Thread by @PeterMcCormack

1/ Dear @alexhern,

I have just listened to your podcast for the @guardian regarding #bitcoin. You open by saying you first wrote about #bitcoin seven years ago yet you keep recycling false narratives.

cc @rachel_hump

theguardian.com/australia-news…

2/ Would you like to do a follow up where someone who understands #bitcoin can respond to your criticism?

I assume as a responsible journalist your goal is to ensure you keep to the code of practice of ethical journalism, including "Accuracy and standards for factual reporting"

3/ I operate a popular #bitcoin podcast and would be able to assemble the right candidates to help you with this.

The result would be that you could release a new podcast for your listeners which is balanced and fair.

4/ While the story of James Howells throwing away a hard drive with 7,500 #bitcoin might create clicks because it is essentially worth around £172m, him being an irresponsible idiot is not a fair representation of #bitcoin.

5/ There are far more interesting stories such as how activists in Belarus are being funded with #bitcoin as they attempt to overthrow a stolen election by dictator Lukashenko, or similar with activists in Nigeria protesting to #EndSARS.

6/ Listen, I get it, traditional publishers face many challenges now, clicks are important as you need to sell those pesky banner ads.

But Alex, as a journalist, wouldn't you rather report on important human rights issues over some moron looking through a rubbish tip?

7/ Truth is he has lost this #bitcoin. Despite it being worth nearly £200m, he first realised when it was worth £4.5m. He probably would have sold back then.

The value will continue to grow, are you going to recycle this silly story every year?

8/ Your description of Bitcoin to your co-host was "Imagine if leaving your car idling, solved sudokus that you could then trade for heroin."

This is like me describing journalism as:
"Imagine leaving monkeys, tapping random keys to create propaganda."

Insulting right?

9/ After that silly description, you actually do a very good job of explaining how #bitcoin works.

Sadly you followed this up using the false narrative of #bitcoin being an environmental disaster.

10/ If that wasn't bad enough, after stating that people use #bitcoin as a savings technology, you said the next two most popular uses are drug dealing and ransomware. Alex, this is not 2017.

Less than 0.34% of #bitcoin use is for illicit activity.
cnbc.com/2021/01/24/ove…

11/ And this has fallen from 2% a year earlier. It is lazy and provable wrong. The primary uses for #bitcoin are:
- Saving
- Payments
- Settlements
- Inflation hedge

You should take a look at @ln_strike by @JackMallers which is reducing the cost of sending money globally.

12/ Right now only a moron would use #bitcoin for drug dealing. The open ledger would give law enforcement a record of all your transactions.

I tell you what drug dealers also use, pound notes, cars, mobile phones and pavements. Shall we ban pavements?

13/ You discuss the pseudonymous nature of #bitcoin like it is a bug, this is a feature. We are living in an increasingly Orwellian state where the government surveillance tracks our every action.

Is this the world you want to live in?

14/ Maybe this is okay for you in your middle-class English life, but what about those people living under authoritarian rule, where certain beliefs can have you thrown in jail?

Financial privacy is the bedrock of freedom.

15/ I agree with you that ransomware cases are not great for #bitcoin PR. Hacking and viruses have been an issue since the birth of the Internet, companies and institutions need to ensure they protect themselves against this, whether #bitcoin exists or not.

16/ I take particular issue where you discuss #bitcoin is advertised as a get rich quick scheme? Please tell me where and who is advertising this as I will tear them a new one.

Government money and inflation is a get poor slowly scheme with #bitcoin a free-market opt-out.

17/ I could go on and on. My offer is available to you, if you would like to do a follow up where we work through your criticisms and correct them then let me know, I am just down the road in sunny Bedford.

I think your listeners deserve something a little more accurate.