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RE: Ask Me Anything Contest The Best Questions Win SBD - Dragging You Up With Me Week #6
What negative effects do you think the blockchain has had on social media?
And how best to deal with them?
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Alright for this one I’ll assume you mean MS social media and most likely not just the Steem blockchain either.
I see the most obvious negative effect for social media in its being used as a affiliate marketing promotion tool but typically for things that are in the “get rich quick” category.
Things like the notorious BitConnect and many others had very rewarding affiliate marketing programs but it was basically a Ponzi scheme and those on MS social media not aware of the possibilities of buying into some fraudulent blockchain project easily get taken by the hype. Many people lost their houses over these affiliate marketing scams as to be able to promote the project you need to show examples of your investments and returns encouraging others to follow your links.
Started a whole new era of scams which were hiding behind a “secret” blockchain trading technology using what was redly available to make the project seem like a legitimate business and those not informed on what the point of the technology truly is about would have no idea what they are buying into and then further promoting to increase their own rewards.
Had these individuals not had social media to promote themselves then most likely it would have resulted in an immediate failure of the scam as any real investor could see right through the tech talk to what’s actually happening in the background.
The lasting effect of all of this on social media is a general distrain for blockchain technology with posts and the like relative to the subjects being suppressed in fear of scams. People now pass over the real ingenious technology advancements as possible scams just lacking the understanding of what it means for the future of our economy and technology combined.
We are left in a place of distrust you could say widening the gap between mass adoption and blockchain believers with a huge cloud of FUD in the middle making the transition very difficult.
To correct this view of blockchain and the problems of fraudulent promotion on social media we must raise awareness to all aspects of what decentralization is about. Talk about the complications of having full control of your assets with no intermediary while simultaneously educating the benefits.
As for fixing social media itself, I am not certain the masses are ready for that big of a change. Most on social media want to blindly follow but that is seemingly not possible with blockchain tech as you must have some understanding of what your being led into and require faith to not loose interest overtime.
The best thing we can do to correct this situation of the FUD cloud is keep raising awareness for both the benefits and complications and those that get what it means for the future of finance will be willing to brave the FUD cloud enlightening themselves from the burdens of our current financial systems.
I hope that’s a decent answer. Was kind of tough to answer as the effects are seemingly two fold, as MS social media is affected by blockchain so to blockchain is affected by MS social media.
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That was more than a good answer, that was a great answer! Pretty much sums up how I feel also. Thanks 😀😀
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Perfect!
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