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Coinbase CEO Says People Are Turning Away From Centralized Media in Search of Truth

March 14, 2020

Coinbase co-founder and CEO Brian Armstrong says people are turning to new sources for factual information on the internet. The process is a move toward information decentralization and away from centralized media, a trend that parallels the emergence of decentralized digital currencies such as Bitcoin and Ethereum that are not controlled by a central government, institution or authority.

Citing an article from Stratechery, Armstrong points out that traditional media is being disrupted because it’s no longer trusted.

“NYT and traditional media generally are being disrupted, and are no longer viewed as a source of truth by many. Taking potshots at Facebook to try and hold on to relevance seems to be their main strategy, which I don’t think will go well.”

https://twitter.com/brian_armstrong/status/1238184540675268613

The Covid-19 pandemic is a Pandora’s box to false narratives, bogus claims and cures. The Centers for Disease Control and Prevention (CDC) is fighting on all fronts, as fake news about the virus is reportedly spreading faster than information from the CDC.

Armstrong says he ultimately believes that new systems will arise to help readers vet and verify the vast array of information that’s available online.

Says Armstrong,

“CDC missed the boat in some ways as well here. I’m glad there is so much more information available now (both good and bad).

New credibility indicators I think will develop online (reputation/trust scores etc) to help people sift through it (already happening for a while now).”

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