The Cryptopocalypse

Recorded last week, out this morning.

“Cryptopocalypse.” Quite timely title for it, too:

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Listen to the whole thing.

3 Comments

  1. Just a few Nakamoto or Ponzimid scheme parallels with Crypto that I picked up in a FTC document from 20 years ago.

    “Pyramid schemes not only injure consumers. In many cases, they affect the daily operations of banks and taint the banking industry’s overall reputation for safety and soundness. Many pyramid promoters disparage the bank industry and promote their own program as a superior alternative to traditional banking and investment…At the height of his popularity, Charles Ponzi actually proclaimed that he would form a new banking system and divide profits equally between depositors and shareholders

    5. Beware of any plan that delays meeting its commitments while asking members to “keep the faith.(HODL)” Many pyramid schemes advertise that they are in the “pre-launch” stage, yet they never can and never do launch. By definition pyramid schemes can never fulfill their obligations to a majority of their participants. To survive, pyramids need to keep and attract as many members as possible. Thus, promoters try to appeal to a sense of community or solidarity, while chastising outsiders or skeptics.”

    https://www.ftc.gov/public-statements/1998/05/pyramid-schemes#N_34_

    Liked by 1 person

    1. Great find, Simon! Thank you.

      Like

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