{"id":810613,"date":"2024-12-07T10:18:20","date_gmt":"2024-12-07T16:18:20","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/07\/financial-times-a-half-baked-apology-to-the-bitcoin-community-after-14-years-of-criticism\/"},"modified":"2024-12-07T10:18:20","modified_gmt":"2024-12-07T16:18:20","slug":"financial-times-a-half-baked-apology-to-the-bitcoin-community-after-14-years-of-criticism","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/07\/financial-times-a-half-baked-apology-to-the-bitcoin-community-after-14-years-of-criticism\/","title":{"rendered":"Financial Times: A Half-Baked Apology to the Bitcoin Community After 14 Years of Criticism"},"content":{"rendered":"
\n

This publication investigates the mixed reactions from the Bitcoin community in response to Financial Times\u2019 so-called \u201chalf-baked\u201d <\/span>apology<\/span><\/a> after 14 years of relentless criticism of cryptocurrencies (Financial Times: arguably the world\u2019s most respected financial newspaper).<\/span><\/p>\n

In a shocking about-face, FT\u2014via its Alphaville column\u2014admitted that it may have influenced the investment decisions of its readers but stopped short of changing its previous stance. The article looks at both positive and negative angles of this issue while providing an overall insight into the complicated relationship between the mainstream media and the cryptocurrency market.<\/span><\/p>\n

The apology was an instant talking point on social media, particularly on the X site.<\/span><\/p>\n

A Sincere Apology or Lip Service?<\/b><\/h2>\n

The FT\u2019s apology, to many onlookers, seemed like a rather lame-duck affair and more akin to lip service than a genuine mea culpa. The editor of Alphaville, Bryce Elder, said, \u201c<\/span>We\u2019re sorry if you misunderstood our crypto cynicism to be a declaration of support for tradfi, because we hate that too.<\/span>\u201c<\/span><\/p>\n

\"A<\/p>\n

Financial Times\u2019 apology. Source: Financial Times<\/span><\/i><\/p>\n

That basically captured FT\u2019s indifference\u2014they were recognizing that Bitcoin had surged a long way but without rescinding prior negative commentary on Bitcoin.<\/span><\/p>\n

In fact, Elder insisted that FT still \u201cstand by every single one of those posts\u201d criticizing Bitcoin over the past 14 years.<\/span><\/p>\n

FT\u2019s History of Bitcoin Criticism<\/b><\/h2>\n

Since June 2011, when Bitcoin traded at just $15.90, Alphaville has called Bitcoin a zero-sum game that is chronically inefficient as a medium of exchange and damaged as a store of value. They reasoned that its price was simply an \u201carbitrary hype gauge\u201d unrelated to any utility.<\/span><\/p>\n

In 2014, an FT expert went so far as to call Bitcoin originator Satoshi Nakamoto a \u201creckless doctor,\u201d likening the issuance of Bitcoin to a doctor prescribing penicillin to every patient without checking if they had an infection, depression, or psychosis. Mark Williams, the commentary\u2019s author, thought Satoshi botched designing Bitcoin\u2019s supply schedule, whereby he \u201cdid not account for ups and downs\u201d of economic cycles.<\/span><\/p>\n

More news: <\/i><\/b>Bitcoin Hits $100000 \u2013 Sets an All-Time High Record<\/i><\/b><\/a><\/p>\n

The \u201chalf-baked\u201d apology did not go well with the Bitcoin community. Many comments on X labeled it a \u201cfaux apology\u201d or a \u201ccope-pology.\u201d Critics said the FT was not humble despite its severe misjudgment of Bitcoin\u2019s potential.<\/span><\/p>\n

This is underlined further, with the price of Bitcoin well over $100,000, highlighting some of the inaccuracies in FT\u2019s analyses over the years. Some even remembered the failed predictions of financial giants like Warren Buffett of Berkshire Hathaway, Jamie Dimon of JPMorgan, and Peter Schiff, who had all belittled Bitcoin\u2019s potential.<\/span><\/p>\n\n\n\n\n\n\n
Name\/Entity<\/b><\/td>\nFlawed Prediction<\/b><\/td>\n<\/tr>\n
Warren Buffett (Berkshire Hathaway)<\/span><\/td>\nBitcoin will never reach $100,000<\/span><\/td>\n<\/tr>\n
Jamie Dimon (JPMorgan)<\/span><\/td>\nBitcoin is a fraud<\/span><\/td>\n<\/tr>\n
Peter Schiff<\/span><\/td>\nBitcoin will go to zero<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Lessons Learned<\/b><\/h2>\n

This incident has brought to light the challenges of predicting trends in the cryptocurrency market and the need to receive information with objectivity and thoroughness. The insincerity of FT\u2019s apology reminded mainstream media to be much more watchful in statements against an emerging volatile market called cryptocurrency. It also has outlined the resilience of the community around Bitcoin, but more so, the capacity of this market to sail through harsh winds\u2014even against critics referred to as financial \u201cgiants.\u201d<\/span><\/p>\n

This, however, reflects a rather complex reality\u2014a gap between mere academic-level knowledge and the lack of practical insight that remains large indeed. As one would expect from a top-tier media outlet, it seems that FT fell foul of its usual analysis frameworks applied to a brand-new technology. In the apology, they sort-of-not-really apologized for their limited imagination regarding understanding and critiquing Bitcoin. It will be interesting to see if the FT will change its perspective in this respect and approach Bitcoin with more open eyes.<\/span><\/p>\n<\/div>\n

Read More<\/a>
\n CryptoNinjas<\/p>\n","protected":false},"excerpt":{"rendered":"

This publication investigates the mixed reactions from the Bitcoin community in response to Financial Times\u2019 so-called \u201chalf-baked\u201d apology after 14 years of relentless criticism of cryptocurrencies (Financial Times: arguably the world\u2019s most respected financial newspaper). In a shocking about-face, FT\u2014via its Alphaville column\u2014admitted that it may have influenced the investment decisions of its readers but<\/p>\n","protected":false},"author":1,"featured_media":810614,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534,849],"tags":[],"class_list":{"0":"post-810613","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-financial","8":"category-times"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/810613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=810613"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/810613\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/810614"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=810613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=810613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=810613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}