The largest Ponzi ever

The largest Ponzi ever

The largest Ponzi ever 150 150 JP

I’ve written a lot about cryptocurrency (still a misnomer) and you can read from the list below. It’s still a trillion dollar business collectively. At one point, I really did like the idea of digital assets and in some cases it still makes sense, just not a the prices people are paying right now.

In 2015, I thought Bitcoin was huge buy at around $200 based on all the VC money getting into it. I still thought it was a fraud as money and even its original thesis was complete garbage.

Anonymous? Nah.
Better transaction? Not even close.
Limited Supply? So What, there are thousands of coins now.
Money? Be careful. Only a sovereign government can print money.

The reality is that it’s a huge ponzi scheme with no real value. Debate it all you want. Even if it becomes the money of the internet, it’ll still be a ponzi. The video below sums it up pretty well straight from the mouth of crypto’s largest exchange FTX. Also, check Berkshire Hathaway’s annual meeting for updates on Buffett and Munger’s thoughts.

Everyone building a crypto company is trying to make a market out of whatever niche they’re focused on. It’s all built on blockchains and its monetizing parts of life that may not need to be monetized, and unfortunately, it’s complete bullshit. Maybe I’m wrong and in the coming years or decades blockchain will revolutionize the internet bringing to fruition web3. Doing this only adds more complexity than necessary to an already complex world. The truth is that blockchain may be good for the banking industry, or to the financial sector as a whole; however, a decentralized ledger that’s public seems like a really bad idea for most businesses, especially financial ones.