Trusting media outlets is tough right? Some we trust more than others, but let’s be real. Some outlets try hard to stick to the facts and stay objective while others, some innocently and others intentionally, spread lies or push their agenda.
That’s the problem, well how about a solution? One solution I thought of is coupling a virtual currency stock exchange with the press; the stocks being journalists and outlets. The Hollywood Stock Exchange (HSX) does this very thing with actors and movies. However, the difference is it’s considered a game and the creators profit from sharing the market research.
The benefit to this would be a way for the public to collectively grade the press on their honesty and objectivity. The more trustworthy and objective the higher the stock price which would be revealed in quarterly reports done by third party fact checkers and watchdogs.
Thus, those holding a stock for an outlet graded highly would be winning, or as I’d like to call it, contributing. The world would be winning if we knew which outlets published the most objective and trustworthy content. Then the outlet or journalist could wear their stock price as a badge of honor.
The first major problem is the creators of HSX (established in 1996) own the patent to a virtual currency stock exchange. So it would need to be licensed.
Second, this Press Stock Exchange (PSX) would need to verify the account holder somehow, similar to how a bank verifies those who open new accounts. This would be a huge barrier to getting such a service off the ground. People would want to use it anonymously. Even if the details of the account holder were hidden under a pseudonym, the account holder still might be uneasy with an unofficial service maintaining that data.
Third, If such a requirement didn’t exist to verify users then what would stop someone from opening multiple accounts and gaming the system?
So much for this solution, but I think the idea of coupling the press with a grading system people trust and having it be standardized and easily visible would help readers navigate through the noise to find the signal.
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