by Pam Martens and Russ Martens, Wall St On Parade:
The first thing you need to know about crypto is that some of the smartest minds in investment and technology have studied crypto carefully and determined it’s a total sham.
In July 2019, NYU Professor and economist Nouriel Roubini summed up his findings like this:
“Crypto currencies are not even currencies. They’re a joke…The price of Bitcoin has fallen in a week by how much – 30 percent. It goes up 20 percent one day, collapses the next. It is not a means of payment, nobody, not even this blockchain conference, accepts Bitcoin for paying for conference fees cause you can do only five transactions per second with Bitcoin. With the Visa system you can do 25,000 transactions per second…Crypto’s nonsense. It’s a failure. Nobody’s using it for any transactions. It’s trading one sh*tcoin for another sh*tcoin. That’s the entire trading or currency in the space where’s there’s price manipulation, spoofing, wash trading, pump and dumping, frontrunning. It’s just a big criminal scam and nothing else.”
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On June 1, 2022, more than 1,600 computer scientists, software engineers and technologists from around the world sent a letter to key members of the U.S. Congress and to the Chairs of the Senate Banking and House Financial Services Committees, disputing that crypto was a worthwhile financial innovation. Among the signatories to the letter were 45 experts who worked at Google; 19 from Microsoft; 11 from Apple; and Ph.Ds from the most prestigious universities in the world, including Oxford and MIT. These experts told Congress the following:
“We strongly disagree with the narrative — peddled by those with a financial stake in the crypto-asset industry— that these technologies represent a positive financial innovation and are in any way suited to solving the financial problems facing ordinary Americans…
“As software engineers and technologists with deep expertise in our fields, we dispute the claims made in recent years about the novelty and potential of blockchain technology. Blockchain technology cannot, and will not, have transaction reversal or data privacy mechanisms because they are antithetical to its base design. Financial technologies that serve the public must always have mechanisms for fraud mitigation and allow a human-in-the-loop to reverse transactions; blockchain permits neither.”
In February of last year, the Wall Street Journal gave the iconic investor, Charlie Munger, space for a 393-word OpEd on crypto. Munger, who died in November of last year at age 99, used the space to urge the U.S. to ban crypto, as China and numerous other countries have already done. Munger wrote this:
“…A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity. Obviously, the U.S. should now enact a new federal law that prevents this from happening.”
But even after the FTX crypto exchange and Sam Bankman-Fried and his colleagues perpetrated one of the largest financial frauds in U.S. history, billionaire investors in crypto companies are still getting their way with far too many members of the U.S. Congress in exchange for fat political contributions.
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