To read from the corner of the eye! – L’Expresso du Coin, the series dedicated to those who are in a hurry. A quick read, for beginners and experts alike, to entertain you over a coffee. little stories, crypto vocabularies And news in order to educate themselves while having a good time. In today’s Expresso we will try to define FUD and explain its origin. Let’s go.
History around the corner
April 5, 2023, 8 a.m., in an alternate reality…
— …delegating your bitcoins to someone else, what a funny idea! exclaims the commentator on the radio.
In the back of the taxi that takes him to his conference, Alban Khier is skeptical. Is it good to go there? Will he be able to thwart all prejudices?
Through the glass, billboards follow one another. On most, anti-bank propagandathis new concept that some cranks are trying to propagate within a society that is more than perplexed on the subject.
To escape boredom, Alban scans the social networks on his smartphone. What a mistake !
“Money is made to be held yourself. »
“Watch out for your bitcoins, the banks will steal them from you. »
“Trust is earned, don’t fall for the scam. »
“The euro in the trash, we already have Bitcoin. »
“Have you heard of this thing, have you?” The euro or whatever… asks the driver to make conversation.
‘Yes, a little,’ replies Alban uncomfortably.
“In my opinion, they just want to rob us of our bitcoins, that’s all. To convert them into their new thing. Money without quantity limitswe will have seen it all…
Alban nods his head with an air of false understanding. His conference promises to be more complicated than expected.
8:45 a.m. – Alban looks around his audience. Doubt, uncertainty, even fear in some looks… His audience is perplexed and lets him know. Alban places his hands firmly on his desk to give himself courage. Here we go.
— Contrary to appearances, and what you can read every day in our mediabanks aren’t as bad as you think…
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In a corner of the head – the FUD
FUDFor Fear, Uncertainty and Doubt, or in French, fear, uncertainty and doubt. In practice, FUD consists of establishing a climate of fear in order to keep the general public and investors away from a particular area or asset. This process is also widely used against the crypto ecosystem. We no longer count the times when Bitcoin was announced dead, worthless, compared to Bernard Madoff’s Ponzi. The objective is simple: to prevent people from investing in this asset. Because it is essential for the leaders and financiers of this world that the population considers this digital “object” as dangerous. For what ? Because in reality, it is for them that it is dangerous.
Indeed, by proposing an alternative, limited, uncensorable monetary system, beyond state control, Bitcoin threatens their small, unequal and unjust world. The FUD is therefore a valuable tool for them to drive out of our bosom these innovations which are in reality opportunities to escape a system in place that has become unhealthy.
More generally, the FUD is a collection of information based on little or no argument or tangible evidence. These are baseless criticism built for a single purpose: to violently damage the reputation and value of an asset, an event or an individual. This FUD is often the subject of campaigns widely relayed by the media and social networks. Because bad news and criticism, contrary to appearances, the public loves it.
Stay in the Corner!
The fear of the emergence of an alternative model which exterminates theirs. It is probably the obsession of all the financiers who run the world today. And that’s why they are so virulent with Bitcoin with a lot of prejudice: pollution, money laundering… And this, despite numerous figures that show the contrary. As Bernstein analysts saythe future of banks seems more than compromised if they do not adapt to this revolution, as with the Internet in its day.
Because the more the crisis of confidence in the banks, undermined in recent times, will increase, the more that in alternative solutions like Bitcoin will grow.
FUD is a terrible weapon, because even without proof or foundation, a criticism spreads like wildfire, all the more so in the era of social networks. Much more easily than the good news elsewhere, such is the human brain. And once such a movement is initiated, and prejudices build up, it becomes difficult to tear them down. This is how false ideas end up being introduced in a lasting way into common thought. On the stock market, this FUD is often accompanied by a price dump, sometimes via the coordinated action of whalesto support the rumor.
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