There’s a breaking news story in the reputable English rag Daily Mail.
It’s about the network of Bitcoin ATMs across Britain.
This network, the newspaper will inform you, is largely being used by drug dealers looking to launder money.
As proof, the Daily Mail interviewed owners of some of the convencience stores and head shops where the ATMs are found. Here’s one report:
“Staff at Loading Bar in Dalston, East London, estimate that at least 60 per cent who use its Bitcoin ATM, installed six months ago, are drug dealers.”
However, another owner, further down in the article, tells a completely different story:
“Daniel Jenkinson, who owns The Vapour Trail in Tunbridge Wells, Kent, has seen more than £100,000 deposited at his vape store’s Bitcoin ATM in the past three months. He said 90 per cent of users are either business people or curious investors.”
It’s no surprise which of these reports the article emphasizes. After all, the headline is “Teenagers reeking of drugs deposit wads of £50 notes in Bitcoin cashpoints.”
I’m certainly not here to defend Bitcoin or to complain about government fiat currencies instead. There are plenty of crypto enthusiasts who already do that.
I just want to point out that much of the news surrounding cryptocurrencies tends to be pretty low quality.
It’s true in the contra-crypto case, like the misleading Daily Mail article…
And it’s just as true in the pro-crypto case as well, when you read hyped up reports about how the next new ICO will make you rich.
I bring this up because Kris Csuzi and I launched a site called CoinWatch about a month ago.
We are investigating which ICOs are legit, and which ones reek of being a scam.
So far, we’ve been publishing news items that we hand verify with all involved parties.
And we will soon start publishing interviews with ICO founders as well. This way, you can get a better idea whether the people behind an ICO are legit or not. If you are interested in cryptos but want to get a more honest picture, then you might want to check out our site: