The BBC (and a few others) give visibility to a danger that has been around for some time. Yes, they alert us to what is happening and the BBC is not to blame. Yet when we see ‘Fake Walmart news release claimed it would accept cryptocurrency’ (at https://www.bbc.com/news/technology-58545944) we need to wonder about a few things. It might be “The release, published through a legitimate press channel, claimed that Walmart would accept the currency through all its digital stores. Walmart later told US media outlets the announcement was “inauthentic”. By that time, several major news websites and press agencies had spread the supposed news. It is not clear how the announcement made it on to Global Newswire, a service widely used to distribute press material from companies.” And it is an important side. I merely wonder how soon we will get some carefully phrased denial spiced with “there was a miscommunication”, I will have questions on how thorough the investigation will be, which stakeholders were involved and how Global Newswire got the news in the first place.
As I expected for some time, there is a larger flaw on vetting information and who is allowed to vet it all. At some point a situation was created where a group of people made $50 per coin where no profit existed and even as we get loud claims on a few sides I expect that nothing will come from it, the exploitation stage is set and it is high time that the media gets a massive overhaul. Even now we can find the Google search on global News, but the link no longer works. Not a clear retraction, the article was merely removed, as I personally see it a stage of manipulation. Over the 17 hours, we see no news on WHO delivered that news to Global News, we see no news (from anyone) on HOW it was delivered.
I get additional questions when I see ‘Litecoin back to the drawing board as LTC rally culminates’ (at https://www.fxstreet.com/cryptocurrencies/news/litecoin-back-to-the-drawing-board-as-ltc-rally-culminates-202108261526) we also get “On August 16 and again on August 23, Litecoin (LTC) tried to reach the 200-day Simple Moving Average (SMA). Both tests failed and what followed each time was a quick reversal”, as well as “A return to the bandwidth between $135 and $156 looks like the sanest move to attract buyers again” a simple search gave me this info and in this we see a setting where SOMEONE spiced it with fake news. In all this there was no vetting of any decent kind. As I was able to find what I found within 5 minutes, yet Global News spread the news. So whilst the BBC gives us “It is not clear who was behind the fake release, or how they managed to publish it.” It seems clear that Global News needs to get ready for some serious FBI investigations, it might be a Canadian news station and it will go via the Royal Canadian Mounted Police and optionally the CSIS will get involved, but the FBI will take the US side and neither of the three will be played for as fool. The FBI has no real choice in the matter. This is merely part of the larger stage that real media lacks the same credibility that fake news has and that is important, as it will change the stage of News agencies everywhere. When the news becomes nothing more than an exploitation tool the entire Litecoin issue will not be the only one and it will not be the last one. And in all this, there will be a seperate stage for the connected stakeholders.
And it will not end there, we can accept that Global News acted in good faith, and we can accept that. But it also means that Global News will have to dig deep into its bowels and find out how this was possible in the first place. There are also more questions that Walmart has to answer, yet I wonder if it will get us anywhere. From all parties Global News is the first station of investigation, and I wonder how much interference some parties will throw up and that might be seen in the media over the next few days and that will lead to several questions, none of them good.