The NY Times report on Bitcoin maximism is full of surprises. Here are a few

Is the NY Times changing its tone? Not exactly, but it’s a start. And a big improvement over the ongoing mainstream media attacks on bitcoin. The newspaper interviewed prominent bitcoiners, quoted them without distorting words, and let them present the case of bitcoin’s supremacy. Of course, the NY Times also hid their usual points of contention against bitcoin. That’s right and we take it.

The piece, a sort of feature on bitcoin maximalism, has the strange title “The cryptocurrency market has collapsed. They are still buying Bitcoin.And they are, but man! At the heart of the NY Times story is Swan Bitcoin’s Cory Klippsten. He famously denounced the shortcomings and vulnerabilities of both Earth and Celsius long before both projects crashed, burned and ruined many lives. This is where the article begins.

“In the world of cryptocurrencies, Mr. Klippsten is known as a Bitcoin maximalist, or” maxi “, a diehard evangelist who believes that Bitcoin will transform the financial system even as fraud pervades the rest of the crypto ecosystem. Maxis are just a subset of the cryptocurrency industry, but their ranks include influential figures such as Jack Dorsey, one of the founders of Twitter and one of the earliest supporters of Bitcoin. “

So far, so good. The inaccuracies are not long in appearing, but let’s take it easy in the NY Times. Bitcoin and cryptocurrencies are complicated topics and not their forte.

“And, as the market melted, they embarked on a public relations offensive, with the aim of persuading investors and lawmakers that Bitcoin is different from the thousands of other digital currencies that have proliferated in recent years before sinking this spring.” .

First of all, bitcoin is completely different. Second, bitcoin maximalists often denounce the shortcomings and vulnerabilities of other crypto projects. They did this long before the current incident and will continue to do so. Their purpose is to protect the public from situations similar to Celsius and Earth. And they do so at a considerable cost, as they are constantly insulted and drawn into endless discussions.

NY Times Cites Leading Bitcoin Maximists (and SEC Guy)

Let’s give it to them, the NY Times lets these controversial figures talk. For example, they cite Cory Klippsten predicting the future of the cryptocurrency industry:

“The only future for non-Bitcoin cryptocurrencies is to try to be co-opted by banks and governments and become part of the existing system.”

They cite well-known bitcoin developer and thought leader, Jimmy Song. The NY Times unfairly qualifies it as “a cryptocurrency podcaster” and rightly as “a blunt maxi bitcoin”, but hey … They let him explain the difference between bitcoin and the rest of the cryptocurrencies.

“Bitcoin is decentralized, digitally scarce money. Everything else is centralized. There is a world of difference between a censorship-resistant self-sovereign money and 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 he arrives armed with debunked arguments from the last decade.

“You cannot use it to buy anything: it is too volatile, complex and loaded with fees. There is no intrinsic value “.

The NY Times also quotes the now famous “Michael Saylor, CEO of MicroStrategy, a software company that has amassed a large reserve of Bitcoin.” He takes this opportunity to explain how difficult it is to be a bitcoin maximalist nowadays.

“If you call the risks of someone running, and otherwise healthy, you can be accused of creating a bank run or being a troll. It’s a bit difficult to explain in theory before the accident happens. But now it has happened. “

Last but not least, the NY Times quotes David Zell of the Bitcoin Policy Institute as explaining why bitcoin is worth it.

“What we are saying is that Bitcoin has a set of properties that make it unique. These differences are evident enough that if you are going to have a serious political conversation around the industry, it helps to draw that distinction. “

BTC price chart for 08/02/2022 on Kraken | Source: BTC/USD on TradingView.com

The attack you felt coming

The NY Times had to release the usual FUD. They just had to do it.

“Hardly anyone uses Bitcoin to conduct ordinary transactions. Last year, El Salvador introduced Bitcoin as its national currency, but that project was an incredible failure. “

The first point is quite true, especially considering that bitcoin is only a marginal phenomenon for most of the world population. The second point is a complete lie and a false representation of the facts. Consider this: Other dollarized countries, such as Ecuador and Panama, are suffering the effects of the rampant US money printing. Both countries have recently hosted massive protests and are still in a state of turmoil. El Salvador, on the other hand, is one of the few countries in the world that has experienced some economic growth in recent quarters.

“Verification of Bitcoin transactions, a process known as” mining “because it rewards participants with digital coins, is energy-intensive: Researchers estimate that Bitcoin mining can produce up to 65 megatons of carbon dioxide per year. comparable to the annual emissions of Greece. “

Bitcoinist has countered this misleading narrative once And stillplus we reviewed material that proves otherwise. This time, surprisingly, the NY Times provides the counter itself.

“Now, Bitcoin supporters are building their own political apparatus. This year, David Zell, a Bitcoin advocate, started the Bitcoin Policy Institute, a think tank promoting a pro-Bitcoin agenda in Washington. The institute said concerns about Bitcoin’s energy consumption are exaggerated. “

The NY Times article on bitcoin maximalism is a surprise in itself. We at Bitcoinist give them the hat for showing the other side of the coin for once. Let’s hope it happens again.

Featured Image by Jerzy Górecki from Pixabay | Charts by TradingView

The New York Times building with a filter

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