ChainNews Liu Feng: How to distinguish truth from falsehood in a polluted information environment?

The best way is to communicate with others and find people who truly understand the industry. The information obtained in this process is the most valuable.

Original Title: "Digital Age Essential Course! Surrounded by Massive Information Every Day, How to Choose Content That Is Useful to Me?"
Written by: Liu Feng, Editor-in-Chief of Chain News

In an era of information overload, everyone has the opportunity to disseminate and publish information, but how can we quickly extract the most important and crucial parts? How can we improve our ability to discern information? Different search engines sometimes yield completely different search results. What are some practical tools and recommended resources? The seventh session of the Wanchain Blockchain Online Open Class【Live Room】invited Liu Feng, Editor-in-Chief of Chain News, to share "How to Distinguish Truth from Falsehood in an Environment of Information Pollution" with everyone.

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Below is the full text of Liu Feng's speech:

Good evening, everyone! I am Liu Feng, Editor-in-Chief of Chain News. Special thanks to the Wanchain Blockchain Laboratory and the New Chain Space for organizing this online open class at the Hive Academy. The topic I am sharing today is: "How to Distinguish Truth from Falsehood in an Environment of Information Pollution." I hope everyone can interact more on this topic.

The reason for choosing this topic is that the current information environment is very complex, and we must filter information in the complex environment of information pollution. We all feel this way: we are faced with a massive amount of information every moment. Especially in the blockchain industry we belong to, it is an "epidemic area" of information. First, the industry itself grows in an anti-traditional soil, far from being mainstream, full of community spirit, and lacking trusted intermediaries; second, the blockchain is a cutting-edge industry with many new terms and technologies that are difficult to explain in ordinary language; third, this industry is closely related to the financial industry, making it easier for information or data pollution to occur.

In ancient times, the spread of information relied solely on word of mouth, perhaps only folk songs recorded some events. Today, we are in another extreme environment: the amount of information is enormous. For example, if you don't check WeChat for a few minutes, there may be hundreds of unread message notifications. Of course, there are benefits. In today's society, information acquisition has become very easy. In addition to the massive amount of information, some argue that the internet has made information searchable, allowing information to be obtained through tools like the internet from anywhere, making information more accessible. In the era of information explosion, the challenge we must face is the ability to filter information. Otherwise, you will find that a large amount of worthless information surrounds you.

In addition to the large amount of information, I would like to specifically mention that as individuals, we all have our own thoughts. In today's society, there is an interesting phenomenon where everyone's ideas are very diverse and varied. You may not necessarily agree with my views, and I may not agree with many of your views. In this process, we are actually artificially and subjectively filtering information, with each person consciously seeking out information they like. When it comes to information filtering, subjective factors and judgments have already filtered information for people. Machine algorithms exacerbate this situation, as algorithms silently push information we like based on our preferences, further reinforcing our preferences.

Speaking of "information pollution," the most common saying is discussing the "truth" of a piece of news. In fact, distinguishing the "truth" of a piece of news is both simple and complex.

I would like to use the following quadrant to discuss how to distinguish the "truth" of information. As you can see on the screen, the left side of this quadrant focuses on objective existence, that is, information related to facts. However, on the right side, it is subjective, which is opinions. For content related to "facts," it can be distinguished as "true" or "false," but many pieces of information not only involve facts but also subjective opinions. In this case, it is obviously impossible to distinguish between "true" and "false." We need to first distinguish between objective facts and subjective opinions.

Verifying the objective truth of something is relatively easy. However, the presence of subjective factors can make many facts very complex and difficult to discern, requiring deeper thought.

For objective facts, the most basic principle is to "respect common sense" and verify from multiple sources. We often encounter polluted information, which in the vast majority of cases, goes against common sense. The problem is that we are not willing to use common sense to verify some information and do a second verification. For example, every few days, some sensational news spreads widely in your circle of friends. For instance, a few days ago, there was widespread dissemination of a "news screenshot" about "Queen Elizabeth of the UK being diagnosed with COVID-19." Such information spreads widely, and when we see such information, the first question we usually ask is, "Is this true?" Because such sensational news spreads more easily on social media, the authenticity behind it is more questionable.

I particularly want to distinguish between "sudden news" and "explosive news." I used to work for the Chinese version of Bloomberg Businessweek, a magazine under the Bloomberg Group, which adheres to Bloomberg's unified news standards. Bloomberg has a writing guide for news called "Bloomberg Way." Regarding factual news, it mentions several principles starting with the letter "F":

1. First, whether the news is exclusive and the first to obtain the news facts.
2. Fast, reporting news must be quick, beating others and informing everyone while the information is still fresh.
3. Fact, referring to being close to the facts, ensuring the accuracy of the news.
4. Fair, being impartial and fair.

In fact, these "F" principles are basic requirements for news organizations with brands and credibility. News that meets these standards can be called "sudden" news.

Because social media is particularly developed today, everyone is eager to spread information that seems interesting and shocking on the surface. The more such content, the more likely "toxic information" will appear. A basic principle is that when you see information that really shocks you, you should consider, "Is this true?"

Verifying facts is actually very simple: "verify and re-verify." However, verifying facts is a very high-cost action because most of the time, we are only willing to quickly digest information and then spread it, without verifying and confirming the facts.

Here's a suggestion: when you acquire information, ask yourself: Are you looking for entertainment news for fun, or are you seriously acquiring information? If it's for entertainment, there's no need to invest too much, as you're just looking for a moment of happiness without spending too much time verifying. However, when information is important to you and requires further judgment, you should invest in verifying it. Verification is straightforward: find people you trust and find the true sources of the news.

Often, when people have doubts about certain news, most are unwilling to further verify, as verification requires effort. Therefore, I strongly recommend that when dealing with information, ask yourself: Is this for entertainment reading, or are you really collecting information for professional development and expertise? Only when you understand this and make a distinction will you realize that it is necessary to invest in verifying many pieces of information.

Of course, not everyone has the resources to verify information all the time. A very simple way is to seek more reputable sources of information. Although even reputable sources can make mistakes, especially in a nascent industry, having branded news sources and endorsements is still very important, especially at this stage.

What I just mentioned is all about confirming facts. However, in an environment of information pollution, information pollution is often caused by different perspectives and viewpoints. Information seen from a positive perspective and from a negative perspective is completely different. This is where "subjectivity" comes into play.

The role of subjectivity is often subtle, making you see what you believe and then reinforcing your self-conception to make you believe what you see. In many cases, our choices of information are based on subjective judgments. Today, people acquire a lot of information through recommended information. What is recommended information? It is information pushed in front of you by algorithms or your circle of friends. Such information has many risks. Algorithms only look for your interests, subtly solidifying your existing beliefs, and many times, friends' circles are filtered sources of information. Recommended information can significantly affect the diversity of information and the diversity of perspectives you obtain.

I recommend that whenever you see any information, think about the perspective behind this information. Has this information been filtered, what are the principles of the filtering, what possibilities have been filtered out, and where did the news source come from?

Another very important point is self-reflection and breakthroughs. We need to consider whether we have biases, as biases can lead us to consciously or unconsciously ignore many perspectives during the process of information filtering. This theory is very simple but difficult to resolve because as individuals, we always believe in ourselves and unconsciously reinforce our beliefs in various situations.

I suggest that you do some "counter-instinct" activities, realizing where your biases lie. Personally, I believe that everyone has biases, making it difficult to discard all biases. However, we can better understand ourselves, effectively restoring information during the process of information restoration.

Personally, I am a consumer of a large amount of information and also a producer of a large amount of information. Similarly, I am someone who is particularly keen on various gossip and curious about information. However, my overall impression is that information is too complex and the quantity is too large. In fact, we should do some subtraction, not getting addicted to the belief that a large amount of information can give you true knowledge, but believing in the value of filtered information.

We are often influenced by subjective information and need to find relative objectivity within subjectivity. I oppose relying solely on machine algorithms to push news to everyone. In terms of entertainment news, social news, and consumer-level news, push-type information is very helpful as it knows where your interests lie and makes you happy. However, for professional or career-related information, editorial selection may be the most valuable.

Below, I would like to share some information sources in the blockchain industry that I think are pretty good. Of course, this may also be biased.

Regarding blockchain media, I have a few recommendations:

First is Coindesk, a relatively long-standing English media outlet in the industry with a good reputation.

Second is THE BLOCK, a blockchain media outlet that emerged in the fourth quarter of 2018, which is very cutting-edge. It has quickly gained prominence, with a moderate amount of information but carefully curated information worth paying attention to. For me, the amount of information is already quite rich and helpful in many situations.

Third is Messari, with a relatively small amount of information in its section but with added value.

Fourth is the articles about blockchain written by Paul Vigna, a reporter for The Wall Street Journal. Currently, blockchain industry coverage by mainstream media is limited, and there are not many high-quality reports. However, I really like the articles by Paul Vigna from The Wall Street Journal. He started reporting on the blockchain industry from a financial perspective early on, experiencing the ups and downs of the industry, and persisting in writing about the emerging blockchain industry in a very mainstream business media outlet. His work provides valuable information for me.

In this industry, there is too much uncertainty in the information every day, and these media outlets help curate and quickly understand the mainstream trends in the industry. At the same time, I admit that there is a lot of valuable information in the corners of the industry, so I really like various newsletters.

At the end of last year, the blockchain investment fund Dragonfly Capital organized a summit in Beijing, inviting several industry leaders from traditional industries, including Wang Xing, the founder of Meituan. During the conference, I chatted with Wang Xing, and he expressed interest in the industry, asking me a great question: there is a lot of chaos in this industry, what do you think is the most valuable and unique thing? I told him, "You must know media like Coindesk, but I would recommend reading various newsletters." He asked me to recommend some good newsletters to him. I can share the recommendations I gave him with everyone.

Here are a few newsletters that I particularly like:

• Defiant: Founded by Camila, a former Bloomberg reporter, it is updated almost daily. The content focuses on various innovations and in-depth analysis in the DeFi sector of the Ethereum ecosystem. I think this is the best DeFi newsletter in the Ethereum ecosystem.
• Messari’s Unqualified Opinions: This newsletter edited by the founder of Messari is also very good. It includes analysis and recommends news worth following.
• Bankless: Edited by Ryan Sean Adams, a faithful Ethereum fan, this newsletter is updated three to four times a week. In addition to his own articles, Ryan Adams also invites excellent guest authors to write in-depth articles. Each week's updates cover different themes, including in-depth analysis, trend introductions, and many practical contents. Ryan and I have been in communication, and he is eager to create a Chinese version of the content. ChainNews is currently helping them translate and publish content that would be interesting to Chinese readers on the Chinese newsletter platform, as well as on ChainNews' WeChat public account and website.
• In addition, many excellent blockchain investment funds are doing newsletters. For example, IConfirmation Newsletter is one I like, very hardcore, with some very open insights, sharing discussions on current topics and their perspectives.
• Joey, the Chief Investment Officer of Pantera, has a newsletter that is very interesting, covering a wide range of topics, including blockchain-related information and a lot of broader financial information. It can be used as a quick daily news browse and is quite helpful.

In addition, there are two more newsletters I like:

• One is Optech for Bitcoin, which is very hardcore and provides some technical updates on Bitcoin.
• The other is Coin Metrics' State of the Network, a weekly briefing with data analysis on the Bitcoin network or other markets, which is quite good.

All of the above are what I personally consider relatively comprehensive. In fact, newsletters are abundant and it's hard to give up. I receive nearly 200 newsletters a week. Some are weekly reports, some are daily reports. Our ChainNews editorial team is excellent; they, like me, are enthusiasts of newsletters, and we often exchange and share interesting findings. In the blockchain field, newsletters are treasures, and most of them are free.

Earlier, I mentioned THE BLOCK media, which compiled a set of tools related to blockchain industry research and data on their website.

I took a simple screenshot, but in fact, the tools listed on this page are far more extensive than shown. You can find many treasures on this page. Please take a look at the address and find something you like. Here, I would like to thank THE BLOCK editorial team for their contributions; their resource collection is truly excellent.

In addition, last year there was a particularly impressive startup called SKEW, founded by three people from traditional investment industries specializing in data processing. They provide trading data, with a focus on derivative trading data, which is currently the best data source I have seen.

You can see that all the sources I recommend are in English, which may be my bias. I believe that currently, in this industry, the seriousness and accuracy of information on English platforms are relatively high, and the advantage of foreigners is that they are very willing to summarize and consolidate, providing many ready-made tools and resources for everyone to use. This is my bias, and currently, I recommend English content.

Of course, I would also like to recommend an interesting tool: Block123.com, a Chinese product developed by our team, which we have not extensively promoted because we feel the product is not yet mature. However, that does not mean it is not useful.

We used to call this product Blockchain Navigation, a navigation website. However, in my opinion, it is actually a database, a database of blockchain projects. You can try it out on the website; the page is still relatively simple, but if you want to learn about new projects, searching on it may bring you some surprises. This product is very interesting. Although we have not actively promoted it, I know that many professionals in the industry are using it, and the feedback has been good.

Twitter and Weibo, open social media platforms, are also information treasures. In the blockchain industry, you can find information through Twitter and Weibo, but the complexity of information on social media platforms far exceeds imagination. My view is that on such platforms, you need to find trustworthy individuals.

For instance, at the beginning of the new coronavirus epidemic, the best reports and the most valuable information initially came from media with paywalls. However, soon these media realized that such information should be made available to all viewers. Global renowned media outlets have removed paywalls from their in-depth reports on the epidemic, a very wise move because public events do not need to be protected by paywalls.

However, I strongly recommend that you pay for good content.

Question One: Many knowledge payment platforms have developed rapidly recently. What is the significance, and do you think it is really useful for readers?

Liu Feng: Knowledge payment is not my cup of tea. In recent years, knowledge payment has been an investment trend. When I was the editor-in-chief of Bloomberg Businessweek, I didn't like my reporters to cover such topics because I personally don't like knowledge payment products. I hope that there will be breakthroughs in knowledge acquisition and learning for humanity, but in my opinion, learning knowledge requires investing time and effort. There are very few shortcuts. Knowledge payment is unlikely to be a shortcut.

Earlier, I was talking about reading and information acquisition, dividing them into two parts: (1) consumer-level reading for leisure; (2) reading related to career development and professional knowledge, which requires more serious and systematic processing.

If it's purely recreational knowledge, I prefer to acquire it through knowledge payment. Knowledge payment often involves "experts" digesting very complex content and giving you already digested information, for which you pay. However, this is very superficial knowledge. I have used knowledge payment platforms before; I have always been interested in paying for products related to classical music, which is very simple, and I think it's cool as entertainment knowledge.

As for knowledge related to your profession, everyone should be familiar with the "10,000-hour rule." This is a tedious process; learning