2018 will be the year of inadequate bitcoin disclosures.
In April 2013, Farhad Manjoo (then at Slate, now at The New York Times) bought 7.23883 bitcoins for $1,000, explaining that he “wanted to buy bitcoins as pure, shameless speculation.” The speculation didn’t last long: He ended up selling the coins within a month, for a profit of $152. Now, of course, he can make mordant jokes about not holding on to them: as I write this post, those coins would be worth more than $118,000.
Lots of journalists were playing around with buying bitcoin at the time. Kevin Roose (then at New York, now also at the Times) bought one bitcoin (“I thought it might make me a few easy dollars”) and then sold it for a $5 loss. He, too, is mordant on Twitter, as is Kashmir Hill (then of Forbes, now at Gizmodo Media Group), who spent 10.354 bitcoin on a blowout sushi dinner in May 2013. Those coins are worth some $169,000 today.
As all those journalists know, however, it’s really just as well that they didn’t hold on to their coins. Writing first-person articles about using bitcoin for smallish transactions is one thing; being personally invested in bitcoin to the tune of $100,000 or more is something else entirely. In 2018, as bitcoin futures start being traded on established exchanges, the cryptocurrency is undeniably going to be a multi-billion-dollar asset class, and that’s going to raise some pointed questions in the world of journalism.
Most importantly, the days of bitcoin stunt journalism are over. Today, if you write about bitcoin, you can’t ethically own it, any more than you can own shares directly in companies you write about. Journalists covering this beat should not be directly financially invested in bitcoin going up rather than down, especially not when potential bitcoin profits can end up dwarfing their dollar salaries.
Similarly, when journalists talk to and quote any of the thousands of blockchain experts out there, they should make absolutely clear the degree to which those experts are talking their own book and are getting extremely rich off the current cryptocurrency bubble. If it’s hard for a journalist to be objective about something she’s personally invested in, it’s even harder for an expert to talk about bitcoin’s rise without being affected by the fact that it has made her millions of dollars in profit.
These facts need to be spelled out because they’re not obvious. In most journalism, there has been a workable distinction between principals and analysts; you talk to the latter about the former, for instance by phoning up a university professor to ask about the founder of a unicorn company. In that situation, it’s generally assumed that the founder has become rich, while the academic has no financial stake in the company’s success.
With bitcoin, by contrast, no one really has a clue who owns what. A handful of individuals like to talk very loudly about how they bought bitcoin cheap and then made millions, but a lot of people, more sensibly, like to keep such things relatively private. When those people are interviewed, it’s often impossible to know how invested they are, quite literally, in bitcoin’s ongoing price rise.
And let’s not kid ourselves that all the journalists covering bitcoin have refrained, in a high-minded manner, from acquiring any coins themselves. Quite the opposite: Many of the publications covering the blockchain space are quite deliberately staffed by journalists who have long believed that bitcoin, blockchain, and cryptocurrency will transform the world. Insofar as those journalists have now become wealthy through their cryptocurrency holdings, they are going to be more invested in their thesis than ever.
The job of journalism is to enlighten; no one should want to muddy the bitcoin waters even more than they are already. But the web of undisclosed conflicts in the bitcoin world is almost impossible to disentangle, especially since one of the celebrated features of cryptocurrencies is that they can be held secretly. We’ll see more disclosure in 2018 than we have until now. But it won’t be nearly enough.
Felix Salmon is host and editor of Cause & Effect.
Monique Judge Letting black women tell their own stories
Hannah Cassius The year of the echo-chamber escapists
Caitria O'Neill The new court of public opinion
Luke O'Neil The end is already here
Carrie Brown-Smith Transparency finally takes off
Corey Ford The empire strikes back
Matt Boggie The intellectual equivalent of the Dead Sea
Kristen Muller The year of the voter
Damon Krukowski Reviving the alt-weekly soul
Alan Soon The rise of start of psychographic, micro-targeted media
Julia Beizer A longer view on the pivot
Kathleen McElroy Building a news video experience native to mobile
Nikki Usher The year of The Washington Post
Claire Wardle Disinformation gets worse
Cory Haik Suffering from realness, pivoting to impact
Renée Kaplan The year of quiet adjustments (shhh)
Lanre Akinola Making noise is not a strategy
Eric Ulken The year local publishers get smart(er) about change
Christopher Meighan Passive partnership is in the rearview
Jesse Holcomb Information disorder, coming to a congressional district near you
Mi-Ai Parrish Blockchain and trust
Imaeyen Ibanga Longform video leads the way
Jamie Mottram From pageviews to t-shirts
Amie Ferris-Rotman More female reporters abroad (please)
Felix Salmon Covering bitcoin while owning bitcoin
Manoush Zomorodi Self-help as a publishing strategy
Cindy Royal Your journalism curriculum is obsolete
Andrew Ramsammy The year ownership mattered
Mariana Moura Santos Think local, act global
Marie Gilot No assholes allowed
Basile Simon We need better career paths for news nerds
Sally Lehrman Trust comes first
Mary Meehan Real lives are at stake in rural areas
Michelle Ferrier The year of the great reckoning
José Zamora Revenue-first journalism
Tamar Charney We get serious about algorithms
Pia Frey Address users as individuals
Joanne Lipman Journalists inventing revenue streams
Kawandeep Virdee Zines had it right all along
Jennifer Choi Standing up for us and for each other
Edward Roussel Eyes, ears, and brains
Evie Nagy Pivot to mobile video frustration
Charo Henríquez Training is an investment, not an expense
Hossein Derakhshan Television has won
Dheerja Kaur Fun with subscription products
Zizi Papacharissi Women come back
Jennifer Brandel and Mónica Guzmán The editorial meeting of the future
Niketa Patel Live journalism comes of age
Jacqui Cheng Retailers move into content
Caitlin Thompson Podcasting models mature and diversify
Sam Sanders Shine the light on ourselves
Ray Soto VR reaches the next level
Miguel Castro The arrival of the impact producer
Andrew Losowsky The year of resilience
Alfred Hermida Going beyond mobile-first
Nushin Rashidian Publishers seek ad dollar alternatives
Sarah Marshall Loyalty as the key performance indicator
Gordon Crovitz Serving readers over advertisers
Millie Tran and Stine Bauer Dahlberg (Hint: It’s about your brand)
Rubina Madan Fillion Unlocking the potential of AI
Alice Antheaume Are you fluent in AI?
Frédéric Filloux External forces
Nicholas Quah Stop talking trash about young people
Matt Carlson Attacks on the press will get worse
Monika Bauerlein The firehose of falsehood
Steve Grove The midterms are an opportunity
P. Kim Bui The reckoning is only beginning
Emily Goligoski Looking beyond news for inspiration
Feli Sánchez The year for guerrilla user research
Justin Kosslyn The year journalists become digital security experts
Alexios Mantzarlis Moving fake news research out of the lab
Mira Lowe The year of the local watchdog
Nicholas Diakopoulos Fortifying social media from automated inauthenticity
Taylor Lorenz Social and media will split
Adam Thomas Sharing is caring: The year of the mentor
Jared Newman Venture funding and digital news don’t mix
S. Mitra Kalita The arc of news and audience
Sara M. Watson Feeds will open up to new user-determined filters
Michelle Garcia Navigating journalistic transparency
Aron Pilhofer We can’t leave the business to the business side any more
Federica Cherubini The rise of bridge roles in news organizations
AX Mina Memes and visuals come to the fore
Tim Carmody Watch out for Spotify
Eric Nuzum Beyond the narrative arc
Rick Berke Value is the watchword
Marcela Donini and Thiago Herdy Collaboration is the way forward for Brazilian journalism
Juliette De Maeyer A responsible press criticism
Errin Haines At the ballot, it’s time to count black women
Doris Truong Computer vision vs. the Internet vigilantes
Rasmus Kleis Nielsen The Snapchat scenario and the risk of more closed platforms
Jessica Parker Gilbert Design connects storytelling and strategy
Ernst-Jan Pfauth Publishing less to give readers more
Molly de Aguiar Good journalism won’t be enough
Rachel Davis Mersey AI, with real smarts
Heather Bryant Building the ecosystems for collaboration
Mandy Velez texting is lit rn, fam
Matt Thompson Here come the attention managers
Daniel Trielli The rich get richer, the poor scramble
Debra Adams Simmons And a woman shall lead them
Jarrod Dicker Honesty in advertising
Raju Narisetti Mirror, mirror on the wall
Craig Newmark Working together toward sustainable solutions
Tanya Cordrey Finally, the seeds of radical reinvention
Kim Fox Audience teams diversify their approach
Tracie Powell The muting of underserved voices
Matt DeRienzo A recession, then a collapse
Richard Tofel The platforms’ power demands more reporters’ attention
Juleyka Lantigua Women of color will reclaim and monetize our time
Mary Walter-Brown Show a little vulnerability
Francesco Marconi The year of machine-to-machine journalism
David Skok Finding an information-life balance
Amy King Let’s amplify visual voice
Yvonne Leow The rise of video messaging
Carlos Martínez de la Serna The new journalism commons
Helen Havlak Keywords, not publishers, power the world’s biggest feeds
Will Sommer The year local media gets conservative
Vanessa K. DeLuca Women’s voices take center stage
Ruth Palmer Risks will grow for news subjects — especially minorities
Pablo Boczkowski The rise of skeptical reading
Emma Carew Grovum Newsroom culture becomes a priority
Valérie Bélair-Gagnon Seeking trust in fragmented spaces
Rodney Benson Better, less read, and less trusted
Susie Banikarim R.I.P. Pivot to Video (2017–2017)
Amy Webb Listen to weak signals
Kyle Ellis Let’s build our way out of this
Kinsey Wilson Facebook and Google: Help out or pay up
Tanzina Vega It’s time for media companies to #PassTheMic
Andrew Haeg The year journalists become relationship builders
Bill Keller A growing turn to philanthropy
Joanne McNeil Gatekeeping the gatekeepers
Trushar Barot The Jio-fication of India
Umbreen Bhatti The trust problem isn’t new
Lucas Graves From algorithms to institutions
Vivian Schiller Pivot to tomorrow
Ståle Grut Reclaiming audience interaction from social networks
Alastair Coote The year of self-improvement
Brian Lam Sketchy ethics around product reviews
Borja Echevarría TV goes digital, digital goes TV
Rachel Schallom Better design helps differentiate opinion and news
Jassim Ahmad Thriving on change
Cristina Wilson The year of the Instagram Story
Michael Kuntz The only pivot that might work
Joyce Barnathan It will be harder to bury the news
Dan Shanoff You down with OTT? (Yeah, DTC)
Jim Brady With the people, not just of the people
Raney Aronson-Rath Transparency is the antidote to fake news
Julia B. Chan Looking for loyalty in all the right places
Lam Thuy Vo Breaking free from the tyranny of the loudest
Sydette Harry Listen to your corner and watch for the hook
Jim Moroney Newspapers have to be good enough for readers to pay for
Jennifer Coogan The future is female
C.W. Anderson The social media apocalypse
Elizabeth Jensen Show your work
Sam Ford The year of investing in processes
Mariano Blejman News games rule
Dannagal G. Young Stop covering politics as a game
Mike Caulfield Refactoring media literacy for the networked age
Pete Brown Push alerts, personalized
Corey Johnson The pro-fact resistance