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Crypto Media Doesn't Care About Satoshi's Legacy

Published 21.12.2023

Crypto media is detached from the original ethos of cryptocurrencies. It is important to remember the legacy of Satoshi and realize where the blockchain industry has moved since he left. In the beginning, the community was completely different from today. The media hardly wrote about them. No reports or on-chain analyses were published. Today we are flooded with information about the crypto industry. However, the quality of the information is poor and uninteresting to most fans of decentralization. The crypto industry has become a money machine.

Satoshi's Vision

Satoshi criticized the power in the hands of several middlemen, which is often abused to the detriment of users. He wanted to create a world in which people could choose what money and tools they wanted to use.

If Satoshi could comment on the crypto industry today, he would probably be happy with the existence of a large number of blockchain projects and DeFi.

I assume he would be happy about the existence of PoS and smart contracts. He dreamed of decentralized applications. And he might not be completely satisfied with the quality of Bitcoin decentralization and maximalism. Tribalism does not fit into Satoshi's vision of the world.

We don't know what he would think and it doesn't matter today. The blockchain industry is not only about Bitcoin. We have many other relevant projects. I dare say that the crypto industry is mainly about DeFi.

I think the industry should stick to its original roots. Sticking to Satoshi’s vision and reminding the essence of the entire industry is essential for success and adoption.

What is the crypto industry about?

A public decentralized blockchain project must be built from the bottom up, by the people for the people. The community that can agree on tools and services that they want to use for mutual financial interaction is important.

Adoption of new non-state money can only occur if a community starts using it. The same applies to financial instruments.

What topics are important for this mission?

  • Decentralization
  • Communities and the number of users
  • Staking and mining (security)
  • Innovation (scalability, L2s, etc.)
  • TVL
  • The number of hacks in DeFi
  • Self-custody

The blockchain project is all about technology and community. The market value of native coins is secondary.

Decentralization, self-custody, and adoption are much more important topics than Bitcoin ETFs, halving, the presence of VC funds, graphs, predictions of growth or decline in market value, etc.

Crypto media largely reports on completely uninteresting topics. They are more interested in what someone said or what tokens they plan to buy than the number of users with self-custody wallets. They are more interested in the market value chart than the TVL analysis. The potential approval of a spot Bitcoin ETF is a more important topic than Bitcoin's declining decentralization.

Cardano Is Ignored By The Media

If you have a similar opinion about what are important topics for the crypto industry, you must be wondering why Cardano is not mentioned in Messari's annual report containing theses for the year 2024.

How is it possible to write about theses for 2024 in which stablecoins, DeFi, NFTs, etc. should be mentioned and not notice the successes of the project from the top 10? So what can the report be about?

Let's take a look at the representation of projects in the report.

Bitcoin is mentioned 178x, Ethereum 96x, Solana 65, Binance Chain 6x, Ripple 3x, and Cardano 0x.

Bitcoin does not have a stablecoin or DeFi. How can one talk about DeFi and innovation in the context of Bitcoin? Bitcoin is intentionally immune to major changes.

Everyone knows that Ordinals, Inscriptions, and BRC-20 are more of a code hack (problem) than a desired innovation for many community members (including Core team members).

Everyone has the right to have their own opinion about the future. Everyone has a different perspective, experience, and preferences.

Nevertheless, I think that omitting Cardano from the annual report is a mistake from the point of view of the media house if they have ambitions to inform readers fairly and objectively.

When Messari tweeted about the report on the X platform, the vast majority of commenters asked where Cardano was. A large and strong community spoke up. Other communities were not so visible.

At the time of writing, the tweet announcing the release of the Messari report had 1.3K likes and 360 reposts. More than 100 comments (most in the sense of 'where is Cardano') from Cardano community members (out of a total of 400), each with a few hundred likes and dozens of reposts. Cardano Whale's repost with comment has nearly 500 reposts and 1.7K likes. This is more than Messari's original tweet. What does this say about interest in the report?

This is a strong signal that Messare did something wrong. If the reaction to the report is like this, you can't talk about professionally done work.

Ryan Selkis (CEO of Messari) publicly admitted that he advises his friends to invest in Solana. Messari released a report that serves their bags. And this is the problem. We'll come back to that later.

What Was The Report Supposed To Be About?

I certainly don't want to advise anyone on what to write about. On the other hand, I think that if you are a crypto expert, you should have some idea of what topics are important and be able to reflect on the technological progress and relevance of various blockchain projects. Especially those that are in the top 10 by market capitalization because people know them the most.

If the report covered topics that are important to the crypto industry, I would expect the authors to note this:

  • Cardano is probably the most decentralized blockchain in the top 10.
  • The Cardano community is one of the largest.
  • Cardano made it to the top 10 according to TVL.
  • Cardano's DeFi hasn't been hacked yet.
  • Cardano is one of the few projects where TVL and the number of users grew in a bear market.
  • Cardano is the standard in staking.
  • Cardano is one of the most developed projects according to GitHub.
  • The IOG team is one of the biggest and most professional teams in crypto (that didn't lay off employees in the bear market).

Maybe I'm biased. I am a big supporter of Cardano. Nevertheless, I think that if someone writes about theses for the year 2024, they cannot assume that Cardano will suddenly disappear from the world.

Does Cardano not deserve a mention in at least one topic that is relevant to the crypto industry? Does the report not talk about decentralization, the number of hacks in DeFi, or about communities?

If not, what is the point and purpose of the report? What is the target group?

Cardano is ignored by Messari and others. CoinDesk, Cointelegraph, Bankless, and others also report on it negatively or unfairly.

It is not a coincidence. That's the plan. It's about money.

It's hard for crypto media to be unbiased and honest if someone owns you or pays you. Money has a strong impact on information in the media.

Tribalism can be accepted within the community, but certainly not in the case of media houses. The media should behave professionally.

It's About Money

Cardano had a fair distribution of ADA coins without the participation of VC funds and crypto barons. Cardano is owned by the community. Neither the IOG nor the Cardano Foundation pay the media to write positively about Cardano.

The authors have no economic incentive or instructions from their bosses to write positively about Cardano. Perhaps they are instructed to do the opposite and notice negative events. Maybe the media lacks experts on blockchain technology and DeFi.

The Cardano community is big and strong enough to make itself known. We don't need to ask for support from the crypto media. However, we must give our opinion on the quality of their work.

Crypto media is a business like any other. They may not even know what cryptocurrencies are about, where they are going, and what is important. They mainly want to profit regardless of the quality of their articles.

The motivations and goals of the Cardano community differ from those of the crypto media.

The Cardano community cares about decentralization and adheres to Satoshi's original ideals. Crypto media has moved away from it.

Crypto media may pretend to be writing about crypto, but they don't care. They want to make a quick buck. They are not interested in decentralization, innovation, progress, or adoption. Maybe he doesn't even know how to write about it. That's why they make crypto a tabloid.

I came across the opinion that the media tells you which tokens VCs are looking to dump on you. There will be some truth in that. Ryal Selkis will likely be one of them.

Conclusion

The Cardano community may be saddened by the low quality of journalism. Fortunately, it is quite big and strong which is the best marketing for the project. Everyone knows about us regardless of the media. What needs to be done? Just keep building.

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