Confirmation bias in digital age
Confirmatory bias is one of the most predominant factor that affects attitude of individuals towards certain phenomenon. I use the word phenomenon to demonstrate both individuals and entities. So, it is like individuals trying to confirm upon their existing beliefs and perceptions with phenomenon in their day to day life. The facts are taken in a manner that confirms our existing beliefs and perceptions. Wikipedia
With the emergence of digital technology, confirmation bias has taken a different turn and is evident by large influx of support or criticism for a phenomenon. It is easy to migrate to internet and get associated with a cluster that forms a supporting ally. The wide base of internet consists of users possessing different views and it is easy to get attached to a likely cluster that has similar view for a phenomenon.
16 year Martin Odegaard was signed at a decent fees by Real Madrid in 2015. But with 80k weekly wages, attracted undue attention from media. The high salary offered to a teenager from third division was used to sensationalise jealously within RM team. Martin Odegaard
Currently, buzzwords such as cryptocurrency and bitcoin are the latest victim. Confirmation Bias is expected from normal public, but it becomes a problem when it comes from experts and mainstream media. The problem lies in the inability to form a rational explanation based on facts alone and not to let beliefs plague the opinion. Anything that has short exponential growth is deemed as unstable. Bitcoin is a phenomenon lacking clarity by the masses and everyone makes judgement without delving deep in to the facts. I haven't found a reliable source that could attribute with certainty regarding the future of bitcoin and cryptocurrencies and is subjected to speculations rather than substantial results. Should it be treated like stocks or are we neglecting hidden factors or is it a random event? Until this questions are answered, bitcoin along with other such phenomenon will be a question mark !! Hence, would be subjected to Confirmation Bias. Opinions and views are most welcome.