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Saturday, December 21, 2024

Manufactured Virality: How Mainstream Media Exploits Fake News for Self-Promotion


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Mainstream media has long been a powerful tool for shaping public opinion and driving cultural narratives. However, in recent years, a troubling trend has emerged: the deliberate use of exaggerated and misleading stories to artificially amplify the success of their own programs, movies, TV series, and even talents. This tactic blurs the line between genuine news reporting and orchestrated publicity, raising concerns about ethics, credibility, and the integrity of journalism.


Exaggeration as a Strategy

Mainstream media outlets often leverage their platforms to create viral sensations out of their own content. Through sensational headlines and misleading narratives, they overstate the popularity, relevance, or success of a movie, show, or celebrity. For example, an average TV series might be reported as “the most-watched show” or a film as “record-breaking” despite limited data to substantiate these claims. In reality, these stories serve as marketing tools disguised as news.


By saturating newsfeeds and timelines with such content, mainstream media creates an illusion of virality, persuading the audience to believe that the content is widely celebrated or culturally significant. This approach not only drives viewership but also shapes public perception, creating a bandwagon effect where audiences feel compelled to watch or support what appears to be “trending.”


The Role of Fake News in Publicity

In some cases, mainstream media takes this further by spreading outright fake news or half-truths to generate buzz. Stories about fabricated controversies, inflated ratings, or questionable achievements of their programs and stars become common. For instance, a film's "record-breaking weekend box office" might ignore poor reviews or underperformance in other markets. Similarly, celebrity antics or “viral” moments are sometimes scripted or pre-planned, but presented as organic occurrences.


These tactics exploit audiences who trust news platforms to deliver factual information. By blending entertainment promotion with news, mainstream media erodes the distinction between journalism and advertising.


The Impact on Independent Media and Content Creators

This unethical practice not only misleads the public but also undermines independent media outlets and grassroots content creators. Genuine stories and creators who deserve attention often get overshadowed by the manufactured virality of mainstream programs. Moreover, independent platforms face the challenge of competing with well-funded media conglomerates that have the resources to manipulate narratives and dominate public discourse.


Loss of Trust and Credibility

The spread of exaggerated or false news under the guise of “trending stories” significantly damages the credibility of journalism. Audiences, increasingly aware of these manipulative tactics, are becoming more skeptical of mainstream media. As trust erodes, people may turn to unreliable sources of information, further exacerbating the misinformation crisis.


A Call for Ethical Reporting

Mainstream media has a responsibility to uphold journalistic integrity and separate news from marketing. Accurate reporting, fact-checking, and transparency are critical in rebuilding trust. Audiences, on the other hand, must develop media literacy and question the authenticity of so-called “viral” stories.


In a time when media wields immense influence, the need for ethical reporting is more urgent than ever. While promoting content is a legitimate function of the entertainment industry, disguising publicity as news ultimately betrays the principles of responsible journalism.

XRP Price New ATH & Ripple's RLUSD Stablecoin Launch Reshape the Digital Asset Market

  

XRP hits a new all-time high as Ripple launches the RLUSD stablecoin, reshaping the $200B stablecoin market. Explore record-breaking crypto inflows, Bitcoin ETF momentum, and Ripple's strategic moves driving XRP adoption in 2024-2025.

The digital asset investment market continues to shatter records in 2024, as inflows into cryptocurrencies reached unprecedented levels. Bolstered by surging investor interest, pro-crypto regulatory signals, and key ecosystem developments, Bitcoin, Ethereum, and XRP have dominated the spotlight.

Ripple's new RLUSD stablecoin launch adds yet another dimension to the fast-growing crypto market, particularly in the stablecoin space.

Digital Asset Inflows Surge to $44.5 Billion in 2024

Digital asset investment products, including spot Bitcoin and Ethereum ETFs, witnessed inflows of $3.2 billion last week alone. This milestone brought year-to-date (YTD) inflows to a staggering $44.5 billion, quadrupling any previous annual records, according to CoinShares data. 

The week’s $3.2 billion inflow represents the 10th consecutive week of positive flows into digital asset products. It follows a record-breaking $3.85 billion from the prior week, signaling robust investor confidence. Notably, Bitcoin accounted for $38.5 billion of the YTD inflows, representing 87% of total investments.

The launch of spot Bitcoin ETFs, coupled with Donald Trump’s recent electoral victory in the U.S., has reinvigorated institutional and retail interest in Bitcoin. Trump's pro-crypto stance has set the stage for a potentially friendlier regulatory environment, spurring optimism across the crypto market.

Ethereum and Altcoin Inflows Gain Momentum

While Bitcoin dominated inflows, Ethereum and other altcoins saw notable activity last week. Ethereum investment products recorded $1 billion in inflows, lifting YTD totals to $4.4 billion. This surge comes despite Ethereum’s underperformance relative to other major cryptocurrencies.

Analysts believe the launch of federal cryptocurrency legislation could stimulate the development of decentralized applications (dApps) on Ethereum’s network, driving higher usage and demand.

Similarly, XRP investment products saw significant traction, drawing $145 million last week and pushing YTD inflows to $421 million. Butterfill attributed this momentum to growing speculation around a U.S.-listed XRP ETF and positive sentiment following Trump’s election victory.

Altcoins like XRP also benefited from ongoing advancements within their ecosystems, such as Ripple’s upcoming stablecoin launch.

Ripple’s RLUSD Stablecoin Set to Transform the Market

On December 17, Ripple will officially launch its RLUSD stablecoin, marking a major milestone in the $200 billion stablecoin market. RLUSD will initially be available on both the XRP Ledger (XRPL) and Ethereum networks, expanding its utility and accessibility.

Fully backed by U.S. dollar deposits, short-term U.S. government bonds, and cash equivalents, RLUSD is designed to maintain a 1:1 peg to the U.S. dollar.

Ripple CEO Brad Garlinghouse emphasized that the stablecoin received “final approval” from the New York Department of Financial Services (NYDFS), highlighting its regulatory clarity and trustworthiness.

RLUSD will be distributed through key exchange and platform partners, including Uphold, MoonPay, Bitso, Bullish, and Bitstamp, with additional listings planned in the coming weeks. While initially unavailable in the European Union due to regulatory hurdles under MiCAR, Ripple is actively exploring options to enter the bloc’s market.

XRP Price Outlook and Catalysts Driving Growth

Ripple’s RLUSD stablecoin launch has generated significant interest in XRP, which serves as the transaction fee token on the XRPL.

XRP’s price surged to a seven-year high of $2.90 on December 3, 2024, before entering a corrective phase. As of this article is written on December 17, XRP trades at $2.5727—an 7,29% pullback after tripling its value in the past six weeks.

The hype surrounding RLUSD, coupled with growing adoption, is expected to support XRP’s long-term price trajectory. Analysts, including Georgios Vlachos, co-founder of Axelar, predict that RLUSD adoption in emerging markets for transactions and savings will drive XRP demand throughout 2025.

From a technical perspective, XRP has formed a bullish flag pattern, indicating potential upside. Analysts project a target of $15—a 520% increase from current levels—as the market stabilizes and bullish sentiment grows.

Regulatory Shifts and Institutional Interest

Trump’s pro-crypto stance has created optimism for a favorable regulatory landscape in the U.S., particularly as Republican lawmakers take key positions. Crypto-friendly Rep. French Hill (R-AH) was recently appointed to lead the House Financial Services Committee, signaling a potential shift toward clearer regulations for digital assets.

Amid this changing environment, leading asset managers such as WisdomTree and 21Shares have filed applications for XRP ETFs, reflecting growing institutional interest. 

While XRP spot ETFs remain unavailable in the U.S., international markets continue to see strong demand, accounting for 92% ($3.5 billion) of last week’s inflows.

Switzerland and Germany emerged as key contributors, with inflows of $159 million and $116 million, respectively.

RLUSD Volatility Concerns and Investor Guidance

Despite its dollar peg, RLUSD’s launch may experience short-term price volatility due to high demand and limited supply. Ripple CTO David Schwartz warned traders against speculation, cautioning against paying inflated prices driven by hype.

Instances of traders offering exorbitant amounts—up to $1,200 for a fraction of RLUSD—highlight the fervor surrounding its launch. Schwartz reassured investors that such anomalies are temporary, and the stablecoin’s price will settle close to $1.

Conclusion

As 2024 concludes, the digital asset market is witnessing historic inflows, driven by institutional demand, regulatory optimism, and major ecosystem advancements. Bitcoin continues to dominate the landscape, but Ethereum and XRP are emerging as key players amid developments like Ripple’s RLUSD stablecoin.

With RLUSD poised to disrupt the stablecoin market and broader adoption of XRP expected in 2025, Ripple’s strategic focus on regulatory compliance and innovation could further solidify its position.

As the crypto industry enters 2025, the combination of pro-crypto policies, growing institutional interest, and increasing utility sets the stage for sustained growth across digital assets.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

This press release has also been published on VRITIMES


Fixing the PhilHealth Crisis: A Call for Immediate Reform and Accountability


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The recent statement of Health Secretary Teodoro Herbosa highlights an alarming and systemic issue that has long plagued PhilHealth, the country’s state health insurer. Herbosa, who also chairs the PhilHealth Board of Directors, firmly noted that management has been operating the agency like a “pension fund,” prioritizing fund protection over providing essential health benefits to its members. This revelation underscores deep flaws within the agency’s operations and emphasizes the need for urgent and bold reforms.


The PhilHealth Dilemma: A System of Mismanagement

For decades, Filipino citizens have consistently contributed to PhilHealth, a mandatory insurance scheme meant to ease healthcare expenses during medical emergencies. Yet, the reality for many Filipinos tells a starkly different story:


Insufficient Benefits: Members lament receiving minimal coverage when hospitalized, with PhilHealth only shouldering a fraction of their medical bills. Despite years of contributions, individuals feel shortchanged, as the funds they have diligently paid in seem to vanish when they need them most.


Unresponsive to Needs: Calls for expanded benefits—such as free medicines, laboratory tests, and comprehensive hospitalization coverage—remain unaddressed, even as PhilHealth sits on billions of pesos in surplus funds.


Unfair Contributions: Filipinos question why mandatory contributions are not reduced, given the reported surpluses. As one commentator put it, “Kung sobra-sobra ang pondo ng PhilHealth, babaan niyo ang contributions o lawakan ang benefits.”


Corruption Allegations: A Broken System?

Public outrage stems from longstanding suspicions of corruption and misuse of funds within PhilHealth. Many Filipinos are demanding a deeper investigation into the lifestyles, allowances, and salaries of PhilHealth’s upper management. Accusations of “systematic plunder” within the agency have only intensified as reports surface of billions of pesos being misallocated or disappearing altogether.


Critics have suggested lifestyle checks and audits of bank accounts to ensure transparency and prevent abuse. The call for a leadership overhaul is loud and clear: “Sibakin at palitan ang management ng PhilHealth!”


A System Designed to Fail?

The crux of the issue lies in PhilHealth’s operations, which appear out of touch with its original purpose: to provide affordable and accessible healthcare for all Filipinos. Critics argue that:


PhilHealth operates more as a revenue-generating body rather than a healthcare service provider.

Administrative inefficiencies and unclear policies lead to delays in benefit payouts and mounting frustrations among members.

Political interests may have infiltrated PhilHealth, diverting its funds toward personal agendas rather than public welfare.

This sentiment was aptly captured in one powerful observation: “They’re more concerned about earning, not aiding.”


What Needs to Change?

The solution to PhilHealth’s problems is clear but requires decisive action:


Management Overhaul: The President, along with Sec. Herbosa, must remove and replace PhilHealth’s leadership with individuals committed to transparency, accountability, and service.


Transparent Audits: Conduct an independent audit to determine where the funds are going and identify any irregularities.


Improved Benefits for Members: Expand PhilHealth coverage to include free medicines, laboratory tests, surgeries, and full hospitalization benefits, especially for seniors and PWDs.


Mandatory Contribution Reforms: With a reported P600 billion in funds, contributions should either be lowered or reallocated to enhance benefits for all contributors.


Free Universal Healthcare: Filipinos are now calling for a government-subsidized universal healthcare system similar to successful models abroad, like Singapore’s Medisave.


A Vision for the Future

Imagine a PhilHealth that truly works for the Filipino people—one where every contributor receives the benefits they deserve, regardless of economic status. Doctor consultations, surgeries, and medicines would be covered, eliminating the financial burden of healthcare.


As one citizen expressed, “Hindi ba pwedeng gawing free healthcare system ang kalusugan ng mga Pilipino, tulad ng free education na sinusuportahan ng gobyerno?”


Conclusion: Time for Action

PhilHealth’s broken system reflects broader governance failures that must no longer be ignored. Secretary Herbosa’s candid remarks are a wake-up call for reforms that put the health and welfare of Filipinos first. The government must act swiftly to restore trust, ensure accountability, and transform PhilHealth into a true ally in public health.


Filipinos have been patient for far too long. It’s time to fix this system—not tomorrow, but today.

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