On the Media: "Good As Gold" Episode Summary
Release Date: February 18, 2022
Host: Brooke Gladstone and Micah Loewinger
Produced by WNYC Studios
Introduction: The Allure and Pitfalls of Cryptocurrency
The episode opens with a discussion on the volatile and often scam-ridden world of cryptocurrency. Hosts Brooke Gladstone and guest Adam Davidson delve into recent crypto scandals, shedding light on the precarious nature of digital currencies and the challenges in governing an anonymous industry.
Notable Quote:
Adam Davidson (00:00): "The coin's creators just abandoned the project, walking away with $3.3 million."
Crypto Scams Exposed
1. SquidCoin Scam
The hosts highlight the downfall of SquidCoin, a cryptocurrency project linked to the popular TV show "Squid Game." Davidson reveals that the creators executed a "rug pull," absconding with all invested funds, leaving approximately 40,000 investors at a loss.
Notable Quote:
Maxwell Straughan (05:13): "They walked away with every dollar ever invested in SquidCoin."
2. Walmart Litecoin Hoax
Another alarming incident discussed is the fake press release claiming that Walmart would accept Litecoin. The misinformation, propagated by Global Newswire and Reuters, temporarily inflated Litecoin's price before the truth surfaced. Even Charlie Lee, founder of Litecoin, fell victim to the hoax.
Notable Quote:
Adam Davidson (06:00): "A classic pump and dump."
Media's Role in Cryptocurrency Misunderstanding
Adam Davidson, creator of NPR's Planet Money and author of The Passion Economy, critiques the media's superficial coverage of blockchain technology. He argues that the lack of in-depth reporting fosters misunderstanding and inadvertently fuels scams.
Notable Quote:
Adam Davidson (07:14): "People have no idea what blockchain is, including those who regularly read publications that cover it."
Davidson emphasizes the need for comprehensive journalism that demystifies blockchain, akin to the detailed explanations provided by Planet Money during the 2008 financial crisis.
The Bored Ape Yacht Club Controversy
Revealing Pseudonymous Founders
Katie Nitopoulos, a senior technology reporter at BuzzFeed, uncovered the real identities behind the Bored Ape Yacht Club (BAYC), a highly valued NFT collection. The revelation of founders Greg Solano and Wiley Arenow sparked intense backlash from the crypto community.
Notable Quote:
Maxwell Straughan (22:16): "It's hard for founders to answer questions about their integrity if no one knows who they are."
Harassment and Doxxing Attempts
Following the BuzzFeed article, Nitopoulos faced severe harassment, including threats to her and her family's safety. The CEO of Yuga Labs accused her of doxxing, igniting debates about transparency and accountability in the crypto space.
Notable Quote:
Maxwell Straughan (24:01): "It’s possible that in a few years it'll be totally normal for $5 billion companies... to have pseudonymous CEOs."
Web3 vs. Web2: The Quest for a Decentralized Future
The discussion transitions to the broader implications of Web3 technologies. Davidson explains that while Web3 promises a decentralized and fairer internet, current trends indicate a resurgence of centralized power, mirroring the issues prevalent in Web2.
Notable Quote:
Davidson (29:19): "Blockchain turns out to be the most rapid re-centralization of a decentralized technology that I've seen in my lifetime."
Inclusivity and Wealth Distribution
The episode scrutinizes the demographic disparities within the crypto community, noting that the majority of crypto billionaires are white males from elite institutions, challenging the notion of democratized wealth.
Notable Quote:
Davidson (30:37): "The people that are becoming wealthy are the people that would normally become wealthy anyway."
Michael Washura: An American Voice on Russian State TV
Inside Russia's Propaganda Machine
The episode features an in-depth segment on Michael Washura, an American who frequently appears on Russian state television. Washura participates in heated debate shows, aiming to present a more liberal American perspective amid rising US-Russia tensions over Ukraine.
Notable Quote:
Michael Washura (38:31): "I go on Russian TV and I have five seconds before I'm interrupted to get out whatever I want to say."
Challenges of a Controlled Media Environment
Washura describes the manipulative nature of Russian TV shows like Time Will Tell, where dissenting voices are quickly overshadowed by aggressive rhetoric, making meaningful dialogue nearly impossible.
Notable Quote:
Michael Washura (47:24): "It doesn't really matter much what I say... It just gets drowned in everything else."
Impact on Public Perception
Joshua Yaffa, the Moscow correspondent for The New Yorker, provides context on how state-controlled media shapes Russian public opinion, often portraying the West as the aggressor in conflicts like the one in Ukraine.
Notable Quote:
Joshua Yaffa (49:57): "The Kremlin has strategic control in helping or, in fact, determining the nature of coverage and the tone with which it's delivered."
Conclusion: Accountability and the Future of Media Coverage
The episode wraps up by reiterating the critical role of accountable journalism in demystifying complex technologies like blockchain and countering misinformation. The hosts urge media outlets to invest the necessary time and resources to educate the public, drawing parallels to past financial reporting shortcomings.
Notable Quote:
Adam Davidson (17:08): "Journalists should feel that they have not done their job if a significant percentage of their audience doesn't understand the context of their own reporting."
Brooke Gladstone underscores the importance of transparency and informed reporting as the crypto and Web3 landscapes evolve, highlighting the need for continual scrutiny to prevent new forms of financial and informational manipulation.
Credits:
Produced by Micah Loewinger, Eloise Blondio, Rebecca Clark Callender, Max Bolton, and Molly Schwartz. Edited by Brooke Gladstone and Kat. Technical Direction by Jennifer Munson, Andrew Nerviano, and Adrian Lilly. Executive Producer: Katya Rogers.
This comprehensive summary captures the essence of "Good As Gold," providing listeners with an insightful overview of cryptocurrency scams, media responsibilities, and the intricate dynamics of information control in both digital and geopolitical arenas.