A highlight from CARPE CONSENSUS: Season Tickets for the Crypto Theater
This is Carpe Consensus. Join hosts Ben Shiller and Danny Nelson as they seize the world of crypto. Hello and welcome to Carpe Consensus. This is a podcast from the CoinDesk Podcast Network and my name is Ben Shiller. I'm the features editor here at CoinDesk. And joining me today is Danny Nelson. Hi Danny. Hello Ben. How are you? I'm OK. It's been a tough week here at CoinDesk and we'll explain all about that in a minute. And we should just say that our normal co -host Cam Thompson is not with us today and will not be with us going forward. And we'll explain why in a minute. But how are you feeling Danny? It's been a tough week for CoinDesk so far. We made a series of layoffs recently. And how are you feeling about that? Yeah, it's the crab market, bear market, however you want to call it, takes its toll on everyone including media companies such as ours. So we had pretty extensive cuts this week and everyone's feeling the pain in the newsroom. Yeah, it's definitely a tough time. And anyone who's been in the media business for as long as I have seen a lot of these layoffs before. So it's not totally unexpected. But this is also connected obviously to the crypto market, which has been in a spiral for a while now. And we were protected by our parent company for a while. But that's gotten into trouble and we've now gotten into trouble. So it's a tough time. But we're going to soldier on through this, aren't we Danny? Well we'll certainly see, right? You know, this is my first job out of college. I've been here for four years. We can say I've levered up in my exposure to risk, right? Media is a struggling industry and crypto, the coverage of crypto is, as some might say, a dying fad. So I am in a struggling industry that focuses on a dying fad. So we don't know what's happening in crypto media, but it's not good at the moment. Yeah, so we're not going to sugarcoat this. It's been a tough week for us. And Cam was a casualty in a big round of layoffs here at Coindesk. And we're very sad to see her go. She was a very important member of this podcast and also the wider editorial team and a good egg and a good journalist. And we're very sad for her and for us and for the rest of the team. There were about 20 or so members of the editorial team that unfortunately no longer working with us and through no fault of their own because they all did all good work. So that's very sad. We don't want to make the whole show about Coindesk and the media, but it is an important part of the crypto industry. And we do play a role here in bringing transparency to the industry and holding people to account for what they say they're going to do and what they don't do. So we do feel that we need to discuss what's been going on at Coindesk recently and also in the wider crypto media. Do you feel that there's a loss of faith in what we're doing and in the media generally as regards crypto, don't you? Oh, I don't know about that. I mean, I think that broadly in American society, there's a lack of trust in media institutions. I don't necessarily think that crypto media is prone to the same risks as, say, the New York Times or something like that. But it's worth noting that we are in some ways a casualty of our own success. Coindesk was one of the leading publications that led to the dominoes falling on FTX and Sam Bankman -Fried that had ramifications for the entire industry, including DCG, our parent company, which owned Genesis Lending. And all these chickens come home to roost because even though we are editorially independent from DCG, they do not tell us what to do. They still own us, at least as of August 15th, and therefore their fate and ours are not unlinked.