It is very easy to find negative news stories about cryptocurrencies. Especially during its early days, when skepticism was rampant, there was a concerted effort by the mainstream media to portray crypto in a dark way. As valuations and support for digital coins has grown exponentially over the years, more positive perspectives have appeared, especially now with the unstated blessing of large institutions who have begun buying Bitcoin.
The reality is that a negative news story in general attracts more attention than positive news. The clickbait leads to higher web traffic which allows media websites to monetize their traffic with ad revenue. The financial support these sites depend upon dictates more of what they publish than their desire to be truthful about the true potential for crypto.
While prior generations felt comfortable relying on mainstream news reporting, modern society has realized that digesting news and information from a variety of reliable sources is key to forming the most accurate perspective about developments. While this is true in general, it is especially valid regarding crypto.
One reason for this is that there are many people who feel like crypto poses a threat to their relevance in the marketplace. Traditional banks, financial elites and other institutions made their fortunes by maintaining control over the masses’ ability to access wealth and liquidity. They are not about to easily give up that control over the financial system to a decentralized platform that empowers individuals.
As cryptocurrencies like META 1 Coin pose a threat to central banks’ inflationary paper currencies, so too Decentralized Finance, or DeFi, is positioned to ultimately replace traditional banking and finance. META 1 Coin is a store of value and serves as a replacement for sovereign currency. It is private, jurisdictionless and global, which enables META 1 to serve Humanity across the world, regardless of the fictional characters assigned to people, such as particular citizenship. These are very powerful attributes for a currency which is why the tools of the old guard – such as agencies – are used to try to and limit or restrict growth whenever possible.
Ultimately these attempts at restricting crypto will not succeed due to the incredible momentum and grassroots support of coin holders who will always find a way to persevere. The positive power of crypto will outshine the dark forces of those who seek to obstruct its growth. Similarly, the rapidly evolving world of DeFi is offering a glimpse of how it will disrupt old finance and improve the lives of Humanity.
A perfect example is the recent story of an Australian engineer who reportedly was unable to get approved by a traditional bank to refinance his home, despite devoting substantial time towards providing various documentation and applications. He was effectively blocked out of the equity in his own property by an antiquated system that refused to find a way to work with him. Instead, he successfully refinanced his home in one day with no paperwork or credit checks using a fixed-rate lending DeFi protocol known as Notional Finance. While he provided substantial collateral so he could borrow $500,000 in USDC (a stablecoin pegged to the U.S. Dollar), the potential future of Defi’s lending capabilities highlight the potential of democratization and access to lending of all Humanity, regardless of credit reports and other methods used by traditional banks to restrict large swaths of people from accomplishing their goals.
Cryptocurrencies like META 1 Coin are inherently good and are designed to do good. Likewise, DeFi is a multiplier of good for the world and it is important to keep these points in mind when reading crypto news in general.