183 karma · joined December 11, 2019
That said, I don't agree with this framing of your question with regard to "individual" journalists. It's unlikely that any "individual" journalist has economic, political, and social power. Journalists' power results from their collective efforts as a group. I would be hard-pressed to name more than five individual NYT reporters but collectively, the NYT has unquestionable social and political power, if not economic. The NYT's angles on stories, its decisions to pursue certain trends and not others, its portrayals as somethings as good and others as not good, etc. - these efforts have tremendous power and shape society.
Why do you think someone like Bezos was so interested in buying WaPo? To anyone who fails to appreciate the power of journalism, start with Walter Lippmann's Public Opinion.
If you're just making long speculative investments in btc and volatility is skewed to the upside, well sure that's fine but you're not using bitcoin as a medium of exchange, you're investing in it as a security.
But who honestly wants to own a digital copy (without underlying rights) of something that can't be consumed like a movie or book? We're supposed to now pay for an image I can view freely? Where's the benefit in owning the NFT of an asset? Perhaps if a device manufacturer comes out with a device to display ultra-high resolution art images in an attractive frame and you can only obtain a compatible copy of the ultra high-res image if you buy the corresponding NFT, this could be an attractive offering if executed properly but I'm not aware of any devices that create such value for NFTs.
NFTs are somewhat interesting but I strongly suspect there is market manipulation (most likely by players with investments in NFT-adjacent entities) going on with some of these NFT sales.
Where is the added value from NFTs? From my perspective, the only "value" from an NFT is the concept that a digital item that is indistinguishable from an identical digital item may now be tagged with a token that proves ownership (but only of that one digital item) and which may be bought and sold. This is unnecessary for things like insurance policies, land deeds, equity, intellectual property, and domain names. All of these items have meta-information that allows proof of ownership (land deeds are recorded; IP is registered with the USPTO; equity ownership is registered with brokers and trades are recorded with the SEC; etc.). There are already functioning systems setup to record, register, and transact these items.
Maybe it's a "less terrible" solution in poor countries with inflation challenges, but I don't see that as a strong proposition for the utility of bitcoin. Cigarettes are used as a medium of exchange in prison. That doesn't serve as a strong argument for using cigarettes as currency.
For cases where the client is paying the billable hour rate, lawyers will take just about any case as long as it isn't totally unethical and could get you in hot water with the bar.
And plaintiff securities class action law firms are undoubtedly drafting complaints as we type.