Why people are losing faith in the mainstream media – Mario Knows

People's trust in the mainstream media has fallen significantly in recent years, following the popularity and spread of social media platforms, which has reached a peak in many countries.

In the year An October 2023 Gallup poll found that 32 percent of Americans have a “great deal” or “fair amount” of trust in media sources, down from 54 percent 20 years earlier in 2003. Confidence in the media in Brazil, India, the US and the UK has steadily declined.

For many, social media platforms like X, Facebook and TikTok have become primary sources of information and news. With this shift in trends comes the opportunity for more grassroots, decentralized, democratic reporting, even as the proliferation of misinformation raises concerns.

One person who has made a big name in the social media space is Mario Naufal, the founder of Global Blockchain Consulting. He is probably best known for his hugely popular Spaces on X, which covers the latest crypto trends as well as international breaking news.

Naufal sat down with host Jonathan DeYoung on the 38 Decentralize with Cointelegraph podcast to discuss the power of social media, the distrust of traditional media, the pressures of having a big platform, and more.

The power and democratic nature of X Spaces

For Nawfal, the reason people are increasingly turning to social media platforms to get their news is not related to anything specific that has changed with the platform itself. “It's a medium for you to communicate with your audience, and those will continue to evolve,” Naufal said. “I think what really changed was the faith.”

“The construction is very difficult. [trust], but it is very easy to destroy. And I think what we're seeing now is an erosion of trust from media companies, mainstream media. That belief is finding people and places to go, and I'm trying to be one of those voices.”

One tool Naufal has used to great success is X Spaces. These live streaming events cover a variety of topics from breaking news to crypto trends and are regularly tuned in by thousands of people.

Rather than simply “replacing” mass media such as cable news, Naufal told Dayang that Space offers a more democratic and decentralized approach to the traditional talking-head format. “The biggest value of Spaces is the way it's structured,” he said. “Bill Ackman asked to speak when we were covering the collapse of Silicon Valley Bank. We didn't call him. He just came. He followed me, and he came and asked to speak, and we chatted with him.”

The amazing thing about Space is that it's like cable news, but imagine that every listener can press a button on their TV and ask to speak, and you'll see their entire resume and profile as a producer. You check everything they say or make you say and ‘invite,' ‘invite,' and the panel physically builds.

With great power comes great responsibility

Naufal regularly hosts long pitches that bring in lots of guests, and sometimes what's discussed has real-world implications. He pointed to a recent 7.5-hour spot he hosted on the TrumpCoin (DJT) memecoin that turned into a live investigation and whether or not the Trump family was involved in its creation.

RELATED: Kamala Harris memecoin surges 250% amid calls for Biden to bow out

Naufal reported that during Space's proceedings, the signal often corresponded with the direction of the speech and saw wild price swings for or against the Trump family's involvement.

“It's a reminder of the impact these places can have and the responsibility you have when you have a large audience,” he shared.

What if I share false information that causes inflation to drop significantly or even increase significantly based on false information? I am responsible for this.

Listen to the full episode of Decentralization to learn how Nawfal handles the stress of the big stage – along with his take on celebrities launching memecoins, tips for growing a company in Web 3, and why he's staying bullish on crypto. Cointelegraph on Cointelegraph's podcast page, Spotify, Apple Podcasts or your podcast platform of choice. And don't forget to check out Cointelegraph's full lineup of other shows.

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