After Charles Hoskinson, the inventor of Cardano (ADA), verified suspicions that he was contemplating acquiring the cryptocurrency and blockchain-focused news website CoinDesk, he was slammed with scathing criticism and chose to reply.
Indeed, in response to an article by Cas Piancey of Protos headlined “Opinion: Charles Hoskinson would be the worst thing to happen to CoinDesk,” In a January 26 video, Hoskinson outlined his plan to reform journalism by altering the incentive system.
According to him, the primary issue is a lack of depth, peer review, accuracy, responsibility, and repercussions for lying for political or financial gain.
To solve this problem, the inventor of Cardano proposed “aligning the notion of prediction markets with an outlet” in the form of “veracity bonds,” which would offer a financial consequence for faulty journalism and was deemed “ludicrous” by Piancey.
Hoskinson called attention to the established notion of fact-checkers, with whom everyone is comfortable “as long as they politically agree with us,” but “there is no remedy when they’re incorrect.” On the other hand, he believes, “commercial incentives for the validity of an article are unacceptable” and refers to this as the “elitism of journalism.”
“That’s when you know you’re on the right path, because people become very terrified very fast when you want to change things for the better, because they earn money by keeping things the way they are — it’s that simple.”
As a reminder, Hoskinson indicated in a video webcast on January 20 that the media typically had an agenda, while also stating he was interested in purchasing CoinDesk to transform its existing format into a combined news and community platform.
In reaction to the potential of this purchase, Piancey referred to Hoskinson as “a new cryptocurrency oligarch to replace Barry Silbert” and “some wealthy person” who “thinks he’d bring a better legacy to the outlet” but whose ideas “do nothing to fundamentally ‘improve’ journalism.”
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