The Media Crypto Discussion

Cryptocurrency is getting more and more mainstream media coverage. This probably has a lot to do with the Bitcoin rising to new heights last year. Now that the coin is in a bit of a slump the media is most eager to point out how dangerous it is to invest in Bitcoin.

Cryptocurrency media coverage always gets me kinda wound up. There are a couple of things that annoy me when the “mainstream” press tries to tell something newsworthy about the crypto world.

Annoyance no. 1
There actually are other coins besides Bitcoin. Mainstream press always talks about Bitcoin like it is the only coin out there. No, you morons there are like thousands crypto coins all with different uses. It’s always Bitcoin this and Bitcoin that. What about those other interesting coins?
Truth be told I don’t even like Bitcoin, the transaction speed is slow and it has no additional purposes. Bitcoin is supposed to be used for payment but it can’t even get that right. I am often forced to deal with Bitcoin when I am exchanging fiat into crypto or vice versa and pay for ICOs but whenever there is an alternative I grab it with both hands just so that I don't have to deal with those slooow BTC transactions.

Annoyance no. 2
Don’t compare cryptocurrency to stock...Just stop...don’t do it! It is not the same thing. It’s not like stocks are better than crypto or the other way around. It’s not like you have to choose between 2 lovers. You can invest in both and you don’t have to choose sides.
These are two different worlds where the same rules don't apply.
What we are seeing with cryptocurrency is unprecedented, a dawning of a new age and it seems like a lot of people are pretty frightened of things to come just because they don't understand it.

Annoyance no. 3
Do your damn research. Now if a crypto expert would come and tell me about the dangers of investing in cryptocurrency I would take my time and listen to his arguments. But when I hear someone spouting nonsense about something he or she clearly has no knowledge of and talk about “Bitcoin” like it is the biggest scam ever and a prelude to the end of the world, I can not take it seriously.

Annoyance no. 4
Arguments like “Cryptocurrency is dangerous because people run the risk of losing money”. In fact this is an argument often used here in the Netherlands (The Dutch Government tends to be a little bit overprotecting). This to me is one of the dumbest arguments ever because guess what Sherlock……. anyone and I mean anyone can lose money when it comes to investing money.

Annoyance no. 5
The argument that we need to regulate cryptocurrency and especially ICOs because people run a high risk of getting scammed.
Actually there is some truth in this..... but...let me stress this ….but, let’s get real that is not the real reason why governments want to regulate crypto. Think about it, there are billions of “unregulated” dollars/euros (or whatever currency your country uses) floating around out there. People have emptied their savings accounts and put it all into crypto. Governments and banks don’t want that, how are they going to enforce taxes, how can anyone explain where the money is coming from? They want your money in a place where they have control over it and that is not one some exchange or encrypted digital wallet.

I believe (just my opinion) that the biggest motivation to impose regulation is that the authorities want a piece of our unregulated pie, they want a piece of the action and that’s all there is to it. If the authorities really wanted to “protect” us, the public from financial dangers they would also have to put a stop to gambling and close stock exchanges but I don’t see that happening anytime soon.

Annoyance no. 6
Start talking about the tech and possible uses for the blockchain technology instead of focusing on the “money”.
I guess it is too difficult for the media to talk about something that they clearly don’t understand but I would like to hear more about how blockchain technology can solve problems or enhance the quality of our daily lives instead of the current price of Bitcoin or the dangers of investing in ICOs.
If the media would focus more on the added technical value of blockchain technology more people would understand why this is such an exciting development instead of scaring the public with news of crashing coins and shutting down exchanges because they (the Government) are “protecting” the public.

I don’t know everything and I don’t want to pretend like I know everything. When I have a discussion about a topic I know nothing about I always acknowledge that fact. There is no shame in admitting that you lack knowledge about a certain topic. But what you don’t do is present misinformation or half truths to your audience as fact.

You just know that things are not right when you have to turn to social media for accurate information about cryptocurrency because the mainstream media can’t get their facts straight.