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Author Topic: The media's influence on Bitcoin  (Read 63 times)
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ccstyle
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December 01, 2017, 04:07:48 PM
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I want to talk about how the way people with power such as CEO’s, head of states and other important people in along with the media are affecting the way Bitcoin and similar cryptocurrencies are being received by the mainstream public, who are not into these cryptocurrencies. One of the examples of people with such power is Jamie Dimon from JPMorgan Chase & co who recently made some really interesting statements. Source: https://www.theguardian.com/technology/2017/sep/13/bitcoin-fraud-jp-morgan-cryptocurrency-drug-dealers. This is a review by The Guardian on an interview with Jamie Dimon about Bitcoin.
As what often happens when an important person with some sort of power talks about this subject, the media made a lot of attention to this statement. This also happened to Jamie Dimon’s statements which a lot of people who are not into Bitcoin see as facts. For example, Jamie Dimon said: “the digital currency was only fit for use by drug dealers, murderers and people living in places such as North Korea”. This are some outrageous statements that would require a lot of evidence to back it up, but if all the research that is done on this is yet to support this and in fact is saying that cryptocurrencies are rarely used for funding terrorism. the Foreign Affairs newspaper recently wrote: “the use of digital currencies among terrorists is not widespread”. This is due to several reasons most importantly is that Bitcoin as of right now is not liquid enough to use, but also because cash is easier to use for terrorist groups.
But of course there will always be people using something in a negative way and in this case the pros definitely outweigh the cons. But because the general population is not well informed about this subject they will think that almost everything the media and especially people in a position of power have to say about it. This will create a large part of the population, the one who is not correctly informed, with a negative view of these currencies although they can bring great prosperity and huge improvements in privacy for everyone, but all  the mainstream public knows is that this is being used for illegal purposes such as funding terrorism. This is one of the ways how the media influences the view of the population on one certain subject very easily and this is why everyone should be cautious when reading news made by the media to inform us about new technologies and recent developments.
 Another example of something Dimon said is: “Bitcoin is a fraud that will ultimately blow up”. First of all, this is an outrageous statement to make about something which is this unpredictable and also because there is so much debate about this. At this time China and Lithuania are working on their own blockchain technologies, which is the backbone of Bitcoin, while other countries are trying to regulate it, and some are even going as far as straight out banning it. However, Bitcoin and similar cryptocurrencies are still very strong at the moment and they are becoming ever more valuable with the market cap of these currencies being estimated around 300 billion USD and ever increasing!
So what are your thoughts on the way the media is portraying Bitcoin and do you think it is keeping away the mainstream public from joining in on this shift in the monetary system?
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December 01, 2017, 04:16:07 PM
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I totally agree with you Andreas, in 2016 and 2017 we all have seen the effects that these statements have on the perception of cryptocurrencies. For instance, when Howard Marks said about Bitcoin and Ethereum: “they’re not real”. But in less than 2 months he withdrew his statement and said: “What bitcoin partisans have told me subsequently is that bitcoin should be thought of as a currency – a medium of exchange – not an investment asset. Bitcoin fans argue that it qualifies as a currency … it's something that parties can agree to accept as legal tender and a store of value. That actually seems right.”. I have thought of this ever since as one of the great examples when people were badly informed and made uneducated statements about something which they did not have the knowledge about. After he made his initial statement faith in the currency lost a bit and the prices went down, this is what also happened with the Dao hack.
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December 01, 2017, 04:19:22 PM
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I don’t think you are right Andreas, I have looked a lot into Bitcoin and other cryptocurrencies and I see the potential they have but I don’t think they have it at this stage, because it is just a speculative bubble, at least that is what I think. I do agree with you that the media has a profound effect on the mainstream public, but this isn’t a negative one in my opinion. It is just a way to inform the public in a critical way, this gives the people something to think about, because we should not rush into such a big change that could have such far reaching effects on the monetary system. In my opinion we should use the backbone of these currencies, the blockchain, but by letting it be centralized, such as the current monetary system, the government can regulate it and can make sure that the coins stay liquid enough and that they are not volatile. In this way I could see the use of cryptocurrencies in a safe way that could replace the current monetary system, but until that happens I don’t see the value of it in our current day world.
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