While the stagnant and rather docile end-of-summer crypto market was shaken by the Dogecoin boom, yet again speculators got something to speculate on, investors have something to invest in and reporters have something to report. As usual, the story which required, perhaps, slightly more work than a Google search, a Google translate and 15 minutes in Word, highlighted the spectacular all-out incompetence, afflicting the vast majority of cryptocurrency media employees.
“Dogecoins recent price hike was apparently due to breaking news about a project called the ‘Dogeetherum bridge’.
Now, the Dogeetherum bridge has been promoted by the media as a way to connect both Dogecoin and Ethereum to allow Dogecoin to have some of Ethereum’s features, including the ability to host smart contracts.
However, the reality is very different and unfortunately far less impressive.
In April, a planned fork of Ethereum (Dogeetherum) was initiated with a new coin called ‘DOGX’. This fork would grant DOGX tokens to users based on their DOGE holdings on the DOGE main chain.
Apparently, this project never came to fruition. In fact, the source code was never released and it likely the case that it was just a scam to steal DOGE private keys.
These details have been surprisingly omitted (intentionally or out of lack of knowledge) from various media sites reporting on the Dogetherum story. By promoting it as a true bridge between Dogecoin and Ethereum, and as an innovation capable of offering variety of Ethereums features (including smart contracts), the price was clearly bound to skyrocket as many people would perceive this as an incredibly valuable offering for Dogecoin.
Everyone has now been purchasing DOGE thinking that when Dogethereum launches in September they will receive DOGX tokens in exchange for their DOGE or that Dogecoin could somehow become the next Ethereum.”
Source – CryptoPotato.
Although armed with the capacity to edit his article post-factum, the CryptoPotato “analyst” fails to comprehend the mechanics behind market fluctuations and the psychology behind those up-or-down price movements. Making one forlorn conclusion after another, Mr. Toji ends his piece with nothing, – exactly as it was began. Perhaps, if lacking the quality to write analytic articles, it would be best to leave the report as a report, simply stating the facts and letting the readers do the thinking?
“On Friday, Dogecoin has recorded massive gains across all the major exchanges owing to its announcement of integrating into Ethereuem network. The speculators drove the price up – probably on the promise of widespread bullish sentiment – but failed to sustain the upside momentum. The price action looks pretty common. Just recently, IOTA had also jumped 40 percent following its integration into Fujistu as their new protocol standard. The token value however erased a majority of gains after the sentiment dried off.”
Any time one opens CCN, at least one knows what to expect – total lack of basic education in the matter of writing, errors, a clever word here or there, invention of phrases, such as “promise of widespread bullish sentiment”, “failed to sustain the upside momentum”, etc. We hope, in our day and age, actually does not use CCN as a source of credible information? For the rest, an article my Mr/Mrs Altcoin Analysis does not fail to impress! Dear CCN staff, keep up the good work! In our eyes, you never fail to sustain upside momentum.
“To explain DOGE’s massive growth this week, commentators on Twitter point to an impending infrastructure development for the project dubbed Dogethereum, the demo for which is set to take place Sept. 5. The protocol refers to a smart contract that will act as a so-called bridge letting people move Dogecoins to and from the Ethereum blockchain.”
CoinTelegraph demonstrates solid and balanced writing, however it only takes a step-deeper look to understand that whereas Helen Partz of CoinTelegraph boasts greater, much more polished, mechanical skill than that the CryptoPotato columnist, Helen is essentially inflicted with the same disesase as Toji; she is a “writer” operating in the crypto market.
Dear Helen, who is CryptoAngel of Twitter and since when the said CryptoAngel is an authority significant enough not only to act as the Voice Twitter, Baronness Socialmedia, but to act as an insider source of more important, factual information, which some might use to base their opinions upon, quoting this tweet in your text?
We cannot recall who was it that said that “a journalist is only as good as his source”. Perhaps, – no one and the quote is stated incorrectly. Double-checking it before repeating would be a good practice. Copy-pasting, failing, then screaming “fake news” is what once was called weak reporting. Using a month-old tweet as a source of information, hm.