Is the media anti-tech or just anti-crypto?
the New York Times He has long had a strong hostility towards all things blockchain, and last week he decided to double down on his efforts by publishing a stupid and dishonest article. Editorial It’s titled “Cryptocurrency Doesn’t Make Sense. Not Even the White House Can’t Fix That.” The article was authored by two economists from the Biden administration Bitcoin Dropping below $70,000 to prove it this time The cryptocurrency industry is really cooked, and this blockchain technology is just a glorified database that even big tech companies won’t touch. The authors conclude by claiming that the previous administration made good faith efforts to work with the cryptocurrency industry, but had to take a tougher approach in the wake of the Sam Bankman-Fried scandal.
It’s all nonsense, and comes as a last gasp to prove his worth by a dwindling group of Biden’s defenders. If you doubt it, go ask financial giants like them Black Rock and Sinceritywhich this year accelerated its embrace of digital assets. Or a proverbs poll tape, Shopifyor dead About whether they agree that blockchain is just another database. As for claims of commonsense regulation, the authors fail to mention how federal judges have repeatedly denounced cryptocurrency investigations under Biden as “arbitrary and capricious.” They also conveniently ignore that Bankman-Fried had deep ties to the Democratic Party and committed his crimes under Biden’s watch.
This kind of dishonesty informs the rest of the piece, and reflects the kind of motivated logic found in many essays. The times Crypto coverage, and in other corners of the media as well. The question is Why Pieces like this are primarily published. Does this simply reflect a media backlash against the Trump administration’s grotesque cryptocurrency scam? Or does it reflect something broader, a disdain for new technology in general?
There is certainly evidence of an anti-technology worldview in the media, one that extends even to the technology bible WIRED. Umm Malik, my former mentor and one of Silicon Valley’s sharpest observers, did just that He lamented WIRED used to be a “shining beacon of light” but now technology tales are crowded out by stories about having a better-smelling scrotum (truly). Malik is not alone. In February, Keith Grossman, former executive director of WIRED, said He pointed out to a story about cryptocurrencies and human trafficking to denounce the publication’s overemphasis on politics and negativity — a position that has received support from a former WIRED editor-in-chief among others.
It’s not black and white, of course. Steven Levy, the godfather of tech journalism, rightly pointed this out in his response to Grossman He is A huge part of technology right now. Others pointed out that, unlike 15 years ago, tech and cryptocurrency CEOs are no longer able to credibly portray their companies as upstarts and underdogs. And that even as they amass significant power in Washington, D.C., they show little interest in the great responsibility that accompanies it.
However, it is possible to report all of this while also remaining optimistic about the underlying technology – whether it is cryptocurrencies, artificial intelligence, self-driving cars, or the many other wonderful inventions that can improve our lives. Unfortunately, it seems that expressing views on technology has become another way of declaring allegiance to one side or another in our never-ending culture wars. This is a shame. New technology, whether in the form of electricity, antibiotics or the Internet, has always been a cause for excitement and the promise of a better future.
Encryption is no different. This is clear from Digital golda 2015 book about the early history of Bitcoin, whose back cover promises: “A fascinating and interesting account of this new technology.” The book is still perhaps the best work on cryptocurrencies to date, and is by one of the former authors New York Times journalist.
Jeff John Roberts
jeff.roberts@fortune.com
@jeffjohnroberts
Decentralized news
Department stock rose 35% to about $83 after the company announced it was increasing its USDC offering by 72% year over year, although its shares are still well below their IPO price. (Bloomberg)
The swamps of Twitter crypto fever are Blame Jane Street for suppressing Bitcoin price By manipulating the ETF process, but market experts dismiss the allegations as an ill-advised conspiracy theory. (luck)
In what has become a recurring feature of geopolitical conflicts, blockchain analytics companies have identified Polymarket wallets The inside information could potentially be used to make a significant profit from Iran strikes. (Bloomberg)
In the latest sign on Cryptocurrency’s tendency toward institutionsa Bermuda-based startup called STS Digital, which acts as Options market maker, raised $30 million From Kraken, CMT Digital and others. (luck)
JPMorgan Chase Long awaited, analysts said The Cryptocurrency Market Structure Bill could be passed Mid-year, they maintained their long-term price targets of $266,000. (Cluster)
Main character of the week
Michael M. Santiago – Getty Images
Crypto fraudster Sam Bankman Fried’s pardon campaign is in as much tatters as the White House. repeat to luck He won’t get one, and Senator Cynthia Lummis made clear that the GOP is not buying into his reborn MAGA campaign.
Mimi, oh wait
@pfaviero
Bitcoin is dead (once again).
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