journalism

You Can’t Make This Sh*t Up, Crypto Edition

There isn’t a lot that shocks me any more when it comes to cryptocurrency and non fungible tokens, but an email I got this weekend floored me. And before you write back and lecture me about the blockchain or send me your new white paper, please, please don’t. Pretty please. I don’t want to debate you and I’m not interested — just accept that I’m a Luddite who doesn’t get it and is missing out on the opportunity of a lifetime.

So back to the email. In my opinion a lot of people have been drinking the Kool Aid about the value of NFTs, but an invitation to have “an exclusive crypto NFT talk with Jim Jones?” I mean come on.

Further eroding my street cred, I didn’t know that he’s a pretty famous rapper. On the one hand, he was born two years before the Guyana massacre by the cult leader and there are a lot of people with that given name and surname combination. On the other hand, the rapper’s birth name is Joseph Guillermo Jones II and he even changed his stage name from “Jimmy Jones,” so it kind of seems like a conscious decision.

A company called ZapTheory teamed up with Jones to issue a cryptocurrency called $CapoCoin. Some details:

ZapTheory is the only Social Token platform in the world that has a livestreaming app (ZapLife) and a NFT Museum–a built-in marketplace where creators and their community can mint, sell, and buy NFTs, and even display their NFTs in a fun and interactive manner.

I’ll take their word for it. But the really surprising thing was that the company offered me $3,000 in $CapoCoin for doing the interview. Does this happen? Am I in the wrong type of journalism? In case anyone isn’t aware, Wall Street Journal reporters can’t even accept bus fare from an interview subject, or anyone else for that matter. Some of our competitors have looser rules, but that clearly crosses the line at any credible publication. Does a p.r. person not know that?

I’m going to give Devon Jefferson of HIPHOP-DX the benefit of the doubt and assume he just wrote the article below without financial inducement.

And if anyone took the company up on their offer, I’d recommend turning it into legal tender quickly or at least using your $CapoCoin to buy yourself something tangible like Jones’s latest album, “The Fraud Department.”

investing

Is Crypto Ready for Stephen Moore?

If you can’t beat’ em, join ‘em. And if you can’t join ‘em?

Pundit Stephen Moore withdrew last month from consideration for a position on the Federal Reserve Board. Now he is joining a group that wants to “perform Fed-like duties,” but not for traditional money. He will, according to Fox Business, join Decentral, which aspires to be “the world’s decentralized central bank,” performing a stabilizing role for cryptocurrency.

This raises a few questions. Bitcoin, the most valuable cryptocurrency, is hugely volatile in dollar terms, but its supply is famously limited by design. Its appeal lies in the lack of a central bank.

But supposing Mr. Moore’s outfit were able to stabilize values, would it be hawkish or dovish? Back when Barack Obama sat in the White House, Mr. Moore decried the Fed’s “easy money policy” as the recipe for the next crisis and advocated a return to the gold standard. When he was hoping to be nominated by Donald Trump, though, he advocated cutting rates by half.

Crypto investors eager to see their purchasing power maintained would prefer the 2015 version of Stephen Moore.