I Told You So! Bitcoin Is A Scam

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(Last Updated On: February 26, 2022)

Ha! I told you so in a post dated from August 2018, 29, and went in great lengths about the so-called security of Bitcoin wallets in another post dated from September 2018, 10.

This Bitcoin-Bashing NYU Economist’s Senate Testimony confirms everything I said and goes way beyond in great details.

‘The mother of all scams’:
Nouriel Roubini rips apart cryptocurrency in Senate hearing

Below is a quick summary of Roubini’s Senate hearing held on October 2018, 11:

  • Crypto is a Bubble that has and will burst again
  • Crypto is not money, not scalable
  • Supply of crypto is massive. Bitcoin is deflationary
  • Unlike Bitcoin, central banks and fiat money provide financial stability
  • FinTech is a more promising hype that do not rely on Crypto
  • Crypto is not scalable
  • Decentralization is a myth: massive centralization and concentration of oligopolistic power and cartels among miners, exchanges,developers, wealth holders
  • Crypto is not secure
  • Crypto is not the internet nor will ever be
  • ICOs are not compliant securities when they aren’t outright scams
  • Massive manipulation: pump n dump, spoofing, wash trading, front running, exchanges conflicts of interest, tether scam and Ponzi Schemes
  • No Killer App in Crypto/Blockchain After A Decade: Only Ponzi Schemes
  • Blockchain is most overhyped technology ever
  • Enterprise DLT/Blockchain: All hype and no reality
  • Crypto is corrupt eco-system full of charlatans, con-men, self-interested insiders and scammers

Roubini’s Crypto Dictionary

“Sh*tcoin” isn’t the only word that Roubini felt obligated to define for the committee members, most of whom are likely not familiar with the colloquialisms of Crypto Twitter.

Indeed, he provided a veritable pocket-size dictionary of Crypto terms, though his definitions are somewhat different than you might find in the official CT lexicon.

Here are some standouts:

  • Crypto-land: “an eco-system of con artists, self-serving peddlers, scammers, carnival barkers, charlatans, and outright criminals.”
  • HODLers: “suckers who have hold on their collapsing cryptocurrencies even after they lost 90% of their value”
  • Lambos: “the crypto obsession with stealing investors’ money to buy luxury energy hogging cars”
  • Whales: “large early crypto billionaires who are stuck with their fake wealth after the suckers of retails investors – who bought into the FOMO of the peak 2017 bubbles – lost 90% of their investments; those suckers are also called BagHolders”

If it’s not sufficient to help you decide by yourself, below is my cherry on the cake: Bitcoin Mining Hardware aka ASIC Is Another Scam.

Thanks for reading!

Team Cook

Self-taught IT guy, and Communist slayer for the past 40 years. Who controls the information, controls the future.

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