Wasi Imrose
English 1
Professor Furlong
October 4, 2018
Rhetorical Analysis of four sources on Cryptocurrency
Summary
In the magazine article, ”Cryptocurrencies could be catching on”, Behavorial Healthcare Executive Tom Valentino addresses the exponential rise of cryptocurrencies, namely Bitcoin, and its apparent risk and controversies. Cryptocurrencies are deemed to be a modern but risky method for financial transactions due to excessive fluctuations in their values (Valentino). Valentino addresses how Bitcoin can be used as an efficient way payment for various forms of services including healthcare (Valentino). However, its initial use among criminal activities and lack of a centralized entity had made it a subject of controversy and suspicion (Valentino). The popularity of Bitcoin was followed by the rise of other forms of digital currencies such as Sobercoin from Sober Network that can be used to purchase healthcare services (Valentino).
The academic journal, “The inefficiency of Cryptocurrency and its cross-correlation with Dow Jones Industrial Age” authored by Wei Zhang, Pengfei Wang, Xiao Li and Dehua Shen makes effective use of statistics and research to identify inefficiencies in the Cryptocurrency market. They evaluate various digital currencies along with Bitcoin such as Ethereum, Ripple, NEM, Stellar and Monero and develop a Cryptocurrency Composite Index. They establish the idea that despite of Bitcoin having a remarkable effect on the economy and society, it does not represent the cryptocurrency market (Wei, Wang, Li, Shen). Bitcoin, when evaluated independently, exhibits several inefficiencies and therefore we should consider the use of other digital currencies as well (Wei, Wang, Li, Shen).
In the New York Times article, “The trouble with Cryptocurrency’s viral growth”, Ross Hartshorn who is an independent software developer opinionated on the exponential growth of Bitcoin. According to Hartshorn, an entity going viral doesn’t necessarily mean it would be beneficial to society (Hartshorn). The reason for Bitcoin’s excessive popularity can be attributed to market manipulation which led to a steep increase in its value while leading to excessive fluctuation (Hartshorn). Bitcoin still is in its period of adolescence with consistent technical issues still waiting to be resolved which makes it unfit for use by an average citizen (Hartshorn).
In the article from Forbes website, “We need to shut Bitcoin and all other Cryptocurrencies down. Here’s why.”, Jason Bloomberg who claims to be a writer and consultant for “Digital Transformation” at Forbes addresses several reasons that make Cryptocurrencies detrimental to the economic ecosystem. According to Bloomberg, Cryptocurrencies such as Bitcoin rely on technology that are prone to hacking and other illegal activities (Bloomberg). He addresses the negative aspects to crypto mining and claims that the use of cryptocurrencies should be made illegal (Bloomberg).
Rhetorical Situation and purpose
The reason for writing the academic journal,” the inefficiency of cryptocurrency and its cross correlation with Dow Jones industrial average”, derives from the need to address flaws in the use of cryptocurrencies that have been overlooked due to its exponentially growing popularity. The authors execute their purpose with extensive use of statistics that are generally aimed towards experts. This is an academic paper which is conventionally not accessible to the general public.
The author of the magazine article aims to warn the readers of the potential risks of the use of Bitcoin and other forms of cryptocurrencies despite of considerable benefits. Digital currencies were initially met with suspicion and controversy due to the lack of a central authority and regulation which makes it a platform for criminal activities (Valentino). However, it is slowly gaining acceptance as an efficient way of financial transactions for big corporations (Valentino). Despite of its possible risks that include excessive fluctuations in value, the author feels it is essential to continue the use of Cryptocurrencies (Valentino). The article is published in the Behavorial Healthcare Executive magazine that is generally aimed towards professionals and academically matured readers in the field of healthcare. This makes it somewhat similar to the academic paper.
The Forbes website article was authored as a warning on the potential threat that bitcoin poses on the economy and society due to lack of regulation (Bloomberg). This is not academic paper and is aimed at the general audience. Hence statements such as “Enjoy the world of permissionless blockchain-based cryptocurrencies while you can, because its days are numbered.” and “don’t lose your shirt when it all comes crashing down.” are used in order to appeal to the masses. The writing is kept general with claims of “Shutting down Bitcoin” is given without reliable evidence. Hence it does not qualify as a credible source of information.
The aim for writing the newspaper article in The New York Times is to express skepticism in the rise of the use of Bitcoin. The author makes use of minor statistics such as the recent drop in the value of Bitcoin to further strengthen his argument (Hartshorn). The author feels that while digital currency is highly beneficial to governments and large corporations, it is not a reliable method of financial transaction for average citizens due to its excessive fluctuations and relatively new security (Hartshorn). It is unlikely that Cryptocurrencies will replace paper currency in the new future (Hartshorn).
The Audience and Genre
The audience for the Forbes website is general. The Forbes website consists of various categories and areas including innovation, lifestyle and industry which is testimony to a significant number of following. The language of the article is kept simple and any technical terms have been omited to make it accessible to a wider audience.
The audience of the academic journal is mainly aimed towards experts in the field of cryptocurrency. The understanding of its language and terminology requires knowledge of cryptocurrencies and blockchain technology beyond that of an average individual. It consists of statistics and mathematics aimed towards professionals who can make substantial use of the facts and figures including measures to stabilize the cryptocurrency market.
The New York Times article is aimed towards the general audience which is similar to the Forbes website. However, The New York Times is a well reputed newspaper that is more accessible. The genres of the two sources play a significant role in their accessibility. Forbes is a website and magazine that is read mostly by a younger audience. In contrast, The New York Times is read by people of all ages which diversifies the audience.
The magazine article exists in the form of a website known as Questia where one has to create an account in order to gain access to its content. This minimizes the audience down to only the active researchers. The article is given similar treatment to that of an academic paper with more sophisticated terminology that makes it closer to the academic paper in terms of structure. Hence, this article is aimed more towards matured readers with substantial background knowledge in the field.
Works Cited
Valentino, Tom. “Cryptocurrencies could be catching on” CCNY Database http://go.galegroup.com.ccny-proxy1.libr.ccny.cuny.edu/ps/retrieve.do?tabID=T002&resultListType=RESULT_LIST&searchResultsType=SingleTab&searchType=BasicSearchForm¤tPosition=5&docId=GALE%7CA550832255&docType=Article&sort=Relevance&contentSegment=&prodId=GPS&contentSet=GALE%7CA550832255&searchId=R1&userGroupName=cuny_ccny&inPS=true
Wei Zhang, Pengfei Wang, Xiao Li and Dehua Shen. “ The inefficiency of Cryptocurrency and its cross-correlation with Dow Jones Industrial Age” CCNY Database
Ross Hartshorn. “The trouble with Cryptocurrency’s viral growth ”The New York Times, September 25, 2018
https://www.nytimes.com/2018/09/25/opinion/cryptocurrency-bitcoin-viral-growth.html
Jason Bloomberg ”We need to shut Bitcoin and all other Cryptocurrencies down. Here’s why” Forbes, March 10, 2018 https://www.forbes.com/sites/jasonbloomberg/2018/03/10/we-need-to-shut-bitcoin-and-all-other-cryptocurrencies-down-heres-why/#5862fcc51bca
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