Thursday, November 01, 2018

Alas, the Blockchain Won’t Save Journalism After All | NYT

It appears there is a chance blockchain is not a panacea...
"Cryptocurrencies like Bitcoin (which introduced blockchain technology to the world) and Ethereum are commodities — like gold, they fluctuate in value whether they are used or not. CVL tokens were designed to function as consumer items. In practice that means that Bitcoin and Ethereum have tempted even know-nothings to make a purchase in the hopes of getting rich quick. Civil is asking people to buy in for the privilege of enthusiastically participating in running a blockchain-media platform.

Or, as Mr. Iles put it: “We even think that we are going to be able to show people that it’s more fun, it’s more rewarding, to pay for the news using CVL tokens as opposed to cash.”

But many people aren’t willing to pay normal money for journalism.

“Look, we sometimes get asked, are we too early?” Mr. Iles said. “And the answer is absolutely yes. But you only are ever going to be too early or too late.”"
Alas, the Blockchain Won’t Save Journalism After All | NYT

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