TechCrunch Editor’s “Disinformation Can Kill Crypto” BlockShow Berlin 2018 Speech Recap
Editor Of TechCrunch Mike Butcher Gives An Interview To CoinTelegraph
Mike Butcher, an important editor of TechCrunch and a pioneer in blockchain and cryptocurrency journalism has given an interview to CoinTelegraph and talked about the crypto space and the market, among other topics.
Back in 2011, it was the first time that Mr. Butcher heard about bitcoin and virtual currencies, and since then, it got interested in the topic. He mentioned that important technological companies, like Google, Facebook and others were able to build important centralized products during the last 25 years but the future will be focused in decentralized players.
The interview has been performed by Catherine Ross from CoinTelegraph, and published on June the 24th. The first question she asked was related to the ‘dotcom bubble’ and whether it can be compared with the current state of virtual currencies.
Mike Butcher says that the crypto space is very similar to the dotcom bubble. But he made a clear distinction. In the 90s those who wanted to work in the space, had to raise ‘real money’. Currently. The money is effectively built into the bubble. Moreover, those who participate in the market have a lack of sophistication, something that could be potentially dangerous for the market.
He has also talked about future regulations in the space and how crypto assets will be legitimized.
About it he commented:
“If you look at what is going to happen in the next year or so, crypto assets will probably eventually be regulated, like other kinds of assets – to some extent – depending on what they are. You’ve got some big players like Goldman Sachs becoming involved, launching their own [cryptocurrency] trading desk.”
Additionally, there are important sovereign funds that are becoming involved as well. Mike Butcher made a comparison between virtual currencies and science fiction saying that some authors have already talked about global digital currencies. He mentioned Star Wars and Start Trek.
Butcher said that in order to build a trustworthy media platform it is important to separate those individuals that from those who are in the commercial area. Furthermore, if they talk with each other, then there is a conflict of interest. Enterprises advertise on different websites and talk with the people that is in charge of the commercial sector of the company.
Writers should be writing about what is going on and then be paid by the media organizations because this is how journalism has been working during the last two hundred years. He mentioned that part of the problem is related to journalists that are not jus a part of the media space anymore, but instead, they have all the Telegram groups, where an important number of problems develop.
Butcher explained hat it is very important to be very careful with what individuals read and from where they get the information.
“Even the most sophisticated investors today find it difficult to understand what is going on,” he commented. “And many of them are extremely cautious. Actually, they operate much more [cautiously] than the average person. If more problems continue to happen, then regulators will come in, then there actually will be some heavy-handing regulation and some of the more innovating aspects of what has happened in the last few years might be stamped on.
Mr. Butcher mentioned that the crypto community reminds him the early internet space when developers were coming up with incredible ideas and enthusiastic team members. But, he says that there is still no big difference between startups and venture capitalists.
Bucher has also commented that Initial Coin Offerings are evolving really fast. Currently it is possible to see traditional investors placing their funds in pre-sale ICOs and private sales. After they decide to invest there, the public ICO may be cancelled because they could gather all the funds needed. The last question was related about how to benefit from a crypto-related event. He advised that it is key to introduce yourself very well and engage in rich conversations with others.
“Show up how clever you are first,” he said.