Is The NY Times changing its tune? Not exactly, but it’s a start. And a big improvement over the mainstream media’s constant attacks on bitcoin. The newspaper interviewed notable bitcoiners, quoted them without twisting their words, and let them present the case for bitcoin supremacy. Of course, The NY Times also sneaked their usual points of contention against bitcoin. It’s only fair and we take it.
The piece, a feature on bitcoin maximalism of sorts, comes with the odd title “The Crypto Market Crashed. They’re Still Buying Bitcoin.” And they are, but geez! At the center of The NY Times’ story is Swan Bitcoin’s Cory Klippsten. He famously denounced both Terra and Celsius’s deficiencies and vulnerabilities way before both projects crashed and burned and ruined many lives. That’s where the article starts.
“In the crypto world, Mr. Klippsten is known as a Bitcoin maximalist, or “maxi” — a hard-core evangelist who believes Bitcoin will transform the financial system even as fraud pervades the rest of the crypto ecosystem. The maxis are just a subset of the crypto industry, but their ranks include influential figures like Jack Dorsey, a founder of Twitter and an early Bitcoin proponent.”
So far, so good. The inaccuracies don’t take long to appear, but let’s take it easy on The NY Times. Bitcoin and cryptocurrencies are complicated subjects and not their forte.
“And, as the market has melted, they have embarked on a public-relations offensive, aiming to persuade investors and lawmakers that Bitcoin is different from the thousands of other digital currencies that proliferated in the last few years before tanking this spring.”
First of all, bitcoin is completely different. Secondly, bitcoin maximalists often denounce other crypto projects’ deficiencies and vulnerabilities. They did it way before the current crash and they’ll keep doing it. Their aim is to protect the public from Celsius and Terra-like situations. And they do it at a considerable cost, since they are constantly insulted and dragged into endless discussions.
The NY Times Quotes Notable Bitcoin Maximalists (And An SEC Guy)
Let’s give it to them, The NY Times let these controversial figures talk. For example, they quote Cory Klippsten predicting the future of the crypto industry:
“The only future for non-Bitcoin crypto is to seek to be co-opted by banks and governments and become part of the existing system.”
They quote notable bitcoin developer and thought leader, Jimmy Song. The NY Times wrongfully qualify him as “a crypto podcaster” and rightfully as “an outspoken Bitcoin maxi,” but hey… They let him explain the difference between bitcoin and the rest of crypto.
“Bitcoin is decentralized, digitally scarce money. Everything else is centralized. There’s a world of difference between a censorship-resistant, self-sovereign money versus a gambling vehicle.”
They quote “John Reed Stark, a former Securities and Exchange Commission official,” who apparently has never heard of The Lightning Network. And comes armed with debunked arguments from the last decade.
“You can’t use it to buy anything — it’s way too volatile and complex and laden with fees. There’s no intrinsic value.”
The NY Times also quotes the
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