“You start with a company that builds a box,” founder of FTX said in the latest episode of Bloomberg’s Odd Lots podcast, and “maybe for now actually ignore what it does or pretend it does literally nothing … pour another $300 million in the box and you get a psych and then it goes to infinity … then everyone makes money.”
This week we witnessed the latest — and perhaps more striking — sign that crypto might not be the future of finance. On Tuesday, Sam Bankman-Fried, founder of FTX, a huge crypto exchange, opened a can of worms by describing “yield farming” — crypto’s makeshift alternative to traditional bank lending — as a Ponzi scheme.
All multi-level marketing cheerleaders emphasize the dreams, hopes, emotions and wishes, but not the product... in my view.
Amway, Mary Kay, Avon, Mona-Vi, Shackle, phone cards, time-shares, Doge Coins, and TV healers... if you only have faith ...
Just my lifetime of observation...
But that's all I have to offer, my opinion based on a lifetime of observation.
Edited by Rogerdodger, 28 April 2022 - 10:47 PM.