Cryptocurrency shilling – YouTubers or Twitterati?
Shilling cryptocurrencies have been around for a while, and various forms of social media are being used to shill currencies, tokens, assets etc. Popular methods include using Twitter, Facebook and in recent times, YouTube. While at times it may seem to get a bit out of hand, taking pointers cleverly can undoubtedly make a trader rich in the long run.
Are Crypto-YouTubers shilling or just advising?
There’s no doubt that YouTube has become a major hub for influencer-marketing across several industries. Cryptocurrency traders, analysts and experts have uploaded several videos covering various topics in the cryptoworld. Most such channels have a strong subscriber base, with traders willing to follow what the particular person has to say. More often than not, they influence the way a coin performing as traders tend to follow the influencer’s sentiments on that coin. Some popular examples include: The Cryptoniac, The modern investor and Data Dash.
Top Twitter Influencers:
Many people prefer using Twitter over YouTube because of its real-time capabilities. As cryptocurrencies are a “blink-and-you-miss” type of market, trading opportunities may arise within the smallest of time frames. Twitter beats YouTube in this respect as the information is passed on quickly. The Twitterati, in this case, can offer a mix of insights and investing advice along with broader news from time to time. Some examples of the most heavily followed Twitter influencers in the cryptocurrencies are CryptoHustle, VentureCoinist, Vitalik Buterin and John McAfee.
How to Distinguish Influencer from Shiller?
There are no definitive ways to prove whether an individual is shilling a particular coin or not. One of the most common tail-tale signs is when a particular individual promotes or sometimes pushes a coin that seemingly does not have any potential. Hence, some level of background research about the coin in question and its recent developmental updates are required. A good example would be John McAfee’s role in the Pink Taxi ICO, where he was accused of unfairly shilling a sham ICO. While McAfee himself has clarified that it was an error of judgment on his part, not all are convinced and many suspect him for taking kickbacks.
In order to evaluate whether a YouTube personality or Twitter individual is shilling or offering genuine insight into the topic, the following points might be considered:
– Checking the background of the individual to the weeks leading up to the shilling.
– Establishing any link between what they are promoting and any supposed incentive they might get out of it.
– Using preliminary judgement to ascertain the project’s value including researching about recent developments.
– Making sure that it is not fraudulent or a scam. This can be done by researching on various websites which track crypto-scams.
Social media role in crypto
As mentioned before, Social media is an important tool in this respect and both Twitter and YouTube are being used to attract “shills” to promote a specific project or service. Evaluating whether a particular influencer is offering genuine insight or is just shilling is crucial for making knowledgeable trade decisions and avoiding massive losses of funds in the long run.