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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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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Aren't you basically just describing investing?
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At this point, yes. The asset bubble is so huge that capital has become entirely decoupled from productive investment. It's one of the factors driving the crypto bubble.
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One of the things that has been blowing my mind is that, as far as fundamentals go, Bitcoin is useless, but I can't deny that it's *acting* like the stock of a company with strong fundamentals: It takes a hit on negative news, then recovers as people buy in.
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Very similar to GameStop and other meme stocks!
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I agree with you.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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