Charles Hoskinson reacts to CoinDesk buy backlash exposing media’s ‘unclean secret’

    After Cardano (ADA) founder Charles Hoskinson confirmed rumors that he was contemplating buying virtual currency and blockchain-focused information portal CoinDesk, his curiosity was met with some somewhat harsh criticism, to which he determined to reply.

    Certainly, hitting again at a piece written by Protos’s Cas Piancey, titled ‘Opinion: Charles Hoskinson would be the worst thing to happen to CoinDesk,’ Hoskinson defined his intention to overtake investigative journalism by altering the motivation construction, in a video streamed on January 26.

    In accordance with him, the primary downside is that there is an lack of depth, peer evaluation, accuracy, accountability, and penalties for falsity over political or financial causes:

    “The dirty secret of journalism is things are written not because they’re true, (…) or they’re trying to give you, the reader, an objective reality. Things are written to make money. That’s what corporate media does (…). Everything about this process of journalism is about money now.”

    Veracity bonds

    To handle this problem, the Cardano founder has prompt “aligning the concept of prediction markets to an outlet” within the type of ‘veracity bonds,’ which might introduce a monetary recourse for inaccurate investigative journalism and which was criticized by Piancey as ‘ludicrous.’

    “Veracity bond with a prediction market model says that if you get caught with your hand in the cookie jar, you actually lose money, and, as a reader, I get to know how serious you are. Why is that a terrible idea to introduce that?”

    To assist his argument, Hoskinson drew consideration to the accepted idea of fact-checkers, with whom everybody is okay “as long as they politically agree with us,” however “when they’re wrong, there’s no recourse.” But, he says, “we’re not okay with economic incentives for the veracity of an article,” calling it the “elitism of journalism.”

    Critics are simply scared?

    Lastly, additional calling out the critics for being afraid of the change and placing cash on the desk for the issues that they write and say as a result of they may very well be confirmed inaccurate, the entrepreneur additionally voiced his opinion that assaults on him show that he’s proper:

    “That’s when you know you’re on the right road because people get real scared real quickly when you want to change things for the better because they make money for the worse – that simple.”

    As a reminder, Hoskinson acknowledged that the media typically had an agenda, in a video streamed on January 20, on the identical time confirming he was certainly involved in shopping for CoinDesk to reshape its present dummy into a mix of a information and neighborhood platform.

    In response to the likelihood of this acquisition, Piancey wrote the opinion piece wherein he referred to Hoskinson as “a new cryptocurrency oligarch to replace Barry Silbert” and “some rich guy” who “thinks he’d bring a better legacy to the outlet,” however whose concepts don’t “do anything to fundamentally ‘fix’ journalism.”

    Featured picture by way of C.Hoskinson YouTube

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