David Seaman on Bitcoin in the Media, Social Change and the Importance of Altcoins

David Seaman is an independent journalist who has been advocating for civil liberties and the rollback of the unconstitutional post-911, surveillance-state measures such as the National Defense Authorization Act (NDAA) and Patriot Act. David hosts one of the most popular news podcasts on iTunes called the David Seaman Hour.

In the media, David has been an energetic voice in favor of digital payment innovation, entrepreneurship, and protection of our Constitutional rights. He is also a huge proponent of cryptocurrencies and has even advised viewers to "go out and buy some Dogecoin" on RT. He has been a guest on CNN Headline News, FOX News, ABC News Digital, Coast to Coast, the Joe Rogan Experience Podcast, The Young Turks and elsewhere. His opinions and articles frequently appear on Business Insider.

David Seaman

Cointelegraph: As an experienced and opinionated journalist who has appeared on CNN, FOX News, ABC, RT America, just to name a few, do you think the media is doing an adequate job right now of informing the public on cryptocurrencies? 

David Seaman: No, I don't think the media is doing a sufficient job. This is one of the most important developments ever and they are treating it as tabloid fare—"Who is Satoshi?" type angles, the Mt. Gox fiasco, etc. With that said, Bitcoin has broken through in national media circles and it is regularly talked about on CNBC and Bloomberg during quite serious panels, which is incredible when you think about it.

Mainstream media resistance to new ideas can be pretty severe, and with Bitcoin, it's just not there. I think the superficial coverage will lessen over time as more outlets treat Bitcoin as what it is: a radically new financial instrument, and not as some kind of sequel to "The Social Network."

“Banking, in a post-blockchain world, is one of the most vulnerable industries imaginable.”

CT: When reporting on Bitcoin, what would you like the media to focus on?

DS: How this makes banks and remittance services effectively obsolete. Someone transferred, what, US$85 million over the blockchain the other day and that transaction cost the sending party 4 cents, and it was delivered and funds settled within 10 minutes. 

At one point, Blockbuster was an invincible part of suburban American life, an institution of sorts. Netflix came along—at first it was considered a tech bubble freak show, unrealistic. But before you knew it, Netflix's unbeatable economics began to eat into Blockbuster, and locations had to close up shop. Then, with little fanfare, Blockbuster itself eventually went out of business.

That day is coming for banks and bank branches in the United States. Banking, in a post-blockchain world, is one of the most vulnerable industries imaginable. And the more they attempt to smear a 100% open-source technology that has 100% transaction transparency literally built into its source code, the more trouble we know they're in.

“The potential occupier who instead convinces his parents to pick up a handful of Bitcoins on the open market is probably doing more to damage ‘the banks’ than attending a