John Dvorak of Marketwatch assesses citizen journalism in light of the events of last week, when someone posted a false report on iReport.com that Apple CEO Steve Jobs had a heart attack, which led to a drop in its stock price.
Dvorak writes, “The false-rumor model for stock-market manipulation is nothing new, but since the advent of the Internet it’s grown more likely to have a big impact on a big stock, since a rumor can spread across the Net rather quickly and cause panic.
“I suspect that from this we will see a re-evaluation of the idea of so-called citizen journalists, with a lot of criticism coming their way. My advice: Get over it. We’re stuck with what we have.
“We are not going to be able to control bad reporting, disinformation, hoaxes and lies in this Internet age. It’s like a bad forest fire; it can be contained but not controlled.
“And the likelihood of this sort of thing’s being an everyday occurrence is fairly low.”
OLD Media Moves
Citizen journalism and the stock market
October 6, 2008
John Dvorak of Marketwatch assesses citizen journalism in light of the events of last week, when someone posted a false report on iReport.com that Apple CEO Steve Jobs had a heart attack, which led to a drop in its stock price.
Dvorak writes, “The false-rumor model for stock-market manipulation is nothing new, but since the advent of the Internet it’s grown more likely to have a big impact on a big stock, since a rumor can spread across the Net rather quickly and cause panic.
“I suspect that from this we will see a re-evaluation of the idea of so-called citizen journalists, with a lot of criticism coming their way. My advice: Get over it. We’re stuck with what we have.
“We are not going to be able to control bad reporting, disinformation, hoaxes and lies in this Internet age. It’s like a bad forest fire; it can be contained but not controlled.
“And the likelihood of this sort of thing’s being an everyday occurrence is fairly low.”
Read more here.
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