Meaningless and weak: Debunking the ‘Bitcoiners are psychopaths’ study

A survey claiming that psychopaths and others with ‘Dark Tetrad’ property traits are drawn to crypto has been criticized arsenic "meaningless" for showing precise anemic correlativity by a science adept from The University of Otago.

Researchers with backgrounds predominately successful selling and advertizing from the Queensland University of Technology (QUT) surveyed 566 radical connected their attitudes toward crypto and correlated the results with 4 circumstantial property traits: narcissism, psychopathy, Machiavellianism, and sadism.

The findings were archetypal shared by The U.S. Sun, and were wide syndicated by the mainstream media, with the New York Post header screaming “Bitcoin fans are psychopaths who don't attraction astir anyone,” and Salon asserting that “Impulsive psychopaths similar crypto”.

Bitcoin fans are psychopaths who don't attraction astir anyone, survey shows https://t.co/9WZQkzoIPX pic.twitter.com/YTGcULRCef

— New York Post (@nypost) April 12, 2022

But speaking to Cointelegraph, Professor Martin Sellbom from The University of Otago’s Psychology Department — an planetary adept connected property disorders and property appraisal — criticized the results of the survey arsenic fundamentally meaningless.

“The effects they report, for example, the spot of relationships betwixt these alleged ‘dark tetrad’ traits and cognition and volition to bargain cryptocurrency are precise weak, beauteous overmuch meaningless, successful my opinion."

The wide utilized Short Dark Triad (SD-3) property test which rates the traits of psychopathy, Machiavellianism, and narcissism retired of a maximum people of 5 was utilized to measure participants’ personalities.

The results of the survey amusement that participant's scores for psychopathy and narcissism were beneath the mean levels arsenic determined by psychometric appraisal radical OpenPsychometrics. The participants scored 2% beneath the mean for psychopathy and 16.7% beneath mean for narcissism, nevertheless the scores for Machievellism were 3.6% higher.

But Professor Sellbom said that successful immoderate lawsuit this enactment of probe is “uninformative astir psychopathy and narcissism,” adding:

“The measurement devices utilized successful this lit bash not seizure the afloat manifestations of these disorders.”

The authors expanded connected their results successful an article for The Conversation, stating that narcissists similar crypto “because of their great religion successful the future”, and due to the fact that of a “confidence their ain lives volition improve”.

Related: Crypto critics: Can FUD ever beryllium useful?

Psychopaths were drawn to crypto apparently, due to the fact that they “fear missing retired connected investing rewards that others are experiencing,”and Machiavellians similar crypto due to the fact that “they distrust politicians and authorities agencies.”

Other traits, similar positivity, and belief successful conspiracy theories were besides measured arsenic traits that “might link the acheronian tetrad judgements astir crypto”.

Of those surveyed lone 26% owned cryptocurrency, and of those who didn’t astir 64% said they would beryllium “interested” successful investing.

Sellbom said the methodology to nexus traits specified arsenic FOMO to psychopathy was flawed arsenic collecting a illustration of some the level of involvement successful crypto and psychometric results astatine the aforesaid time, from the aforesaid idiosyncratic lone once, is “pretty overmuch uninformative”, adding the conclusions the researchers reached “cannot beryllium supported successful the elemental mode that they are presenting.”

“Looking astatine the aforesaid results, my mentation would beryllium the narration betwixt acheronian tetrad traits and attitudes towards and buying volition of cryptocurrency is weak, and it is improbable that these traits volition supply overmuch knowing of those who bash prosecute successful purchasing cryptocurrency.”

It should beryllium noted the researchers themselves stated successful the study that they aren’t retired to suggest that Bitcoiners are psychopaths, successful the mode immoderate media outlets were speedy to declare.

“We are not suggesting each crypto buyers grounds Dark Tetrad traits. Instead, we are studying a subset of radical funny successful crypto who bash person these traits.”

Discussing the limitations of their work, the researchers said that whilst they gauged subordinate involvement successful investing successful stocks, bonds oregon crypto, the survey could person acceptable a power adaptable by measuring their volition of engaging successful those types of investments.

“Many experts connected psychopathy and narcissism question this alleged acheronian property literature,” said Professor Sellbom, “because the researchers are not truly studying these property disorders, which are acold much analyzable than what the measures utilized would suggest.”

The authors of the survey are Brett Martin, Professor of Marketing QUT; Dr. Di Wang, Senior Lecturer astatine the QUT School of Advertising and Marketing; Jun Yao, Senior Lecturer successful Marketing Macquarie University; Carolyn Strong, Professor of Marketing and Strategy Cardiff University; and Polymeros Chrysochou, Professor of Marketing Aarhus University.

Given the authors' inheritance successful selling and advertising, it seems imaginable they would recognize however to framework the results of a survey successful a mode to entreaty to the wide media.