As the crypto currency contagion spreads, there is a tough truth about the press’s role in the crisis that is becoming crystal clear. Reporters and editors (myself and The Information included) were so busy waxing on about all the things crypto companies were not doing that we failed to focus on the risks with what they were actually creating.

We were all so busy pointing out the pointlessness of NFTs, or asking when we were going to be buying our coffees on the blockchain, that we failed to pay attention to the killer use case that was already worth hundreds billions of a dollars: a massive crypto financial system, built (mostly for trading crypto) right under our nose.