Where Should My Crypto News Come From?  

Photo by Bank Phrom on Unsplash

Colin Harper’s February 2020 article said it well:  “Bitcoin has a media problem. Or, perhaps, the media has a Bitcoin problem.” 

Since the beginning of the blockchain/crypto industry boom, there has been one thing that we can count on:  the mainstream media does not know enough about blockchain to talk about it.  The fact that despite this, they report daily on crypto-related events, is a dangerous problem for anyone wanting to enter the market.  The fact that there is no accountability for gross errors made by standard news outlets is frustrating and shows that this problem is not going to be resolved anytime soon.

Not a New Problem

Sadly, this issue has caused problems for the crypto industry many times before.  Vitalik Buterin, co-founder of Ethereum, was so frustrated about this issue that he wrote an article all the way back in 2012 attempting to stem the flow of poorly researched editorials from mainstream journalists.  The article, titled “Common Misconceptions About Bitcoin — A Guide for Journalists,” tried to clear up a variety of items that had produced a lot of bad information through poorly understood research.  For example, he clarified what a decentralized structure is, some of the hacks up to that point (around the platforms using Bitcoin, not Bitcoin itself), its limited use in black market items, and its non-use in countries trying to evade sanctions.  

With titles like “Is Bitcoin Dead?”, “Is (insert token name) the Next Ethereum-Killer?”, and “The Crypto Bubble is About to Burst,” these articles are not only sensationalist (and inaccurate), they create a real risk of moving the crypto markets based on zero intelligence.  For those investors trying to make solid decisions based on real events, this creates a chaotic effect and can wreck a portfolio.  Further, when publications launch articles that discuss how blockchain destroys the environment due to its high electricity usage from mining—but list platforms that use a Proof of Stake consensus—it can sway public opinion toward all of blockchain unfairly.  An article from the crypto news source Bitcoin.com called “Thanks to Mainstream Media the Public Clueless About Cryptocurrency”, drives home this point with a number of specific examples where uninformed writers caused real harm with articles that were at best misinformed, and at worst manipulative to drive sensational headlines (and readership revenue jumps).

What Can Be Done?

For the many people who are interested in the happenings of crypto, who are looking to invest, or who see themselves someday as a “crypto head”, using mainstream sources simply isn’t a viable option.  Ideally, these sources should be held to account for the tangible harm they have caused to the industry, to investors, and to those thinking they are learning about crypto (but are sadly now less intelligent than when they began).  Since this has gone on and has indeed increased, over the last decade, we won’t hold our breath for justice.  What we can do, however, is to get our news from publications well versed in crypto happenings, who live and breathe crypto, and who are able to speak directly with the leaders of these key platforms.  These sources should be able to identify puff pieces, fact-check important components of a story, and provide a source of education for readers to learn more.  Thankfully, there are a number of great resources for both general education as well as specific crypto news stories.  

For general education, sites such as Coinbase, Cointelegraph, Bitcoin.com, and CoinDesk are all industry-trusted vaults of excellent information, from beginners to experts.  In terms of news, key sources include Bitcoin Magazine, Bitcoin.com, Coinbase, and Cointelegraph.  As you can see, there is a lot of overlap, with three of these sources excellent in both education and news.

Taking it a step further, Bitcoin.com has recently launched their own VERSE token, which allows holders to gain a number of discounts on their products and services, but more importantly creates key insight into what it means to develop and launch a platform complete with a native token.  This series of challenges carries with it a depth of experience that is critical to understanding the topic and getting it right. The ecosystem is well equipped to support its users and keep expanding.  Our hope is that other platforms take notice and consider doing the same.  Experts who know what they are talking about because they are doing it themselves have a distinct advantage over other news platforms.

Key Takeaways

At the end of the day, it’s up to each of us to verify our news sources, where we get our education, and where we choose to invest.  However, it is clear that mainstream media sources have not consistently created content that is accurate or helpful.  It provides good practice if you are playing “spot the error”, but not much else beyond that.  Sources that are specialized in crypto education and news are superior in every way, providing accurate information, a depth of insight, and an eye toward upcoming developments.  With these platforms, this Media no longer has a Bitcoin problem, and Bitcoin no longer has a Media problem.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice