Bitcoin Extinction Events
The Media is really warped beyond repair.
In 2017 the media was gripped by the “Retail apocalypse” story that portrayed the end of retail amid higher than normal store closures.
In 2018, the new fad is rallying around Bitcoin’s decline as the end of speculative cryptocurrencies. Misinformation lives and goes rampant on Facebook’s apps, but so does clickbait still obscure Bitcoin’s controversial rise from skepticism to mainstream adoption in the global community.
The problem with LinkedIn, Forbes or Bloomberg speaking about crypto is that essentially they have no idea what they are talking about. Just about every week, CNBC quotes some baby boomer Finance guy on how Bitcoin is worse than rat poison or a joke as a kind of crypto gold store of value.
This leads to even more confusion as crypto enthusiasts vs. skeptics becomes a generational war on how we view reality, money, assets and the future of digital transactions.
The media on Bitcoin is basically a circus show. You cannot trust alarming headlines nor can you totally trust Bitcoin purists and zealots of crypto. This means speculations on the price of cryptocurrencies are for the most part, just that.
The fact remains, people will click on an article with “Bitcoin” in the title. Medium itself weirdly caters to this phenomena, where a top writer’s tag on Bitcoin exists but, sadly, not for blockchain, cryptocurrencies or Ethereum: quite perplexing indeed!
The price charts resemble battlefields, with red arrows raining down relentlessly. (Quartz)
As if Bitcoin’s price was an important event. Whether it’s $6,000 or $3,000 or $9,000 doesn’t change the fact that crypto investments are rising, more public blockchains are being created and more crypto funds are coming into being.
When you look at the profits of a Bitmain, of a Binance or of a Coinbase, you see the trend towards mainstream crypto adoption in the winners. More crypto exchanges are opening up and spreading, more smaller countries like Malta or Taiwan are creating blockchain-friendly regulatory frameworks. More software developers are becoming blockchain devs. That’s a global trend!
Since the start of the year, the price of bitcoin has fallen by more than 50%, cutting more than $100 billion from its market capitalization. But it doesn’t matter.
From Ethereum panic to Bitcoin shrills, it’s a lot of noise. Meanwhile regulatory progress is being made, ETFs are coming, decentralized exchanges will occur, banking consortiums are adopting blockchian, central banks are figuring out how to put fiat on the blockchain and so forth.
There’s no impending Bitcoin extinction event, because Satoshi Nakamoto is not real, decentralization isn’t practical and these people are mostly self-interested actors on a web of increasing rate of frauds, scams and blockchain profiteers. As of 2018, Bitcoin itself could fade and the fate of public blockchains would evolve without it. What if Bitcoin is just a symbol of what is to come?