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The rise of digital media is powering job growth in the entertainment industry throughout Los Angeles and Orange counties, according to a new report.
The digital media industry accounted for 206,880 jobs in the two counties in 2016, a 12% increase since 2006, according to the report by a coalition…
Did you hear that bitcoin’s dead? Or how about the new coin that’s going to be the next ethereum? Also, there’s this cryptocurrency called verge that experts are tipping to make huge gains this year. And let’s not forget ripple either. You should totally load up on $ 3 ripple. Navigating the cryptocurrency landscape is tricky enough for experienced heads. But for the general public, who take their news from traditional media outlets, the situation is far worse. Hopelessly misinformed reporting and PR puff pieces published as ‘news’ have left the public more clueless than ever.
Sowing the Seeds of Crypto Confusion
As bitcoin reached record highs in December, the mainstream coverage grew to a crescendo. Suddenly everyone from mom to the metaphorical shoeshine boy had an opinion on cryptocurrency as the masses wired their deposits to Coinbase to get some skin in the game. When the markets started to fall in January, these new adopters got burned the worst. Many were stunned to see their rapidly diminishing portfolios, and a number quit altogether, electing to sell at a loss rather than endure more financial agony.
Mainstream media aren’t to blame for the price of bitcoin, and can be forgiven for getting swept up in the crypto mania that was unavoidable for a while. Reporting on the news is their job after all, and for a while the news was “Everyone’s buying bitcoin and it keeps going up”. What’s less forgivable is the recklessness of much of the reporting. Established outlets such as the New York Times, Bloomberg, and Reuters, while not perfect, have the resources to provide proper coverage of the crypto space. But less reputable rags have also piled in, and their breathless reporting is often woeful.
Crypto Gibberish from the Tabloid Press
In the UK, three mainstream publications have excelled themselves when it comes to clueless crypto coverage – the Mail Online, Sky News, and the Express. In one article this week, detailing bitcoin’s slide, the Express featured related ads and articles that urged readers not to buy ethereum, to buy ripple, to look into a bitcoin pension and to learn more about bitcoin ‘skyrocketing’ 25% in 24 hours. Is it any wonder that casual readers have no idea what’s actually happening? The same ads aren’t unique to mainstream media sites either – Coindesk has also come into criticism for hosting similar clickbait ads alongside its news stories.
Even if the contradictory ads are overlooked, the quality of reporting from outlets such as the Express is hopelessly misinformed:
This is the same publication that recently claimed ripple to be a mineable cryptocurrency. This week, Sky News also published – as straight news – a press release for a new ICO headed by notorious British businesswoman Michelle Mone. The Scottish lingerie entrepreneur has a string of failed ventures and dubious business practises to her name, but there was no mention of that in the story, which has since been deleted, but is still available as a cached version. Titled “I hope my new cryptocurrency encourages women to invest in tech”, it bears the strapline “Baroness Michelle Mone launches cryptocurrency Equi which will allow the public to invest in tech start-ups”.
Whatever her ICO may be, it has nothing do with helping women. The piece is riddled with preposterous claims that crypto heads would see through instantly, but that could easily hoodwink newcomers including the women the project is supposedly designed for.
Accurately reporting on the cryptocurrency space requires journalists with the requisite knowledge and expertise. Otherwise, not only are these platforms misleading their readers – they’re potentially defrauding them. While the ‘fake news’ meme has caused the public to be more sceptical of the information they’re fed, the majority still presume that if a story’s on an established site, it must be true. If media outlets can’t tell the difference between vaporware and legitimate cryptocurrencies, and don’t understand things such as market cap and total circulating supply, they should refrain from dispensing investment advice or enlist reporters who can.
Do you think mainstream media coverage of the cryptocurrency space informs or confuses the public? Let us know in the comments section below.
Images courtesy of Shutterstock, the Express, and Twitter.
Why not keep track of the price with one of Bitcoin.com’s widget services.
The post Thanks to Mainstream Media, the Public Are Clueless About Cryptocurrency appeared first on Bitcoin News.
According to reports on Tuesday, a large quantity of U.S. media outlets were sent an email from an individual claiming to be a representative of the People’s Bank of China (PBOC). The message contained a phony invitation to a press conference between the media, the PBOC, and the Hong Kong Monetary Authority (HKMA) and said it would “crack down” on all aspects of bitcoin services between mainland China and Hong Kong.
A Mass Email Sent to U.S. Media Claimed Another Chinese Bitcoin ‘Crack Down’ Was Coming
Yesterday around 9 am EDT a press invitation and summary of the event was sent to a variety of U.S.-based news outlets. News.Bitcoin.com also received the email which was allegedly sent by a PBOC official from the bank’s Hefei branch. The message explained that on February 14 a press conference would be hosted by the PBOC’s Deputy Governor Pan Gongsheng concerning digital currencies. The email then went on to state that the PBOC and HKMA were planning to introduce new statutes that would end all businesses and services tied to the digital currency industry.
“The press conference will make it clear that neither the People’s Bank of China nor the Hong Kong Monetary Authority recognises Bitcoin or any other virtual currency as legal tender, thus, making its use as an official currency to settle debts and financial obligations illegal,” explains the email.
The Regulations will crack down on all aspects and services of Bitcoin trading in both Mainland China and Hong Kong. The Chinese authorities have already blocked access to all domestic and offshore cryptocurrency trading platforms; Hong Kong is yet to do so.
Additionally, the message said it would also introduce new laws making cryptocurrency mining “illegal” even though officials understand that China is home to the world’s largest community of bitcoin miners. “There is a perceived risk to the financial markets including a shadow banking sector that may provide unregulated services to avoid detection by authorities and to protect the identity of those providing and receiving the funds,” the email further detailed.
The PBOC Email: A Bogus Attempt to Manipulate the Price of Bitcoin
Interestingly enough there were only a few U.S. media outlets and blog sites that reported on this email. The cryptocurrency focused blogs Coin Idol and Coin Speaker, plus a few random people on Twitter, disclosed the ‘breaking news’ to the public. Then, the following day on February 7 the regional news publication the South China Morning Post (SCMP) revealed the email sent to the press was “bogus.” SCMP reports that the Hefei branch official’s email was compromised and he had no idea these emails were being sent to news publications and journalists.
The president of the Hong Kong bitcoin association, Leonhard Weese, said the email was likely sent to cause more FUD and panic throughout the cryptocurrency community. The purpose of the email was to manipulate the news in order to have some effect on the price in a market that was already extremely bearish.
“The objective of the bogus email’s senders was to spread rumours and panic, in the hope of manipulating the price of bitcoin, after taking short positions on bitcoin futures and betting that the price of bitcoin will fall, said Leonhard Weese, president of the Hong Kong bitcoin association.
“I’m not sure it always works, but especially when they can make use of mistranslations and ambiguities, I’m sure they can spread a bit of panic,” Weese further details to SCMP.
The ruse is effective especially in an immature market with a very low barrier to entry, and where there are many day traders who might be manipulated that way.
Fortunately, the news brought skepticism and most of the U.S. media did not ‘jump the gun’ reporting on the email and the alleged upcoming ban.
What do you think about the bogus email being sent to U.S. media claiming that China and Hong Kong would ‘crack down’ on bitcoin services and miners? Let us know your thoughts in the comments below.
Images via Shutterstock, and the PBOC.
The post Phony PBOC Email Sent to U.S. Media Aimed to Manipulate BTC Price appeared first on Bitcoin News.
Hong Kong-based media have reported that the country’s major search engines and social media networks do not appear to be presenting paid adverts for products or companies associated with bitcoin and other cryptocurrencies. Reports have alleged that the censorship of cryptocurrency ads may date back to the announcement that The People’s Bank of China (PBOC) would ban initial coin offerings (ICOs) during September 2017.
Chinese Online Media Platforms Ban Crypto Ads
A report published by Hong Kong-based media outlet, South China Morning Post, has alleged that leading Chinese search engines and social media platforms have stopped displaying sponsored posts and paid advertisements relating to cryptocurrencies.
The report states that keywords such as ‘bitcoin’, ‘cryptocurrency’, and ‘ICO’ appear to predominantly elicit journalistic content when searched on popular Chinese platforms Baidu and Weibo, whilst yielding an apparent absence of sponsored content. Weibo has confirmed that it does not presently allow advertising relating to cryptocurrencies, whilst Baidu is yet to comment on the matter.
Analysts are speculating that the censorship of crypto ads may have begun following the introduction of the PBOC’s crackdown on ICOs in September 2017.
Facebook Follows China’s Lead
The report was published just days after Facebook introduced new rules banning “ads that promote […] binary options, initial coin offerings, or cryptocurrency.” The social media network accuses said ads of “promot[ing] financial products and services that are frequently associated with misleading or deceptive promotional practices,” claiming that “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
The crypto community appears to have largely welcomed Facebook’s new policy, with many bitcoin veterans viewing social media as an advertising medium embraced by Ponzi schemes and opportunists seeking to cash in on the speculative boom surrounding virtual currencies will little intention of delivering robust services or platforms.
What is your reaction to the Chinese censorship of ads for products and services relating to cryptocurrencies? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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Fidel “Fidelito” Castro Díaz-Balart, the eldest son of former Cuban President Fidel Castro, took his own life on Thursday, the island’s state-run media reported.
CNN.com – RSS Channel – Regions – Americas
As Cape Town braces for “Day Zero” — the day when it will run out of water — a grassroots campaign to donate water to the South African city’s residents, originated on WhatsApp, has become a social media phenomenon in less than a week.
CNN.com – RSS Channel – World
Southern California News Group, which includes newspapers such as the Orange County Register and the Los Angeles Daily News, will be hit with “significant” layoffs in the coming months, the group’s management announced Friday in newsroom meetings that took place across five publications.
Headlines roared late last night in the western hemisphere, morning in the east, as mainstream media outlets breathlessly ran with an initial report from a legacy wire service: the Republic of South Korea is to ban cryptocurrency. The truth is more subtle, and it’s fast becoming an object lesson in fear, uncertainty, and doubt (FUD). Veterans and those new to bitcoin and crypto have clear choices as to reliable media coverage, and the South Korean “ban” is a perfect example.
Also read: Mainstream Media Libel of Bitcoin
South Korea isn’t Banning Crypto, Again
“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Minister of Justice, Park Sang-ki, was quoted, according to Reuters. Except, maybe not.
The attribution actually reads: “Park told a news conference, according to the ministry’s press office.” The country’s top cop was paraphrased by his press office. It’s a game of human telephone gone very, very wrong.
The salient word in the press office staff’s paraphrasing of their boss is “ban,” and mainstream media plastered it all over the known digital universe. Markets responded accordingly, and within hours domestic bitcoin prices slumped double digits as they did internationally.
The “ban” followed a new year’s spate of South Korean FUD: raids, crackdowns, looming pronouncements. Coinmarketcap reweighted The Republic’s price premiums, which can run as high as 30 percent, making adjusted figures considerably lower, and instantly. To casual observers, such a sudden fall shook weaker hands, and panic selling began.
Buried well within the wire “ban” story was reality: “Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years,” Reuters clarified.
법무부 Ministry of Justice statements riled the South Korean street, as tens of thousands signed a petition sent to the country’s Blue House 청와대, offices and home of its President. The office has since issued a statement on the “ban” as only a proposal, nothing more. Traffic to its website was so heavy, it reportedly slowed.
For sure, legislators are working on regulations, from setting minimum ages, making sure investors are vetted and accredited, and suspending institutional investing in cryptocurrencies. All of it and more could be outlined as early as this month. As for a “ban,” savvy governments are often not so keen on outright prohibitions, as they carry oversight usually not possible.
Indeed, South Korea’s Ministry of Strategy and Finance responded to media “ban” FUD by explaining, “We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban.” Still other agencies within its government have argued for a deregulatory regime, leading to taxation efforts as a way to both boost the domestic economy and fund ministries.
What are your thoughts on mainstream bitcoin coverage? Let us know in the comments section below.
Images courtesy of Shutterstock, Pixabay.
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The creator of a much-talked-about list of men in media accused of sexual misconduct revealed herself Wednesday after Harper’s Magazine was rumored to have had an article in the works naming her, reports the New York Times . In The Cut , Moira Donegan comes clean that she started the “S—ty Media…
The nation’s psychiatrists should stop analyzing public figures in the media unless they’ve actually examined the person, the American Psychiatric Association warned Wednesday, stating that the practice stigmatizes patients and can “negatively impact” the profession.