When prominent people speak their mind, the media has a feeding frenzy. Sometimes this “acting without thinking” will misrepresent the facts. As a result of these quick actions to get the news out as quickly as the competition, these “writers“ make mistakes.
Like myself and others pointed out that this kind of misrepresentation does not put the crypto news sites in a good spotlight. It is frowned upon and is considered amateurish. No wonder that most big businesses, Venture Capitalists and politicians find digital currencies “dodgy business”.
As journalist, it is your duty to present the news in an as objective way possible. If not it is just tabloid material and does questions the quality of the “reporter” as well as the quality of the news site in general. How can you resolve this? By actually act like a professional and follow courses at university where they teach you how to be “ as objective as possible”.
· What is being said. The obvious things.
“Bitcoin is cheap, interesting and convenient (especially when dealing with large numbers)”. Mostly everyone picked that up. However if you have enough money everything is cheap. So what he is actually saying is that Bitcoin does have a lot of fluctuations that investors can pick up on. As such the fluctuations can and will generate the big returns the investors are looking for.
For example: let’s say Mr. Gates buys 1000 Bitcoins as a pet project, at 400 dollars per BTC. This buy order is visible through most sites. There are currently some startups working on programs to sift through the data of the blockchain and other crypto data. Some people see this and say “ wow there is something going to happen so let’s jump in”. Result: the price rises and rises.
Mr. Gates finds that he wanted to cash in some of his Bitcoins when BTC hits the 650 dollar per BTC mark. He sells 400 BTC, which is picked up again by the various monitoring programs and people begin to really panic and sell their BTC. It is the good old days of day trading all over again. Why do you think a lot of Venture capitalists and people that are Bitcoin-made-millionaires are former day traders, bank managers are from the financial sector?
“Bitcoin is anonymous”. Well that is something that is debatable. It is true that Bitcoin does provide a certain level of anonymity, like the banks used to provide for their customers. However there are multiple ways to get information from Bitcoin addresses if you know how to use it.
For example you can look up someone’s wallet, like the number of transfers ( plus or minus), to which addresses they have been sent to and look those up, etc. At the inside Bitcoins conference in London last September, a speaker described it as the following: Every transaction is recorded on Blockchain and is “checkable”. However this is best viewed as a huge library without headers, footers, indexes or anything…. So the specific information that you are looking for is buried and you will not find it fast or easy”.
So the whole anonymity isn’t exactly true. It is because of the sheer volume of information that anonymity is provided. Of course having someone’s bitcoin address is one thing. Locating them in the real world, that is a whole other thing. The person for instance is using a VPN, that changes every 10 hours from country location. So for now you can state that the transactions remain mostly anonymous.
“Bitcoin has nothing to do with terrorism or any type of money laundering”. Well that is a clear statement and doesn’t need any more explaining.
· Reading between the lines. What is not being said.
It is true that you can learn something from what is being said in the interview. Nevertheless what not is being spoken but still communicated is equally interesting. Body language ( 79% of things we communicate is through body language if you know what to look out for), evasiveness of questions, etc ( this is all learned in certain classes at reputable universities all over the world).
To the first question: People are saying that Bitcoin is the answer to the current problems ( in the financial sector)… are you a believer?” Bill Gates doesn’t say yes or no. He says that he believes that the technology behind Bitcoin is valuable and does have great potential, once the general public is familiar with the use of that technology.
He doesn’t say yes or no to the question but there are some signs. Look closely at the way he acts when he is saying that “he believes Bitcoin is better than current currency (aka real money)”. He adjusts his glasses. Now this can be interpreted in many ways. His glasses might be slipping a bit, or it was a “subtle body language sign”. So it could mean a couple of things. It could mean that he wholeheartedly believes Bitcoin is the future ( adjusting things or cleaning oneself up before the camera can be a sign that you are going to say something important that every listener should pay attention to) and who knows maybe he is Satochi Nakamoto.
The other explanation is that he already knows of some other technology or creation that will be more popular than Bitcoin or that the banks are already making digital currency for their own in the form of loyalty shares or some such thing.
Whatever the case may be, it is good for the digital currency community that prominent people are talking about crypto in a positive way. It is also very good that the Co-founder of Microsoft regards Bitcoin and other alt coins as currency and not as some “terrorism scheme or money laundering thing”. He also doesn’t say digital currencies are going to replace the current currencies.
I did like the way he referred to other currency besides Bitcoin. Yes there have been quite interesting developments in the altcoin scene. He isn’t referring to the pump ‘n dump coins but the coins like DogeCoin, Blackcoin and others.
Inside Bitcoins Congress London 15-16 September: phase transitions in digital currencies/decentralised technologies.