Mainstream Medias Failure With Bitcoin Reporting & Journalism

On Saturday Mark Karpeles was arrested for the loss of 390 million worth of Bitcoins from the now defunct MT Gox exchange. Japanese reporter's record the event as Karpeles was put into custody by authorities. Reporters go live on camera and release the 'misguided' news to the public. The statement:

"ex CEO of Bitcoin Arrested" 

Here is the tell-tale sign of medias problem with the virtual currency. They just can't get it right. Constantly pouring out misinterpreted information and opinions to the public so fast they don't even taste the words they spit. The mistake about Mark Karpeles being the "CEO" of Bitcoin is just one of the many falsified reports or blatant errors made by mainstream media. There is no CEO of Bitcoin. This could come off confusing to anyone who hears this from the media and could tarnish the image of the protocol. Karpeles was the CEO of an exchange that worked and traded with the digital currency. He didn't own it, create it, nor ran the code as a company. Mark Karpeles is not the CEO of Bitcoin, and this mistake is often made so much what it really does is tarnish the name of journalism.

Since the compromise of MT Gox, reporting of this incident was widely misinterpreted because of serious misinformation given by mainstream media. The hack itself was to an exchange and a service that used Bitcoin. But immediately following this exchange hack or inside job, the media outcry was "Bitcoin Was Hacked" claiming the protocol itself was compromised. This was reported so much and literally every time an exchange has been hacked. From Mintpal to BTER and all the other service losses the reports have said that Bitcoin itself was hacked and not the service. To this day I find people who are just hearing about cryptocurrency and say to me "Wasn't that Bitcoin Hacked?" The answer is NO. Bitcoin has never been hacked or compromised to date and will have to be challenged by more than just petty thieves.

"Bitcoin Is For Criminals"

Another media folly is the reporting of the Silk Road case and other illicit activity that has been involved with Bitcoin. The report ties Bitcoin to all shady and illegal activity regularly. As if the only use for Bitcoin is the black market. Bitcoin is used for the Black Market and and the White market and everything in between. The best thing about bitcoin is that it can be used both very privately and can be very transparent as well. For years the media has portrayed the virtual money as the "currency of criminals" and that's not true at all. Misinformation like this is very misleading and seems to be the theme song for media these days.

A really funny one is the portrayal of Bitcoin's death. Through the ups and downs of its price and the hacks of services it seems Bitcoin has been to the funeral home quite a lot. The CryptoCurrency has died literally over 27 times through the voices and written words of mainstream media. The number of deaths might not even be correct. I never fact checked this one because it's all a lie and a blatant misrepresentation of Bitcoin. The currency is alive and well and has never "died" or seen demise. In fact through out the price busts and rises the crypto has been vigorously strong throughout. In fact it's not even the end of the year and Bitcoin2015 has had more VC capital injected in it than last year. The blockchain, Bitcoin and its surrounding economy has been the top investment this year up there with space travel and photo sharing.

Bitcoin is far from being dead but the media would love to have you think that.

"Bitcoin Is Dead"

Whenever Bitcoin dies, especially in the years of 2013 through 2014 the media loves to look at China as the murderous culprit. In these reports and headlines it seems China's influence over Bitcoin is phenomenal. It can kill Bitcoin with a statement made by the People's Bank Of China the country's central bank. If China's banks say they don't like the digital currency, Bitcoin dies in black and white text and in the media's voices nearly every time. They've done this so much that many people have been convinced that China has killed Bitcoin, or has the power to do so. Yet the region doesn't have this power, never did and never will. Its the media who would like to make you believe it does. Even reports ironically stating that China has killed the virtual currency, following statements of this absurdity say that close to 80-90% of transactions are traded in Yuan. This cannot be confirmed as true, but yet it's a headline story coming from the mouths of the same media calling Bitcoin dead. Dead by the hands of China they say.

"China Controls Bitcoin"

The point of this story is there is a lot of mainstream media manipulation of the Bitcoin story. All of us need to relay facts and research heavily. This should be said for any subject, but especially when we are trying to find mass adoption in the land of Bitcoin. An exodus into adoption of BTC will be difficult if there is misleading headlines being broadcasted daily about the currency. Mainstream media has relentlessly done this with all sorts of vital information in the past. Subjects controlled by media, owned by the corporations and governments. Bitcoin scares these entities and they use their media propaganda to confuse and alter the argument knowing quite well that Bitcoin is better.


Bitcoin is better. It has no “CEO” or owner. There is no central authority. Its never been hacked and truly will take breaking the laws of the universe to crack SHA256 encryption, that and massive quantum computing. The protocol has never been compromised this way and has never died. China has never killed it. Bitcoin is better and stronger than ever.


Do you think mainstream media can report a Bitcoin story? Let us know in the comments below.

Images courtesy of Insidebitcoins, IBtimes, and Redmemes

Bitcoin: Where do we go When the Lights go Out?

On June 8, 11:32 a.m. ET., the NYSE halted trading due to ‘technical difficulties’. In a remarkable turn of events, the world stood and watched all of the global markets. There was mention of 11 markets trading smoothly, however NYSE did not resume trading until 3 p.m. ET. Curiously, amidst the sovereign debt crisis in Greece on this same day, eyes were focused in on China. One market remained unscathed this day: Bitcoin.

Also read: China's Bleeding Stock Market


Interestingly, on this day of market failure, Chinese investors found themselves frozen out of 72% of the global market. This means that U.S. and U.K. markets were clearly affected by a series of waves of financial chaos. This madness in wall street was also followed by a technical glitch, that had stopped all of United Airlines flights around the U.S. for two hours. The Wall Street Journal’s Web site also stopped working after the NYSE halted trading. Bitcoin exchanges remained constant and fluid.

Theories surrounding “Chinese attacks” come from data supported by Norse Intelligence Network, a US based securities firm. Norse shows a real-time cyber attack map, which visualizes China as the attacker. Possible scenarios surrounding the “attack” include simple “glitches” in the servers after massive trading prior to the event.

Trading occurred after China’s communist government proposed to send relief for the $2.36 trillion lost in the past month. Meanwhile Bitcoin price has seen a steady upswing in relation to all global commodities. A 20% increase in the past month.Bitcoin markets have been a solid safe haven for the sovereign debt crisis taking higher precedence then Gold in the media. Some would say that yes Bitcoin can remain extremely strong during a massive market outage, but what happens when the grid fails?

Nothing. Bitcoin remains and stays strong. The Honey Badger does not care. Kryptoradio located in Finland, is a radio wave transmission constructed to transmit low-bandwidth information over one-way digital broadcast networks. Meaning the blockchain can be kept up-to-date with less than a 2400 baud connection. Bitcoin transactions can be held offline, and with HAM radio transaction verification, and even mining in remote locations is possible. The human race will not freeze. They will try and regain power and communications immediately.

One idea humans transpired are Mesh Networks. Set ups like these have infinite possibilities. With very little equipment third world countries have built cost effective Wi-Fi transmitting networks. Far less than deployment of telecom services. Mesh networks much like nodes in the Bitcoin blockchain can offer powerful transmissions within a range of 16-24 KM. This maximizes cost or finding [which can be scavenged items] when constructed because it needs fewer nodes. Each node-to-node hops beyond forests and mountain terrains. Throughout these obstacles mesh networks can be made with simple wiring and easily attainable metal objects, making transmissions seamless in a “ No Grid” situation.

One fact is that massive amounts of Data can also be stored on the Bitcoin blockchain. If I can store over 1,000 ebooks and PDFs on a few megabytes, imagine the possibilities the blockchain can handle. World maps, engineering drawings, architecture, how-to-build combustible engines, solar techniques, agricultural methods, literally anything you can think of to: Survive. Information like this will be highly effective kept on the longest world wide ledger known to man.

Where do we go when the lights go out? To the Bitcoin blockchain. For a history of useful information, and a way to exchange value and communicate in the event of apocalyptic catastrophe.

Is Bitcoin a good post-apocalypse currency? Let us know in the comments below!

Images: Shutterstock, Crypto-Graphics.com

China's Bleeding Stock Market

While many eyes are watching Greece, another large market bleeding. China's stock market opened on Sunday, July 5, 2015, following an incredible three week plunge, losing $2.36 trillion in market value. Many investors wonder if the losses in Chinese markets will billow outwards towards other countries.

Also read: Gold Takes a Backseat to Bitcoin During Greek Debt Crisis

Frederic Neumann of HSBC Holdings in Hong Kong said:

"What happens in China will turn out to be far more consequential than any sting that Greece may deliver over the coming weeks or months."

With 1.4 billion people and the world's second largest GDP, financial experts think that China's problems might have global consequences. "What happens in China will turn out to be far more consequential than any sting that Greece may deliver over the coming weeks or months,'' said Frederic Neumann, at HSBC Holdings in Hong Kong. The Shanghai Composite and Shenzhen Composite have both plunged about 30% from their highs over the course of this month. Government officials in Beijing are putting forth measures to ease the financial burden.

The Chinese government has offered a credit line to encourage leverage margin trading. In addition to this effort with other businesses, they've shown commitment to buy billions in stock and new IPOs. Officials stated that China’s central bank will give capital to China Securities Finance corp, in trade for the company to offer margin lending. The practice is “high risk” and allows users to purchase stocks with borrowed money.

On July 7, commodities across the board hit a low. Silver dropped under $15 USD, showing a significant drop in the past six months. Crude oil fell 4% and Bitcoin dropped from a high of $275 USD down 5% over the course of Monday evening. When commodities drop this low, the typical reaction is to buy in anticipation of heightening economic hardships.

With China’s markets floundering, the people of the country may turn to safe-haven assets like Bitcoin to keep their wealth safe. In a Goldman Sachs sponsored analysis called “The Future of Finance,” the bank claims that 80% of exchanged Bitcoin is traded for Yuan. The Chinese bitcoin surge comes from lack of confidence in the Chinese economy. The yuan has weakened against the strengthening dollar and capital outflows increased at record rates.

China has had problems in the past with the PBOC warning the country about cryptocurrency. There currently is no explicit ban on buying, selling, or owning bitcoin. The central bank of China has classified the digital currency as a commodity. Without any regulatory commision on the subject, trading continues at full speed.

With countries surrounding Greece buying Bitcoin at vast rates, the question remains: will China follow suit, hedging the cryptocurrency?

Images courtesy of Shutterstock and Bloomberg.com