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> He conveniently ignores that conflict of interest policies prevent journalists owning cryptocurrencies, not experiencing them using the paper's money. To see

> He conveniently ignores that conflict of interest policies prevent journalists owning cryptocurrencies, not experiencing them using the paper's money. To see a a conflict of interest here is like saying that you must not write about the US-Dollar as a journalist as long as you have some. Perhaps it is a conflict of interest if you own a lot of it and do not disclose the fact -- but any? Is this really the case?

cmiles74 4y ago
I believe the conflict of interest is not simply that the author reported on a company they had invested in. In my opinion, the conflict lies in the fact that they then wrote pieces, in their role as a journalist, that pretty much were free advertising and encouraged other people to also invest in this company. The fact that these pieces appear to be poorly researched is like icing on the cake. Because they benefit from people investing in this company, isn't that a clear conflict of interest?
Ensorceled 4y ago
> To see a a conflict of interest here is like saying that you must not write about the US-Dollar as a journalist as long as you have some. No, it's like having AT&T stock and writing about AT&T. As much as web3 fans WANT crypto "currency" to be a currency, it is still, at best, a volatile, high risk investment vehicle.
- asah 4y ago
  FYI a sizable percentage of America owns some amount of crypto - depending on the study, anywhere from 8%-20% - that's more than $100 bills in wallets, which is ~5% of Americans. Only if you include ETFs and mutual funds can you claim this about AT&T stock. https://www.google.com/search?q=percent+america+owns+crypto https://www.google.com/search?q=percent+america+owns+crypto https://www.google.com/search?q=percentage+americans+have+100+dollar+bills https://www.google.com/search?q=percentage+americans+have+10...
  - Ensorceled 4y ago
    I’m not sure what your point is. Journalists can hold mutual funds and ETFs without being in conflict of interest. Since a journalist writing about crypto currency can have direct impact on that coin’s value, they are ethically bound to not write about coins the hold. Just like direct holdings of stock.
    - asah 4y ago
      When SEC approves crypto ETFs that's great until then Americans are rolling their own from direct holdings.
      - Ensorceled 4y ago
        And, again, journalists writing about crypto should avoid doing that until there is an actual “etf for crypto”.
- Archelaos 4y ago
  The legal classification in the EU should be interesting here. The directive 2018/843/EU defines "virtual currencies" and classifies them as "means of exchange" (in contrast to "fiat currencies" and "legal tender"): “virtual currencies” means a digital representation of value that is not issued or guaranteed by a central bank or a public authority, is not necessarily attached to a legally established currency and does not possess a legal status of currency or money, but is accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically; Source: https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32018L0843 https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CEL...
davidgerard 4y ago
no, that's an inane comparison, and one I've only ever heard crypto pumpers making.

cmiles74 4y ago

I believe the conflict of interest is not simply that the author reported on a company they had invested in. In my opinion, the conflict lies in the fact that they then wrote pieces, in their role as a journalist, that pretty much were free advertising and encouraged other people to also invest in this company. The fact that these pieces appear to be poorly researched is like icing on the cake. Because they benefit from people investing in this company, isn't that a clear conflict of interest?

Ensorceled 4y ago

> To see a a conflict of interest here is like saying that you must not write about the US-Dollar as a journalist as long as you have some. No, it's like having AT&T stock and writing about AT&T. As much as web3 fans WANT crypto "currency" to be a currency, it is still, at best, a volatile, high risk investment vehicle.

asah 4y ago
FYI a sizable percentage of America owns some amount of crypto - depending on the study, anywhere from 8%-20% - that's more than $100 bills in wallets, which is ~5% of Americans. Only if you include ETFs and mutual funds can you claim this about AT&T stock. https://www.google.com/search?q=percent+america+owns+crypto https://www.google.com/search?q=percent+america+owns+crypto https://www.google.com/search?q=percentage+americans+have+100+dollar+bills https://www.google.com/search?q=percentage+americans+have+10...
- Ensorceled 4y ago
  I’m not sure what your point is. Journalists can hold mutual funds and ETFs without being in conflict of interest. Since a journalist writing about crypto currency can have direct impact on that coin’s value, they are ethically bound to not write about coins the hold. Just like direct holdings of stock.
  - asah 4y ago
    When SEC approves crypto ETFs that's great until then Americans are rolling their own from direct holdings.
    - Ensorceled 4y ago
      And, again, journalists writing about crypto should avoid doing that until there is an actual “etf for crypto”.
Archelaos 4y ago
The legal classification in the EU should be interesting here. The directive 2018/843/EU defines "virtual currencies" and classifies them as "means of exchange" (in contrast to "fiat currencies" and "legal tender"): “virtual currencies” means a digital representation of value that is not issued or guaranteed by a central bank or a public authority, is not necessarily attached to a legally established currency and does not possess a legal status of currency or money, but is accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically; Source: https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32018L0843 https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CEL...

davidgerard 4y ago

no, that's an inane comparison, and one I've only ever heard crypto pumpers making.