Get The Fud Out

Since the birth of crypto, it has faced many fates but the most notable is criticism as an attempt to liberate the average American instills fear in “the man”.  It has gotten to the point where the federal government has attempted to step in and regulate the deregulated currency and its users but they’ve had little success. Like anything, crypto has come with the good and the bad. Early investors have banked on their bets and others have watched their life work evaporate before their eyes. The recent collapse of Voyager & Celsius, two crypto exchanges, has only added fuel to the fire of critics, the fed, and the haters. However, there is always something new around the corner and this one is here to fend off the fud. 

KuCoin is another crypto exchange that was launched back in 2017. It has grown to over 8 million registered users and is known as the “People’s Exchange”. What do you expect from a company that is for the people? Heroism, or at least an attempt. The exchange is launching an “Anti-Fud Fund” to fight against unsubstantiated and malicious claims circling the crypto scene. According to Johnny Lyu, KuCoin CEO, the company will leverage its global community to educate users about FUD. FUD stands for “Fear, Uncertainty, and Doubt”, and correlates to negative information about currencies and other blockchain ideas. Lyu tweeted a thread explaining the coin in more detail and stating “FUD benefits no one except the FUDers. It misleads investors and harms the industry’s image and market confidence.” This comes after the CEO and the company were accused of having exposure to the recent LUNA downfall. Lyu quickly debunked the accusations in a blog post. The Anti-Fud goal is to ensure projects aren’t tarnished by the media. Their objectives include education, informing audiences with “trustworthy” information, and attempting to maintain a reputable image. 

It sounds like a great idea but also sounds comedic. Cryptocurrency should attempt to handle the good and bad that comes with new ideas but by purposefully attempting to mask the criticism, it only tarnishes its image more. It seems that crypto is becoming more accepted with the recent news that Coinbase and BlackRock announced a partnership Thursday to allow BlackRock clients to trade and manage crypto in-house. This shows that investors are looking to be more diverse in their portfolios or they want to gamble, either way, the popularity is growing. Like anything, cryptocurrency comes with risk, a risk much higher due to the lack of regulation. So for anyone looking to get in, be careful. If it’s too good to be true it probably is. That’s all! Thanks for reading.