CoinDesk columnist Nic Carter is a partner at Castle Island Ventures, a venture fund based in Cambridge, Mass., that focuses on public blockchains. He is also the co-founder of Coin Metrics, a blockchain analytics startup.
Everyone knows the internet has changed the fundamental business model of journalism. Before the internet age, people subscribed to a physical newspaper that arrived once a day, and they were happy to do it, too. Newsrooms invested in shoe-leather journalists who had the flexibility to pursue a story for months.
The press wasn’t perfect but it was weighty because subscriptions and advertising meant newsrooms were flush with cash, and long-running investigations could be financed. And the concrete nature of the news gave it a certain finality and weightiness. If a newspaper got something wrong, it had to publish a retraction because the editors couldn’t go back and edit the ink on the page once published. Retractions are embarrassing, so newsrooms generally tried to get it right the first time.