Since the Bitcoin rise and fall late last year, the media have been all over the virtual currency and its cryptographic brethren. Most of the news has been negative as the industry struggled with criminal users, hack and theft attempts and even the bankruptcy of the world’s largest Bitcoin exchange, Mt Gox. The fact that media love a bad story hasn’t helped either.
The recent Bitcoin auction by the US Marshalls Office should be seen as a positive development. For the first time a government institution is selling something that can be considered controversial but could also be seen as a revolutionary new way to safely transact in a globalised and increasingly virtualised economy.
The internet has changed the news industry the same way as it is now changing the financial industry. The difference is that some news agencies don’t feel that they are bound by the same ethical standards that they continue to point out, the financial industry and especially the Bitcoin industry is lacking. Take for instance businessinsider.com, a website headed by convicted fraudster and banned-for-life banker Henry Blodget. It has become a very popular site because of the sensational style even though the articles can’t be accused of being unbiased journalistic masterpieces.
The US centric .com site now has local variations that include more than the latest US army successes or which football player scored what in the last Super Bowl. However, it seems that businessinsider doesn’t say no to a bit of manipulation to attract the clicks though. A blatant example is the latest news about Bitcoin. Have a look at the Singapore site on the left versus the same article on the US site on the right. Keep in mind that Bitcoin prices have risen substantially since yesterday and that market manipulation is not a crime in the Bitcoin world yet, just highly unethical.
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