What a cringe photo shoot really tells about the state of the crypto industry

The crypto world feasts on gossip and last week it enjoyed an extra helping in the form of a Vanity Fair article. The piece, titled “Crypto’s True Believers Demand to Be Taken Seriously,” featured lavish photos of prominent industry figures swooning around New York’s Nine Orchard hotel in far-out outfits that cost more than your mortgage payment. The article elicited predictable scorn and contempt from those outside the crypto world. Those inside it, meanwhile, bashed the dastardly media while tweeting some variation of “What the hell were they thinking taking part in this?”

The “what were they thinking?” take is a fair one. When a glossy publication with little history of covering the crypto industry sends a staff reporter, did anyone really expect a celebration of blockchain? Still, this is Vanity Fair, the stomping ground of legendary photographer Annie Leibovitz, and renowned for snapping pics of presidents and A-list celebs. Most people, even those who profess disdain for mainstream media, would be there in a heartbeat.

Despite the snide headline, the story does a decent job telling the 17-year history of crypto, from Satoshi’s white paper to the current era of Big Crypto. The author also gets access to the right people to tell the story, and correctly sizes up their respective contributions to the industry. That includes Olaf Carlson-Wee, the out-there ear...