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I don't know if anyone here cares about crypto currency but I just can't hold off any longer. The FTX collapse is a BFD and I'm amazed at how little coverage there is in the left leaning mainstream media. The NYT interviewed FTX CEO Sam Bankman-Fried (know as SBF which now those in the crypto community say stands for Steal, Bankruptcy, Fraud) following the collapse and there were all softball questions, nothing about the fraud. They concluded by asking him if he was getting enough sleep.
This is a classic Ponzi Scheme. The remarkable thing is that it was pulled off by 10 kids living in a $40M penthouse in the Bahamas in a polyamory arrangement. It's hard to believe that they faked out almost everyone. Sequoia Capital invested, and lost, $200m. On the initial pitch call that SBF made to them he was playing a video game during the call. Then of course you have Kevin O'Leary (Mr. Wonderful on Shark Tank), Jim Cramer (he's an idiot of course), Tom Brady, etc., etc. as advocates and investors. I suppose it will blow up in the MSM eventually as losses are thought to be as high as $40B (that's a B), putting it in the Madoff league of con's. And it will be a movie someday,
And how about crypto generally? Other than the obviously phony and crazy NFT's, what about crypto currency. At a conference in Abu Dhabi in the UAE, here is what Noriel Roubini, the grouchy NYU economics professor who some call Dr. Doom (he accurately predicted the 2007-2008 crash) has to say:
There are “seven Cs of crypto”: “Concealed, corrupt, crooks, criminals, con men, carnival barkers,”
Not sure how he really feels. He went on to say:
“The lesson of the last few weeks is these people should be out of here. I can’t believe that CZ (Binance CEO Changpeng Zhao) and Binance have a license to operate in the UAE. He's banned in the U.K. He's under investigation by the U.S. Justice Department for money laundering. He was here on this stage and has residence in this country...He's a walking time bomb.”
When adults like Roubini are critical of crypto, the supporters, who are usually more or less kids, dismiss them with the comment "You're a boomer. You just don't get it." Has growing up in the Digital Age addled their brains and divorced them from reality? Can they differentiate between real and digital? Is there a difference?
So. Is crypto a revolutionary step in economics that will eliminate fiat currency. Or is all just a con for the ages? What do you think?
This is a classic Ponzi Scheme. The remarkable thing is that it was pulled off by 10 kids living in a $40M penthouse in the Bahamas in a polyamory arrangement. It's hard to believe that they faked out almost everyone. Sequoia Capital invested, and lost, $200m. On the initial pitch call that SBF made to them he was playing a video game during the call. Then of course you have Kevin O'Leary (Mr. Wonderful on Shark Tank), Jim Cramer (he's an idiot of course), Tom Brady, etc., etc. as advocates and investors. I suppose it will blow up in the MSM eventually as losses are thought to be as high as $40B (that's a B), putting it in the Madoff league of con's. And it will be a movie someday,
And how about crypto generally? Other than the obviously phony and crazy NFT's, what about crypto currency. At a conference in Abu Dhabi in the UAE, here is what Noriel Roubini, the grouchy NYU economics professor who some call Dr. Doom (he accurately predicted the 2007-2008 crash) has to say:
There are “seven Cs of crypto”: “Concealed, corrupt, crooks, criminals, con men, carnival barkers,”
Not sure how he really feels. He went on to say:
“The lesson of the last few weeks is these people should be out of here. I can’t believe that CZ (Binance CEO Changpeng Zhao) and Binance have a license to operate in the UAE. He's banned in the U.K. He's under investigation by the U.S. Justice Department for money laundering. He was here on this stage and has residence in this country...He's a walking time bomb.”
When adults like Roubini are critical of crypto, the supporters, who are usually more or less kids, dismiss them with the comment "You're a boomer. You just don't get it." Has growing up in the Digital Age addled their brains and divorced them from reality? Can they differentiate between real and digital? Is there a difference?
So. Is crypto a revolutionary step in economics that will eliminate fiat currency. Or is all just a con for the ages? What do you think?
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