An old International Monetary Fund video explaining the pros and cons of cryptocurrencies has resurfaced on social media and many viewers were not impressed.
The International Monetary Fund (IMF) two-minute video originally released in June 2018 Publicity on his Twitter account on August 23 describes cryptocurrencies as “the next step in the development of money” without explicitly mentioning terms such as decentralized distributed ledger, blockchain or even token names. Bitcoin (BTC), XRP and Ethereum (ETH) only appear on one chart Illustration of cryptocurrency transactions.
What are cryptocurrencies? https://t.co/ggONlLkA2r pic.twitter.com/yYpj3Jf37E
– IMF (@IMFNews) 23 August 2020
Although the video has had over 137,000 views and 2,900 likes so far, Many reactions from the crypto community were critical and pointed to information gaps and apparently misleading terms.
“You’re wrong about a lot of things, like invoking passwords as private keys.”said Reddit user nanooverbtc.
The video also didn’t talk about mining or delivering coins. Prominent figures like the Kraken strategist Pierre Rochard they said;; “”verifiable scarcity makes Bitcoin interestingdid you forget to mention that. “
According to the IMF spokesman The advantages of using cryptocurrencies over fiat include faster processing times with lower fees and more security for sensitive data. Although the video states that it is “almost impossible to fool the system,” the risks include some untraceable transactions as well as many that are anonymous.
Other Reddit users like teddy_swits were quick to point this out The video seemed to focus more on the disadvantages of cryptocurrencies. “You present volatility as something completely negative”he said, referring to the animation showing volatility like the crumbling ground beneath the speaker’s feet. “What about the mosshot?”.
The response to the IMF video is reminiscent of users of the Grayscale Investment 30-second television ad that was released earlier this month.. Many criticized the investment firm for simply guiding viewers through the coin’s history instead of mentioning Bitcoin by name or explaining how cryptocurrencies could be a useful hedge against inflation.