Categories
META 1 Coin Reports

META 1 Coin Report: Crypto Trial by Media

There was a time when people accepted the written word as truth. The famed Will Rogers epitomized this sentiment when he said, “The only thing I know is what I read in the papers.” Nations fought wars based on what their citizens read in newspapers, and emotions were driven by the writings of dedicated journalists.

Over time, the term “yellow journalism” became popular as people became aware of the intentional sensationalism and falsehoods that were often written to generate readership and revenue. In the pre-digital age, selling newspapers hinged on the ability to attract the most attention, even if the news they reported lacked accuracy or verification of facts.

Cynicism and skepticism of the press shifted toward government after the Watergate scandal. Bedrock faith in government was lost in the 1970s, and the role of media in uncovering the scandal elevated journalists to their highest levels in decades. The power of news reporting was taken to new levels with the advent of cable television and the internet. Rather than simply reporting news, the mainstream media began shaping their presentation of news to influence an audience of their opinions.

There is nothing wrong with making observations and offering opinions. But many members of the general public accept these opinions as facts and truth, since there are no disclaimers made. In the old days, newspapers had a section called ‘editorial,’ and everyone knew that section was an opinion, while the rest of the newspaper was based on verified reporting of factual events.

Government agencies began realizing that there is power in using modern media to gain leverage during prosecutions. Since they lost so much leverage in the post-Watergate era, they had to find a way to rebuild that legacy and regain the trust of the people they previously lost. And so, their approach has been focused on finding anyone who has achieved higher levels of success, scrutinizing their personal and professional lives for any actions they could potentially exploit, and launching investigations that aim to prosecute them. Whenever they can demonstrate that they have caught a “big fish” with a lot of money, it helps them rebuild credibility that they are serving the public by seeking justice. These agencies know that, in most cases, their claims would be very hard to prove in a court of law, so they seek to gain an upper hand in two main ways.

One way is by using the power of the press to litigate their case in the minds of the public before they face a trial by jury. When an agency is ready to charge someone with potential wrongdoing, they will often draft and distribute one or more press releases to the media to coordinate with their legal action. This causes someone’s life to be disrupted by being publicly accused, possibly taken into custody and defamed by the media. Since the public is quick to accept the modern media’s reporting as true, the assumption is that if a government agency has taken a legal action and publicly announced it, then it must be true.

Rather than being innocent until proven guilty in a court of law, the accused party starts their legal defense with a cloud of guilt. They must prove innocence in a court of law as well as in the court of public opinion to clear their name.

Government agencies know that this type of pressure leads accused parties to buckle more easily under pressure to settle cases in the government’s favor. Even if an accused party settles a case, they have a litany of news articles published on the internet smearing their name. With protected freedom of speech, news websites can keep these false news stories published long after cases are settled with the government.

It is in these sites’ interest to perpetuate controversy, regardless of its truth, as it generates more clicks for their sites. More clicks equals more advertising revenue and value for their websites. And so, the cycle is complete government agencies get their leverage, news sites get their revenue, while victims of this persecution have their reputations ruined.

This is the modern state of affairs for countless cryptocurrency founders and leaders. This crypto trial by media has destroyed more lives than most people realize. It has dashed the dreams of many coin holders as well, since bad publicity often leads to drops in coin value as spooked investors lead a sell-off.

While many members of the public have begun to realize how dishonest the modern mainstream media has become and question what they read on news websites, many are still under their spell, believing every news story they read from these leveraged government agency press releases.

The time has come for greater accountability for the libelous defamation of character perpetuated by overreaching government agencies and malicious news websites. Everyone is innocent until proven guilty – and that includes the crypto community.

Leave a Reply

Your email address will not be published. Required fields are marked *