Charles Hoskinson would be the worst thing to happen to CoinDesk

Cardano founder Charles Hoskinson recently live On Twitter, he discusses the bankruptcy of crypto exchange Genesis and the possible sale of its media arm, CoinDesk, by parent company Digital Currency Group. His interest in buying the company has fed up journalists.

Hoskinson “has never seen a book or financial information,” but estimates it will cost around $200 million to buy a cryptocurrency news outlet. “Why am I interested in assets like this?” he asked during the livestream. “For years I have been thinking about what an elite media institution is. […] Things necessary. “

“I want to find a way to restore the integrity of journalism,” Hoskinson said, opening up about his belief in the “bond of truth.”

Watch a 12-minute video of Charles Hoskinson pondering his CoinDesk purchase.

Hoskinson’s Future of Journalism: Same as Now, But Worse!

What if a journalist actually paid you for the opportunity to write an article for your consumption? What if people were financially incentivized to vote down an article? What if it’s good for Cardano?

Welcome to Hoskinson’s version of journalism. There, “Truth Bonds” is intended to hold journalists accountable for “Truth”.

“When someone publishes something, what they publish actually puts money on the table,” he explained in a 12-minute live video on Twitter. If it turns out to be missing or inaccurate, they could actually lose the money they made.”

Hoskinson explained that all articles are NFTs and “Financial incentives for fact-checkers to check facts.In fact, it’s hard to uphold a “truth” dictated by easily manipulated online emotions. That is, if those with the most money maintain the most influence, and the press is owned by an elite minority anyway.

The second half of Hoskinson’s new business plan is to “give the top 100 blockchains space to write anything about the ecosystem.” If this needs an explanation, that’s not how news works. This looks more like a DIY public relations firm than a truth-seeking organization.

Can Hoskinson buy CoinDesk?

Hoskinson feels disrespected by CoinDesk and possibly by any media outlet. “As you know, we [Cardano] There have been some very bad media recipients — just because they didn’t take the time to really research and dig deep into things, some because they actually had an agenda to smear.

In Hoskinson’s version of reality, every negative article on Cardano was either by lazy journalists or by journalists intent on defaming Hoskinson at all costs.

So, in the spirit of lazy journalism, I turned to Forbes article From 2018, Hoskinson’s net worth was estimated at around $500-600 million. This indicator is not completely unreliable. Cardano is now worth about the same as it was then.

That’s a lot of money anyway! Hoskinson himself said during his livestream that he is “still one of the richest people in the field.” Great, hats off, but $600 million doesn’t make sense when you’re buying a $200 million entity.

that’s right, Hoskinson will likely struggle to sell cryptocurrencies and other illiquid assets to get enough cash to buy CoinDesk outrightIt’s probably not worth the risk.

read more: What happened to the Lifeboat Foundation Bitcoin Donation Fund?

But even with the help of an outside investor, Elon Musk could never have made the purchase. help Saudi royal family member Larry Ellison and Binance chief Chao Changpeng (CZ) are buying Twitter. Of course, this takes Hoskinson’s control a little less, but it does give him the ability to make day-to-day decisions and guide CoinDesk in new directions.

CoinDesk deserves to be better

The honesty of many of CoinDesk’s journalists is beyond doubt. They broke the story of FTX and essentially caused Genesis bankruptcy sooner or later.

It’s a real shame that some rich people think outlets bring a better legacy. I assure you he’s wrong, none of Hoskinson’s suggestions, from ridiculous truth ties to his NFT articles, will fundamentally “fix” journalism. A new cryptocurrency oligarch replacing Barry Silbert would not benefit CoinDesk.

I spoke with a number of journalists and editors, both inside and outside the crypto industry, about Hoskinson’s dream to acquire CoinDesk. There was a collective dislike and broad agreement that he knew nothing about journalism.

But Hoskinson needs us all to know that he can afford it if he “really wants to.”

Cool, Charles. Very cool. Promise me you won’t.

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