Walmart Litecoin False News Story a lesson in due diligence.

3 Min Read
530 words

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Article plus links to six news stories and three Leofinance posts on this topic.

A lesson in the need for Due Diligence

  • The news story about Walmart appears to be false, and is being Officially Denied by the Litecoin Foundation.

  • Apparently, this false story started when someone or some persons “supposedly” paid a Pay for Press Release site called #GlobeNewsWire to release a story this person or persons wrote.

  • So the press release was published on GlobeNewswire, a paid press release site, and their story was repeated in a article by Yahoo Finance, and then the same was written up by Reuters and CNBC, then the story was tweeted by the Official Litecoin Foundation Twitter account.

  • This of course made the Litecoin price jump nearly 30 percent in no time. Then it sold off when the news was shown to be false.

  • Subsequently the Litecoin Foundation issued an official press release stating the story was false.

Amazing what happens when people Assume something is true

  • GlobeWire is being characterized as a pay for news site but this is a rumor.
  • ‘Yahoo News assumed the story was Hot News and published it.
  • Reuters and CNBC assumed Yahoo News story was true and published it.
  • ‘Litecoin Foundations Official Twitter account also assumed these reputable news sites stories were true and without checking with their own organization Tweeted the story.
  • ‘The word #assume is sometimes vulgarly defined as *make an #ass out of #u and #me.
  • As my dad use to say, if the shoe fits…
I guess we all learned the importance of doing our own due diligence.

@shortsegments

Read more on this story here:

Link 👉 #Leofinsnce Post by @cryptowendyo
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Other Posts on Leofinance about this story:

Post by @xuanling11

Post by @edicted

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Link 👉 Cryptowendyo YouTube Video]


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Link 👉 U-Today
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Link 👉 U-Today#2
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Link 👉 Litecoin Foundation Tweet
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Link 👉 Wall Street Journal

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Link 👉 Reuters News

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@shortsegments

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About @shortsegments

Shortsegments is a writer focused on cryptocurrency, the blockchain, non-fungible digital tokens or NFTs, and decentralized finance. He has been a community member for more then three years.

He is also a builder, with two current projects:

  • The first is the No Loss lottery, a prize linked savings account here on Hive, which awards more the 100 Leo in prizes weekly, and which recent surpassed 1000 tickets sold. @nolosslottery

  • The second project is Easy DeFi, which creates a community investment pool allowing community members not yet confident enough to invest on their own, a chance to easily invest in yield-farming and staking on Cubfinance. @easydefi

Read more of shortsegments articles here: https://leofinance.io/@shortsegments

Leofinance, where you can blog or share financial topic content to earn cryptocurrency, as part of a passionate social media community.

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