it is an interesting concept in my opinion but i have a concern about the validity of its result. the manipulation and paid voting was already mentioned but that was not my concern. mine is about people falling for the false information and believing it. for example even today a lot of people think that bitcoin is banned in some countries that have never banned it actually like China or India. or like the news these blockchain analyzers keep releasing with fake statistics about illegal bitcoin usages.
when a news comes out like that where a large group of people believe it they may vote on validity of it and make some others believe it too because of that rating.
you see the biggest problem is figuring out what news is fake and which one isn't and that is not something regular users can do at least not without spending a lot of time researching on the internet. and i don't know that many people who would bother putting that kind of effort in.
when a news comes out like that where a large group of people believe it they may vote on validity of it and make some others believe it too because of that rating.
you see the biggest problem is figuring out what news is fake and which one isn't and that is not something regular users can do at least not without spending a lot of time researching on the internet. and i don't know that many people who would bother putting that kind of effort in.
From my experience and interaction with people, there is this herd mentality that most people possess, which leads to them believing crypto being banned in China or India, which is not true, but due to misinformed news by a finance sector writer or news anchor in finance channels, the misinformed news becomes a real news, because it was 'reported'. I would love to correct them, but it's going to take a lot of effort, and nobody wants to get brushed off and get told, you don't know what you're talking about. Some would of course, learn from the correction provided, but that's not the case if you ever tried discussing crypto with a guy in finance sector for 20 years.
With the introduction of verifiers/fact-checkers, who can be any crypto enthusiast, or just a more 'informed' finance guy, or basically any crypto influencer on Twitter, this story can be debunked 'easily', which gives the public a chance to be educated based on facts. This is probably the only application where countries with fake news law can step in and clarify things nicely for the people. With justified evidence provided by fact-checkers, it feeds 'fact' into people, which can make some people feel uneasy. But at the same time, more people get educated indirectly, and the ones who feels uneasy about the facts, are probably the ones who'll react violently, and passing off remarks like bitcoin is dead later, but through this education, chances are, lesser people would be affected by the comment 'bitcoin is dead'. Although this is only one example, but it can be applied widely in many issues if we think about it.
Thank you for the feedback and concern. I hope the introduction of fact-checkers and verifiers will be a solution to the potential problems we're facing these days.