media platform were Bitcoin-based (Twetch for example), then the platform could assign a value to the content being posted. This would put a price on trolling and would deter individuals from creating rumors or fake news because it would be costly to do so.

“Most offerings involving criminal activity and fake news are subject to economic forces, and as the cost of providing fake news increases, the quantity is likely to decrease (Wright 2012). […] By acting together in opposing fake media, it becomes more straightforward and less expensive for responsible organizations to maintain their brands.”

To learn more about the effect that fake news has on consumers and companies, you can learn more in Dr. Wright’s latest blog post “Undermining Truth: The Rise of Fake News.”