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Media The Media

Coinbase Launches 'Fact Check,' a Section on its Blog To Combat Misinformation about the Company and Crypto World (coinbase.com) 49

Crypto giant Coinbase on Thursday launched its own media operation. The company is calling it "Fact Check" -- and giving it a dedicated section on its blog. In a blog post, Coinbase Founder and CEO Brian Armstrong said the firm, which recently went public, will use Fact Check to combat misinformation and mischaracterizations about Coinbase or crypto being shared in the world.

"Unfortunately, we also see misinformation published frequently as well, whether in traditional media, social media, or by public figures. This doesn't always come from negative intentions. Our business, and crypto, can be difficult to understand, and often people are rushed to post first impressions online, making mistakes in the process. At other times, misinformation comes from people pushing their own agenda, or from those who have a conflict of interest," wrote Armstrong, who in the post outlines in detail his thinking behind launching Fact Check. An excerpt from the blogpost: In the future, we will need to move beyond fact checking, and start creating more of our own original content to communicate with our audience, and tell the stories of crypto that are happening all over the world. Many of these stories are not being told by traditional media. Fact checking is still largely reactive, but we need to move to a more proactive stance on content creation to have a true media arm. Distribution of our content will happen through podcasts, YouTube, our blog, Twitter, and every other channel we own. But in the future, it will also likely move to more crypto native platforms, like Bitclout, or crypto oracles. Long term, the real source of truth will be what can be found on-chain, with a cryptographic signature attached.
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Coinbase Launches 'Fact Check,' a Section on its Blog To Combat Misinformation about the Company and Crypto World

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  • by SuperKendall ( 25149 ) on Thursday May 27, 2021 @12:43PM (#61428216)

    From TFA

    Half of global mining takes place in Sichuan, China

    I knew a lot of mining took place in China, but I had no idea it was that much in one region.

    Even though you probably have to take Coinbase assessment of mining electricity sources with a grain of salt, it's nice to see an assessment from the other side of the coin when anything else I've read seems very slanted the other way.

    • it's nice to see an assessment from the other side of the coin when anything else I've read seems very slanted the other way.

      Yes, it's so important to hear from the vested interest profiting from the activity in question, can't trust those outside observers especially when they've formed a well-supported consensus...

      • Yes, it's so important to hear from the vested interest profiting from the activity in question

        It actually is because they are more familiar with how it all works, thank a lot of places coming up with estimates that are based on dubious premises or really old information (like assuming power consumption of an 80's PC).

        • by Anonymous Coward

          (like assuming power consumption of an 80's PC).

          I'm pretty sure Coinbase would like to sell you figures based on 80s computers though. You know, back when a CPU + MoBo + video card would consume something like, what, 50 watts?

          • Yep, the CPUs sometimes had no heatsinks at all back then! A fan on a CPU heatsink would've been the '80s equivalent of a LN2 cooling setup.

          • I'm pretty sure Coinbase would like to sell you figures based on 80s computers though

            And what would you say would be the cost per kwh to mine one BTC with an 80's computer vs. a custom ASIC rig now?

        • (reposting due to incorrect reply target)

          Opinions from people with vested interests cannot be trusted to be impartial, and companies lie all the damn time. Opinions from vested interests should be considered to be worthless hot air until proven otherwise (and most often they aren't).

      • Opinions from people with vested interests cannot be trusted to be impartial, and companies lie all the damn time. Opinions from vested interests should be considered to be worthless hot air until proven otherwise (and most often they aren't).

    • Half of global mining takes place in Sichuan, China

      Spicey!

  • Fact Check: "It was a good idea for coinbase to go public"
    FALSE - putting rich wall street assholes and Chinese billionaires in charge of one of the largest crypto exchanges in the world is INSANE. That is completely the opposite of the point of crypto. Also, putting profits for the stock holders above running an actual customer-first business is going to kill their company.
  • "Myth #1: The majority of cryptocurrency transactions are for illegal activities. Research shows that illicit activity accounts for less than 1 percent of transactions." ... So you're telling me 99% of the transactions turn coal into pollution for nothing? What a total waste.
  • Our fact-checkers checked out your phony fact-checkers and debunked their phony fact-checking. Beware the person who merely declares something to be true or false without backing it up with observable facts not other people's commentary.

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