As a child who grew up in a medium-sized American city, I know what it’s like to read parachute journalism covering topics and stories close to my heart. Some bad news for my fellow Daffy brothers: You too are going to taste that feeling.
When journalists deal with material outside of their normal scope (a reporter portraying ‘parachuting’ in a war zone, clipping a short section, and returning to a more hospitable climate), parachute journalism is often uninformed, sensational and / Or Leads to Promotional coverage lacks key nuances – work that consciously or unknowingly confirms the prejudices of the viewer or the reporter himself. Growing up, I read it over and over again when some new Intelligencer blew through the city – an Ascot-clad G20, covering the Stanley Cup Final, a campaign stump. He often worked for a publication with “New York” in the title, and was always so enjoyable took How to be a foggy former Steel Town Restaurant Served Edible food – Somehow our “culinary scene” has been “fluctuating” for the better part of thirty years.
I could go on, but I’ll save Yinz. The point is, if the final week is any indication, it is best to be prepared for a lot of gasbags in the boilerplate, which takes from Daffy’s frontline.
Last week CNBC, Bloomberg, Fortune, and The Wall Street Journal have all featured pieces on the narrative fare, decentralized finance introductions, profiles and interviews, among the projected memecoin. Some are readable, including a “Made It” CNBC profile on Daffy Angel investor Cooper Turley – a respected advocate whose only drawback is that he continues to support ‘social tokens’ as a use case. Others are confusing.
Sometimes you cultivate material
And sometimes the content affects you https://t.co/SnhyCFgC9d
– Andrew T (@Blocknalia) 20 May 2021
It is strange to hear strangers gossiping about your home. To this end, Spencer Bogart of Blockchain Capital watched an interview with CNBC with grace, charm and enough wit to dance head-on:
– Bloomberg TV (@BloombergTV) May 25, 2021
The bar has been set – the credit for any defi aficionado interviewed on live TV goes to the eye-popping culture of the domestic crowd. “Future of France” Indeed.
It can be extremely difficult to separate signals from noise in crypto. I argue that the sudden influx of mainstream aerial regiments is all noisy – look behind them, and see what’s going on in the background.
This week, the Wharton School of Business at the University of Pennsylvania published a research report titled “Defy Beyond the Hype”. Similarly, Goldman Sachs published an article earlier this month arguing that Ethereum beats Bitcoin as a store-of-value because a large portion of Defy is built using the Ethereum chain .
“Ether defeats bitcoin as a repository of value. The Ethereum ecosystem … provides developers with a way to build new apps. Most Defy apps are being built on Ethereum. The greater number of transactions in Ether vs. Bitcoin Demonstrates Domination “- Goldman Sachs Global Macro Research pic.twitter.com/vNkQ1HlDYM
– Santago R. Santos (@santiagoroel) May 22, 2021
In the same way that Bitcoin proponents of value propositions worked in soundbites and research notes over the past decade, Daffy’s narrative growth now seems inevitable.
Even if it is well-intentioned, parachute journalism can feel fantastic and condescending to those who are truly adept at the subject – but it is easy to swallow when a better and broader awareness is on the horizon.
Brief History of DeFi on Bitcoin
The tweet of the week comes from Scott Lewis of Daffy Pulse, who has given us a brief history of how bitcoin extremists attempt to taunt the narrative reality about Daffy’s growing strength:
History of Bitcoin on Defy:
December 2018: Defy is a scam
March 2019: It is objectionable to call Lightning Network as Defy.
July 2020: Bitcoin is actually the only DeFi project that matters. The produce is a scam.
May 2021: We are Love Defy. We are building def. Yields coming soon
– (@scott_lew_is) May 26, 2021
It has suddenly surfaced for the past year or two, a period where the bitcoin-or-nothing kind of ignored Daffy, knocked it out of a curiosity, or in some cases attempts to force it out of existence. did. As Michael Saylor recently and oddly tried to argue in a poignant fit of denial, if you ignore all other chains and assets (and significant sums of value they run) with some arbitrary definitions. If we do, the dominance of bitcoin is actually 93%. !
When considering network dominance in the crypto industry, I have to articulate the separation of crypto-asset networks such as #Bitcoins From crypto-application networks such as Ethereum and Stablox. The dominance of bitcoin has increased from a low of 71.05 on December 20, 2017 to 93.57% today. pic.twitter.com/03cbWVyoLY
– Michael Saylor (@michael_saylor) September 20, 2020
In fact, for a long time, good teams have been working for bitcoin-based smart contracts and defi products. Perhaps the most well-known is RSK Labs, although like Ethereum’s own optimism, they always seem to be a few months away (shout out, Bruno Caboclo). Early bitcoin experiments should also be credited for paving the way for blockchain-based smart contracts: Vitalik cites the Colored Coins project as one of his inspirations for ETH.
Moving forward, bitcoins will be cheering for RSK and others and watching closely as they move toward production – the kind of obsessive surveillance and “breadcrumb-hunting” commonly seen among shitcoin communities. God, how tasty.
But no matter how many BTC-based projects reach the mainnet, the race is already run. As of today there are both reliable and reliable BTC yielding products in production. Badger and Ren’s collaboration is evidence of how far ahead the non-native ecosystem is: two projects collaborating on a deeper integration to bridge multiple contracts and products to create a one-click, cross-chain yield-bearing account. Can. Each of its component stages is a small achievement that requires an organic developer community – the type that takes years to build.
Hoddlers would, of course, argue that bitcoin is the most reliable – only one institution would opt for some “second step advantage”. The problem is that institutions do not trust any coin at all, hardcore holders do not trust RSK, and while Ethereum-based Defy users are increasingly moving towards alternatives such as Solana and Polygon, what Bitcoin-based Defy does. Can provide unique qualities? In fact, where does TVL and developers come from?
I have bitcoin and am planning to buy more in the future, so I am not cursing. But for the present and the near future, the Daffy tale is beyond his control.