Cryptos Sell Off: Legacy Media Provides Lame Excuses

News does NOT drive this market. Raw emotions do.

Until the legacy media admits this, they will continue to provide excuses, not insights when it comes to cryptocurrency.

Fact is: they missed the entire story on blockchain, proving themselves total failures as information providers. Worse still, was the job they've done as financial advisers. This leaves legacy media and financial institutions few options for recovering credibility.

One, should cryptos decline massively -- legacy media and finance's wet dream -- they will claim blockchain was only a fad, not news or revolutionary tech. They will claim they did you a favor by not covering the story (while hypocritically instantly making any story about a decline bold headline news).

OR "B", they can do what they are doing right now: which is put out news stories to "explain" sell offs and rises, convincing you that the media understands the market. And even drives it.

It's the same game they've played for decades with stocks. In fact, the whole financial services industry runs on this myth. Truth is "animal spirits" drive markets swings, ie emotions do. Longer term market trends are driven by the reality of new tech (or resource scarcity) slowing sinking into the public conscious.

Neither of these will EVER be explained by the old media who serve as gatekeepers for the status quo and pacifiers for the sleeping public. Hence, excuses.