There’s a certain species of crypto adherent who sees any negative information about crypto projects as part of a vast conspiracy to undermine the greatest innovation the world has ever seen. Whether it’s the hack of a major exchange or new SEC rulings, what they see is “FUD”—fear, uncertainty, and doubt—spread purely out of deep hostility towards bitcoin, blockchain, and anything adjacent.
The term FUD was coined by open-source software pioneers in the early 2000s. It was a response to efforts by corporate software vendors—primarily Microsoft—to make consumers afraid of community-developed software. But while the developers of open-source projects like Linux and Apache weren’t selling much of anything, crypto projects have managed to raise billions of dollars on the back of white papers and ambitious plans. They have inescapable motivations to misbehave, deceive, or merely over-promise.