Wolves nip at Wikipedia's heels: A perspective on the cost of paid editing
The topic is in the news again, so although only just over a year old, we're reprinting this article by Smallbones from the 6 February 2017 edition of The Signpost
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- Smallbones has worked on articles impacted by paid editing throughout his 12 years as a Wikipedia contributor. He has a Ph.D. in finance and professional experience in legitimate financial markets.
From 2013 until its demise in January 2017, Banc De Binary (BDB), a financial broker based in Israel, drew an international stream of accusations and regulatory penalties. Following a lawsuit and negative media reports about the company, a cohort of mostly undisclosed paid editors sought to influence the firm's coverage on Wikipedia.
Given the multiple, time-consuming deletion requests, sockpuppet investigations, and content disputes, it is clear the effort took its toll on Wikipedia's volunteer editors and functionaries. Can we quantify how much such an incident costs Wikipedia? Certainly there's the cost in editor time that could be used better elsewhere. There's the cost of administrative time spent in investigating sock puppets, banning editors, and the like. There's the cost of a diminished reputation for accuracy. And there can be significant costs to our readers from trusting an article or acting on the information in it.
BDB advertised itself as a leader in binary options, an industry viewed with great skepticism by many regulators and journalists. Exposés of scam artists in the industry now abound with titles like 80% losses guaranteed!, Ex-binary options salesman: Here is how we fleece the clients and The unethical sellers of dreams. One victim, after losing $113,250, told her BDB broker that she had no more money left to send him, according to computer records obtained by the Financial Times. The broker answered, "Don't you have a kidney? Sell it."
Israeli prime minister Benjamin Netanyahu's office has called for a worldwide ban on binary options trading.