Thank you to @cnbctechcheck for having me on! I realize that "cryptocurrency is a gambling token and pyramid scheme" is a simplistic argument, but... pyramid schemes are not that complicated, and I think it's useful to say it on TV for all those intimidated by blockchain woo
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The one thing *all* pyramid schemes have in common is that when you put your money into it, you've convinced yourself that this time it's different. Look at the story crypto boosters tell and compare it to the reality. Trust your own eyes, and don't be intimidated by the tech!
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And if you want to gamble on cryptocurrency, have at it! There are certainly fortunes to be made or lost, just like at any casino, and I don't want to step between anyone and their tendies. Just remember you're gambling, and not investing.
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There's a final, institutional point around the cryptocurrency bubble. My point of view is not original in any way, huge numbers of tech people who understand the blockchain share it. But the investor class is wedded to cryptocurrency and will not brook criticism of it.
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I made gentle fun of Bitcoin last week and got myself publicly called an idiot and blocked by one of the most prominent investors in the valley. A lot of people in this industry can't afford to antagonize deep pockets, and you won't hear their honest opinion publicly expressed
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But don't mistake this tacit silence for affirmation that this technology is useful. Nobody tells Pharaoh that pyramid building is a poor use of everyone's time unless they live safely outside the kingdom
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Link to my CNBC segment for those who asked to see:https://www.youtube.com/watch?v=igOmWeHMunw&t=1s …
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well said. i'm gonna go dig up that email that asked me to pay more for pinboard
End of conversation
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We were having pub sunday lunches off the back of Bitcoin rises around 2014-15 or so at the Pembury https://www.theguardian.com/technology/shortcuts/2013/jun/23/britains-first-bitcoin-pub …, even Stephen gave it the heave-ho when transaction times got too high though!
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