So I have this app on my phone that compiles crypto news articles across dozens of websites. Often when I was having trouble thinking of something to write about, I'd just check out the old news feed there and rehash some other concept that came up. Today I realized that I haven't checked that feed for months.
Why not?
Well, there is plenty to talk about these days, and on top of that most of these "news" outlets are unbearably predictable. None of them say anything interesting like 90% of the time, and that percentage has gotten even worse during the bear market.
All they ever write about these days are zero effort posts about price speculation, scams, or regulation (usually pertaining to stable coins). It's amazing that me that Hive as a network somehow manages to pump out consistently better content than these outlets whose literal job it is to do these things. How is it that people on Hive get the inside scoop while all these other centralized dumpsterfire networks are willing to just pump out the same speculative garbage over and over and over again?
Alright I'm gonna do it...
I'm gonna log into this stupid app just to give examples of the garbage they are peddling....
- Stablecoin article on some new shitcoin called Bluejay.
- Dogecoin analysis
- Another centralized exchange freezes withdrawals.
- Speculation on Ethereum merge.
- Speculation on Bitcoin ("could gain another 18%) my god!.
- Summer rally speculation.
- Minecraft blocks NFTs.
- More Bitcoin speculation.
Blah blah blah blah blah blah blah.
If I was going to pick one of those to write about I'd probably have to go with Minecraft (Mojang) 'restricting the use' of NFTs. But even then... no thanks. What is there to say? NFTs are going to take over gaming and there's nothing any of these corporations can do about it except embrace it and try to ride the lightning into the future. Most companies will get swept away because either they tried to ban the thing or too many scams popped up that ruined their bad infrastructure.
News outlets are so bad right now.
They all focus on the wrong developments.
Or do they?
Is this spread of garbage they are pumping out actually what gets them the most views? Talk about attention economy, yikes. Speaking of which, what happens when users are less and less concerned with "when number go up" and more concerned with where this is all going and what are place is within this emergent economy? After all, the name of the game here is abundance. Anyone with an abundance mindset doesn't really care about any of the stuff being pumped out on these news circuits.
Why not add a dose of ironic sarcasm into the mix by doing Bitcoin price speculation right now?
Hey yeah great idea! The market is still trading on them moon cycles. I actually predicted that we'd crash to support before heading to $25k and crashing again. So far this prediction has been surprisingly accurate with BTC basically at $24k. All that needs to happen now is the FED slaps the market in the face with another increased rate hike.
What's up with "inflation" though?
Remember how all the Bitcoin maximalists always talk about how Bitcoin is a great hedge against inflation? How's that working out for everyone? Just another example of how this isn't actually inflation at all. The money supply is not increasing.
Imagine if USD wasn't the unit of account.
What if we measured the value of USD in some other unit. Say 1 USD is worth 1000 'points'. Now lets say a given loaf of bread is worth 5000 points. Easy enough, right? 1 loaf of bread costs 5000 points or $5.
But now, imagine there is a bread shortage. USD is still worth 1000 points, but bread costs 6000 points, so $6. This is not inflation. Inflation is when the dollar is worth less than 1000 points. The price of bread going up is a combination of supply and demand, of not only the bread, but also of the money supply itself.
Well how do we tell the difference?
There is no way to tell if the value of USD went down or if the price of a thing went up. Especially true during global supply chain issues where everything is disrupted. So rather than try to figure out what is actually going on, everyone just defaults to "printer go brrr" and "omg this inflation though" mentalities. Let's be clear: the purchasing power of USD going down doesn't intrinsically imply inflation is happening. Not understanding this basic concept (most people) causes them to draw many incorrect conclusions as to the solutions.
END THE FED
Sure, lets end the FED. That's a good idea I can get on board with. Does anyone have any idea what we should replace it with? Or should we just leave a gaping hole in the economy and hope everything works out? The amount of infrastructure in play that is fully dependent on the FED existing is vast. Simply removing it with no plan in place is economic suicide.
Of course a maximalist would just say we can replace the FED with Bitcoin, which is so comically delusional I don't even know where to begin. Like, which part of the FED and which part of Bitcoin even come close to providing a similar function? Truly laughable. No cryptocurrency in existence can even come close to replacing the FED. At the bare minimum it would require elasticity and stability, which at the moment everyone is using stable-coins pegged to USD to achieve this... so yeah... nice try no cigar. Maybe circle back in ten years and see where we are at.
Conclusion
Mainstream crypto news is almost completely worthless. 90% of it is garbage, and of the 10% that isn't garbage, the rest is littered with misinformation, incorrect conclusions, or focuses on the wrong parts of the equation. If I had to guess I'd say only around 1% of the crypto articles I see on my feed are truly fascinating pieces of information that help me to better understand this complex tech. Used to be worth sifting through the rough to get to the diamonds. These days the diamonds are even harder to find. Might as well just browse Hive. Such a weird concept.