{"id":345116,"date":"2021-09-27T19:51:00","date_gmt":"2021-09-27T16:51:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-baffles-mainstream-media-but-should-blockchain-advocates-care\/"},"modified":"2021-09-27T19:51:00","modified_gmt":"2021-09-27T16:51:00","slug":"crypto-baffles-mainstream-media-but-should-blockchain-advocates-care","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-baffles-mainstream-media-but-should-blockchain-advocates-care\/","title":{"rendered":"# Crypto baffles mainstream media, but should blockchain advocates care?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a37a58da490a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a37a58da490a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-baffles-mainstream-media-but-should-blockchain-advocates-care\/#%E2%80%9CA_positive_development%E2%80%9D\" >\u201cA positive development\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-baffles-mainstream-media-but-should-blockchain-advocates-care\/#Bitcoin_as_a_%E2%80%9Cdistraction%E2%80%9D\" >Bitcoin as a \u201cdistraction\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-baffles-mainstream-media-but-should-blockchain-advocates-care\/#Whats_the_sticking_point\" >What\u2019s the sticking point?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-baffles-mainstream-media-but-should-blockchain-advocates-care\/#%E2%80%9CCoexist_and_move_forward%E2%80%9D\" >\u201cCoexist and move forward\u201d<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Crypto baffles mainstream <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>, but should blockchain advocates care? <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvZGNiNmQ2NDEtYTQ3MS00NGNhLWEwZGItOWNlOWZjOTg2ZjBlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The relationship between crypto and mainstream media (MSM) is complex, and it\u2019s probably fair to say that some in the crypto community haven\u2019t been overjoyed with the treatment they\u2019ve received over the years.\u00a0<\/p>\n<p>MSM has largely ignored Bitcoin (BTC) and other cryptocurrencies outside of occasional reports of hacks, ransomware attacks and other illicit activities. \u201cThey\u2019ve done a fairly poor job of coverage for the last decade and it\u2019s almost always negative coverage,\u201d Samson Mow, chief strategy officer at Blockstream and CEO at Pixelmatic, told Cointelegraph. \u201cYou\u2019d be hard-pressed to find a positive piece of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> about Bitcoin.\u201d<\/p>\n<p>But recently, the media has found much to report upon. For instance, The Economist<em> <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.economist.com\/leaders\/2021\/09\/18\/the-beguiling-promise-of-decentralised-finance\">ran<\/a> its second crypto cover piece in as many months, while on Sept. 14, a member of The New York Times\u2019 editorial board <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2021\/09\/14\/opinion\/bitcoin-el-salvador.html\" data-amp=\"https:\/\/www-nytimes-com.cdn.ampproject.org\/c\/s\/www.nytimes.com\/2021\/09\/14\/opinion\/bitcoin-el-salvador.amp.html\">published<\/a> an opinion piece that compared Bitcoin to \u201ccosplay\u201d (i.e., costume play) \u2014 probably not intended as a compliment.<\/p>\n<p>The crypto\/blockchain space may finally be getting the attention that befits an emerging $2 trillion economic sector, though a segment within the community says the mainstream media still doesn\u2019t seem to \u201cget it.\u201d The Economist, for example, while <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly acknowledging the significance of decentralized finance (DeFi) \u2014 saying it is deserving of \u201csober consideration\u201d with a \u201cpotential to rewire how the financial system works\u201d \u2014 remarked elsewhere that \u201cBitcoin, the first big blockchain, created in 2009, is now a distraction.\u201d <\/p>\n<p>It raises some questions: Assuming mainstream media is now truly engaged in reporting on crypto, is it getting it right? If understanding is lacking \u2014 i.e., a failure to understand crypto\/blockchain\u2019s true benefits and risks \u2014 what\u2019s the sticking point? Overall, should the crypto community be vexed by MSM\u2019s treatment, as it potentially hinders widespread adoption, or should they view it, on balance, as a sign of public blockchains\u2019 growing acceptance?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CA_positive_development%E2%80%9D\"><\/span>\u201cA positive development\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u201cIt\u2019s not the first time we see broad coverage of crypto assets in MSM,\u201d Fabian Sch\u00e4r, professor in the business and economics department at the University of Basel, told Cointelegraph. The media\u2019s focus seems to be cyclical, and it may be correlated with crypto market activity. \u201cWhat\u2019s new is that newspapers and magazines seem to talk less about prices and are starting to explore the benefits of public blockchains and decentralization,\u201d said Sch\u00e4r. \u201cThis is a very positive development.\u201d <\/p>\n<p>MSM simply seems to be following the \u201cinflux\u201d of mainstream financial institutions into the crypto space, which began to pick up in the second and third quarters of 2021, Sean Stein Smith, assistant professor in the Department of Economics and Business at Lehman College, told Cointelegraph, adding:<\/p>\n<blockquote><p>\u201cThe media is catching up to what financial institutions seem to have figured out earlier in the year. This catch-up is mirrored in the more aggressive <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach recently seen by regulators.\u201d<\/p><\/blockquote>\n<p>Kristin Smith, executive director of the Blockchain Association, agreed with Sch\u00e4r that MSM coverage tends to be \u201con again off again,\u201d but it seems to be becoming more constant. \u201cThe increase in coverage of the regulatory environment, spurred on by the battle over the crypto tax provision in the current infrastructure bill, has reached a new level,\u201d she told Cointelegraph, adding: \u201cWe expect that level of coverage to be maintained as crypto cements its place in the U.S. economy.\u201d<\/p>\n<p>The SALT Conference, a traditional hedge fund event that took place earlier this month in New York City, devoted a significant part of its agenda to crypto-related topics, noted Francine McKenna, adjunct professor at American University\u2019s Kogod School of Business and publisher of accounting newsletter The Dig. \u201cNow that you have the SALT conference with all the hedge funders taken up by the topic, it\u2019s a must do\u201d for MSM, she told Cointelegraph. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_as_a_%E2%80%9Cdistraction%E2%80%9D\"><\/span>Bitcoin as a \u201cdistraction\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The perceived slights are still there \u2014 like The Economist<em> <\/em>characterizing Bitcoin as a \u201cdistraction\u201d or The New York Times opinion writer describing Bitcoin users as \u201cbasically a bunch of cosplay libertarians participating in a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> of make-believe on the playgrounds of the nanny state.\u201d To the latter, Mow responded: \u201cIf Bitcoin is cosplay, it\u2019s very high level cosplay.\u201d McKenna added with regard to the venerated United Kingdom weekly: \u201cThey are notoriously conservative, status quo, and will not go where the wind blows unless it\u2019s a hurricane.\u201d <\/p>\n<p>\u201cThey seem to, mainly, be missing the point,\u201d observed Stein Smith regarding The Economist\u2019s characterization. \u201cBitcoin may indeed be slipping from its unquestionable leadership position in the sector, but it still is absolutely the bellwether for the space at large.\u201d Sch\u00e4r added that he does not see \u201cBitcoin as a distraction,\u201d continuing:<\/p>\n<blockquote><p>\u201cBitcoin has some interesting technological and socio-economic properties, which are very hard to replicate. Sure, most of the economic activity is on other blockchains, but this does not make Bitcoin obsolete. What might be a distraction, though, is the fixation on a purely monetary use-case and the unnecessary infighting between various members of the community.\u201d <\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Whats_the_sticking_point\"><\/span>What\u2019s the sticking point?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Admittedly, blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and cryptocurrencies aren\u2019t always easy to grasp. Andrew Smith Lewis, chief innovation officer at Cais \u2014 an alternative investment platform for financial advisers (FAs) \u2014 has created education courses for FAs, including a course on blockchain and crypto fundamentals that was developed with Galaxy Digital. The concepts in this course have proved more difficult for advisers to grasp than those in Cais\u2019 other financial courses, Lewis told Cointelegraph. For instance, it takes roughly three times longer to master key elements in the blockchain course than in the firm\u2019s hedge fund course, he estimates.<\/p>\n<p>The Blockchain Association\u2019s Smith agrees that some of crypto\u2019s concepts can be problematic: \u201cDeFi is a good example, it\u2019s a relatively new space and these protocols can be complex to understand, even for those who are relatively savvy on the regulatory and technological front.\u201d <\/p>\n<p>\u201cThe most difficult aspect of Bitcoin to grasp is that it\u2019s completely unique \u2014 nothing like it has ever existed,\u201d said Mow, adding: \u201cThere\u2019s nothing for the media to compare it to, and they\u2019re unable to fully understand the magnitude of the coming paradigm shift that Bitcoin will bring.\u201d McKenna added that it is \u201cis the virtual nature of it all\u201d that poses challenges:<\/p>\n<blockquote><p>\u201cSo much of it is in an inscrutable technology space that most liberal arts major journalists will never understand. I mean they can not understand concepts like goodwill and impairment with regard to traditional accounting. I hear it all the time, \u2018Too technical.\u2019 Can you really expect them to conceptualize forks and staking if they can not understand restatements?\u201d<\/p><\/blockquote>\n<p>Until recently, the people who were very knowledgeable about cryptocurrencies and blockchain technology confined their public remarks to focused, niche-type publications, continued McKenna. \u201cMainstream media didn\u2019t even know who they were.\u201d One consequence is an education deficit with regard to crypto among MSM and regulators. \u201cI still don\u2019t think the SEC or any mainstream media know what an airdrop, a fork, staking or even the mechanics of the issues with the Lend product really are. But they have to try.\u201d<\/p>\n<p><strong><em>Related:\u00a0DeFi literacy: Universities embrace decentralized finance education<\/em><\/strong><\/p>\n<p>Would more education help? \u201cMore education is always better than less,\u201d answered Smith, going on to add: \u201cPeople are busy, they have preconceived notions of what crypto is, no matter their age, and we have to meet them where they are. I\u2019ve rarely had a conversation with someone in the mainstream media where the reporter or editor has emerged more critical of crypto after we\u2019ve talked.\u201d<\/p>\n<p>Mow, for his part, is skeptical. \u201cMore education won\u2019t likely be helpful. The root problem is Western media is financially privileged and looks at the world from that privileged lens.\u201d According to him, rather than dismiss Bitcoin as a Ponzi scheme, they would do better to visit places like Ethiopia where nascent entrepreneurs pay their workers in Bitcoin because those funds can\u2019t be debased or confiscated. \u201cThey [MSM] cannot see why Bitcoin is needed because they cannot see the problems in the world.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CCoexist_and_move_forward%E2%80%9D\"><\/span>\u201cCoexist and move forward\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>So, should the crypto community continue to voice their frustration each time a lukewarm article on Bitcoin or DeFi surfaces on one of the extremely popular mainstream publications? Will going off on a rant on Twitter even have the desired impact of remedying the situation?<\/p>\n<p>On the whole, most probably agree with Sch\u00e4r that the increased MSM scrutiny is positive \u2014 another sign that cryptocurrencies and blockchain technology are here to stay. \u201cNow it is our job, as a community, to provide the resources and create an open and welcoming environment that allows MSM journalists and people who are interested in the technology to understand what is going on,\u201d Sch\u00e4r told Cointelegraph.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin ledger as a secret weapon in war against ransomware<\/em><\/strong><\/p>\n<p>\u201cWe cannot discount the power of the mainstream media to shape public opinion, or the opinions of regulators and lawmakers, for that matter,\u201d added the Blockchain Association\u2019s Smith. \u201cWe have no choice but to try to coexist and move forward, both in our work evangelizing through the media and our work with lawmakers and regulators.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-baffles-mainstream-media-but-should-blockchain-advocates-care\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Crypto baffles mainstream media, but should blockchain advocates care? &#8221; The relationship between crypto and mainstream media (MSM) is complex, and it\u2019s probably fair to say that some in the crypto community haven\u2019t been overjoyed with the treatment they\u2019ve received over the years.\u00a0 MSM has largely ignored Bitcoin (BTC) and other cryptocurrencies outside of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":345117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvZGNiNmQ2NDEtYTQ3MS00NGNhLWEwZGItOWNlOWZjOTg2ZjBlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74983,74868,74355],"class_list":["post-345116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-decentralization","tag-defi","tag-adoption"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/345116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=345116"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/345116\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/345117"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=345116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=345116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=345116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}