There have been considerable shifts in the price of Bitcoin, and the overall crypto industry has also seen some rift in the past months. Social media is seeing more and more unverified content shared and read by millions of people. So, is there a possibility that someone is paying for these trolls so they could publish content that demeans Bitcoin?
The first question that comes up is who would do that. But, the right question would be who would benefit the most if Bitcoin or Bitcoin cash is trolled over the internet and valued down in the market.
But before we discuss that, let’s look at the ramifications it has on the cryptocurrency market. Cryptocurrencies are decentralized, highly volatile currencies and their value increases as more and more people buy it and use it. If posts on social media about the impending doom on Bitcoin are shared, people will start believing it, and the fear of losing will take over the rationale.
People would start to panic and sell away the Bitcoin they possess which will, as a result, make the cryptocurrency slide in value. And, with that, a vicious cycle will follow. As the prices fall, more people will cast off their assets and the value would plunge even further, which will continue until it hits rock bottom.
Who would benefit the most?
If Bitcoin ends up being a crypto enthusiast’s last option, who would benefit the most? An obvious guess would be some other cryptocurrency that wants more exposure than it gets. It gets as sleazy as politics here.
A popular discussion on Reddit surfaced when multiple accounts put in their opinions that were clearly anti-Bitcoin Cash, and this led to Redditors posting that it is only possible if the handles were paid. This seemed a little paranoid at first, but when these handles turned their attention to some other cryptocurrency, they had only the best to talk about it.
Could they be paying the trolls to instigate disapproval and doubt about the cryptocurrency in the market? Another Redditor speculated that it could very well be the community supporting Bitcoin Core who is trying to shift attention from their problems. That’s why they are creating a diversion by picking on Bitcoin cash.
There’s no way of knowing for sure what exactly the truth is. At least there’s some solid proof, and just speculation, to work with. But if it turns out to be true, it raises serious concerns about the serious nature of such media and its adverse effect on the industry.