Why The Bitcoin Google Stat Is Misleading
Hey people of steem,
How is everyone's day going?
First I want to take a wild guess that the market is going to start exploding these next couple weeks. This is not investment advice, at all, just saying it in case it happens so you can be like that @whatageek is so smart :p.
But this post about the Bitcoin Google stat. When bitcoin exploded everyone was googling the word bitcoin. I'm sure you remember the news and how there was a lot of coverage on crypto. Then the market started to drop and there was less hype around it. I think there will a lot more hype as dapps get released and we might get a run soon that will bring attention with it. But for now it is not as talked about.
One of the stats they use is the fact that people are googling the word bitcoin less. I am sure that is true but it is not something I would 100% base my interest on. Sure if you use Google news like I do then a decrease of bitcoin searches does mean less interest. But how many people just heard about crypto and bitcoin for the first time and wanted to check it out. And once it did why would they need to search something they already searched for. There are probably people who just go to coinmarketcap.com and check there.
You cannot use the google search as a metric as you cannot determine why people looked it up and are not including those who learned what they wanted to about it and would not keep searching it. It does offer some info but I don't think it is the whole picture.
Agree as there are so many other better sources to directly go for info on Bitcoin. Also, others are probably searching other cryptos as well which will dilute searches for BTC.
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I think it is just a noobie stat. Because there were more searches on Bitcoin by noobies at a time that other noobies were telling them that it went from 2 to 4 to 6k, you can see them getting on the noobie FOMO train. Then, when the professional traders took their profit and all of them that invested at 15 and 18k saw their stake devalue much lower than they invested at, they stopped searching.
Your sentiment that they have already googled it and are not going to do so again does make sense. The rush that caused that parabolic growth is the same exit that caused this extended bear market. I kinda don't want that to happen again (FOMO and parabolic growth)as it is bad for crypto. I kinda do but only for a greedy personal gain reason and that will not trump my greater want for solid crypto adoption.
Anyhow, if that mania is gone because everyone rushed in and out in the fall of last year, then good. I wonder if they are measuring the searches on EOS, Altcoins, blockchain and such. That might correlate a little more accurately.