BREAKDOWN: The Future of Crypto FUD
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 28 January 2020
⏱️ 22 minutes
🧾️ Download transcript
Summary
We’re over $9,000! That means a lot of good things, of course. But any price increase brings with it increased scrutiny and, yes, increased FUD. The question for this time around is whether the FUD is the same old same old or something new.
In this episode, @nlw looks at three emergent (and continued) areas of FUD, including: 1) accusations that the bitcoin community is rooting for calamity as the safe haven narrative takes hold; 2) an updated “crypto is for criminals” narrative with more emphasis on state-level enemies; 3) a new, more economically vindictive green/energy waste narrative.
Importantly, the question isn’t so much whether these new categories of FUD will come to fruition, but what can be done about them.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW. |
| 0:15.0 | The Breakdown is distributed by CoinDesk. |
| 0:20.0 | Welcome back to The Breakdown. It is Tuesday, January 28th, and today we are talking |
| 0:25.4 | about the future of FUD. Why are we talking about FUD on a day that Bitcoin is soaring, |
| 0:30.9 | where we've been over 9,000 for 12 hours at this point, where things seem to be going well, |
| 0:36.4 | where there's excitement in the markets |
| 0:37.9 | and on crypto Twitter and in our conversations. The reason that we're talking about FUD now is that |
| 0:43.4 | it's only in bull markets. It's only when things are going really well that FUD starts to appear. |
| 0:49.5 | FUD, especially that comes from outside this community. When things are in a bare market and it's not |
| 0:55.0 | quite as loud, really no one's paying attention and the fudsters are off fudding something else, |
| 0:59.8 | usually. It's when things get good that fud starts. And I think there are a few new strands of fud, |
| 1:05.7 | as well as continued strands that are positioning themselves as we look to potentially a better market going forward |
| 1:12.3 | throughout the rest of this year. So I wanted to take a few minutes to just explore three |
| 1:16.3 | different emergent forms of fud and what we might do to combat them in advance. |
| 1:23.7 | FUD number one, rooting for disaster. So Bitcoin has been steadily gaining over the past couple |
| 1:31.6 | weeks. That trend continued unabated over the last two days and interestingly coincided |
| 1:39.5 | with a much larger market sell-off in traditional markets. Now, that sell-off was attributed widely to |
| 1:47.3 | fears around the coronavirus and the spread of coronavirus and what that means. And so you had this |
| 1:52.8 | scenario, which happens every once in a while where Bitcoin is going up when everything else is |
| 1:57.7 | going down. And that creates questions and narrative questions around |
| 2:02.3 | whether Bitcoin functions in some sort of counter-cyclical way. If it's operating as a non-correlated |
| 2:09.1 | or inversely correlated asset, people bring up the question of Bitcoin as a safe haven. |
... |
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