Opinion Column Link: https://www.marketwatch.com/story/stay-away-from-bitcoin-its-complete-garbage-2017-06-15
Column Summary: In this Opinion post, Brett Arends criticizes
the uprising popularity of cryptocurrencies, namely Bitcoin, Litecoin and Ethereum,
claiming that their primary uses are for online gambling and money laundering.
This use of strong negative vocabulary coupled with his technique of
incorporating an image of a garbage dump and a dialogue that displays the
confusion of cryptocurrency users highlights his hateful attitude towards these
cryptocurrencies. As a result, his bias is identified early on, evidence for
which is provided throughout his column.
Looking at the dialogue that he uses to emphasize his point: cryptocurrency users and fans often dont understand what they are talking about, he uses irony in the comment “You don’t understand!” wherein he attempts to show his audience the naivety and ignorance of these fans and users. Moreover, the dialogue is between the “fan” and more importantly “you” where he forces his ideology onto his audience by putting them on the spot as against these “fans.”
Looking at the dialogue that he uses to emphasize his point: cryptocurrency users and fans often dont understand what they are talking about, he uses irony in the comment “You don’t understand!” wherein he attempts to show his audience the naivety and ignorance of these fans and users. Moreover, the dialogue is between the “fan” and more importantly “you” where he forces his ideology onto his audience by putting them on the spot as against these “fans.”
He then chooses to split his arguments into 3 main sections.
In the first, he debates how valid the point is that cryptocurrencies are
immune to inflation while highlighting that they fluctuate immensely and can
“fall 30% in a week.” In the second section, he goes on to emphasize his point
that cryptocurrencies fluctuate a lot using the simple example of potato
purchasing which instills a deeper sense of fear in his audience. Finally, in
the third section he argues that just like global currencies, cryptocurrencies
are also subject to competition with the exception that due to their
fast-growing paces and competitive natures, they are subject to even more
fluctuations and uncertainty.
Text Recreation: Pastiche
Opinion: Invest in cryptocurrencies – the future of global
currency
Published: November 25, 2017 2:11 p.m. GST
Why Cryptocurrencies? Faster Transactions, Secure and NO!! Government Intervention
In a period that has come to be known as the Information-Age, most of everything has to do with some form of digital processing and recording. This has opened up a world of faster communication and faster action. Everything is now digital, from carrying out your daily grocery shopping to the planning of the next Mission to Mars. So, wouldn’t you have expected a new currency that is solely digital and has no physical value or representation? Well, in fact, these so called digital currencies are called “cryptocurrencies” and have been around for the past decade. Almost everyone who is technologically-savvy is aware of these cryptocurrencies and if you manage to bump into one of these people, im pretty sure you’re conversation would be something like this:
You: Why do you
choose cryptocurrencies over established global currencies? What makes you
think that Bitcoin is going to be a bigger than something like the US$ already
is?
Techie: It’s
definitely going to be bigger than any national currency and that’s because
everything is online. I can buy and sell things online quicker and can even go
for vacations without worrying about exchanging my money.
You: Well, I can
buy things online almost as easily as you claim you can with Paypal, so what’s
all the fuss about with cryptocurrencies?
Techie: I haven’t
even got to the best parts yet. With cryptocurrencies, there is absolutely no
government inflation and hence these currencies are almost immune to
inflations, something that the central bank could easily adjust with Fiscal and
Monetary policies. Furthermore, The transfer of money value is instantaneous
without any loss. This means that I could leave Abu Dhabi and move to London
tomorrow and have all my finances waiting there before I arrive.
You: Woah, so its
completely decentralized with no head control? That’s amazing.
Techie: Yep,
everything is run and adjusted by the user. Revolutionary.
Its REALLY!! Secure
