John Oliver’s uninformed criticism of blockchain is a perfect example of FUD

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The crypto market is down right now and many investors, especially those who came in late are confused as to what direction the market will go. On one hand, you have YouTube videos telling you how coin X or Y is poised for takeoff, then there are sections of the mainstream media pushing the idea that crypto is dead. While it is easy to ignore some random YouTuber trying to explain to you why a coin will go up, it is difficult not to feel jittery when the mainstream media puts doubts in your mind. Take the recent analysis of blockchain technology and cryptocurrencies by John Oliver, on his last week show that runs on HBO.

In the said episode, Oliver discredits blockchain and cryptocurrencies by presenting those investing in this space as either unaware of what blockchain is all about, or are just foolish enough to chase after the allure of easy money where there is none. He uses companies like Bitconnect to drive his point home, on why cryptocurrency is not worth it. To an undecided investor still reeling from the recent market downturn, it is easy to believe him.

But is his critique of cryptocurrencies disguised as humor really true? Absolutely not!  Take for example the part where he argues that the reason why major corporations such as IBM and Walmart have not adopted blockchain despite it being secure is that no one understands what it is about. That argument is wrong and misleading. The truth is that there are many companies out there that are experimenting with blockchain technology.

Take Starbucks for example. The company announced that it would be adding a cryptocurrency to its payment systems soon. Microsoft, one of the largest cryptocurrencies is already working with five blockchain platforms. Even in the social media space, companies like Steam are prove enough that blockchain based solutions are working. Blockchain technology has also been used to successful run an election in Sierra Leone, where it has acted as a stabilizing factor by instilling trust in the electoral process. The list is endless.

Oliver also uses a company like Bitconnect as prove that the whole crypto thing is a hype, a passing fad that won’t last. But is that really the truth? That’s like saying that Madoff’s schemes were prove that the stock market is a sham. The truth is that every industry has some bad apples that have no bearing at all, to the future growth of their respective industries.

What, therefore, can one learn from this episode of Oliver’s show? The most important lesson you should carry with you is that you should take your time to study and understand the crypto market. There are so many parties who feel threatened by blockchain technology, and would do anything to see the technology go down. Just to give you context, the polish central bank recently admitted to spreading FUD against cryptocurrencies.  That’s why it’s a wise move to do your own research. The tech may take time before it is mass adopted but once it does, those who were brave enough to hold will reap big.

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