Topic: Testimonial during cryptocurrency hearing -Ben McKenzie Crypto is a ponzi scheme (Read 356 times)

I must agree on you there. Especially with a major well-known media outlet in the financial sector whom most of these traditional finance people get their news on these new and technological advanced markets from.
Now there is a term I heard most of these individuals are waiting to make it's debt so they can jump in head first: TradeFi

I would speculate that it is the Blackrock effect. There are presently powerful people from traditional finance who want to debunk the FUD because they have their ETF applications on uncle Gary's desk hehehe. Forbes is one of the news outlets that had a very noticeable change of stance on bitcoin. I reckon there will be more coming for the rest of this year.

Well you just knew this was coming and he would be making the rounds on all mass media morning shows so to push his book.

https://www.msnbc.com/morning-joe/watch/crypto-s-winners-and-losers-ben-mckenzie-exposes-the-dark-side-of-cryptocurrency-188809285862

Saw the one from the CBS morning show yesterday where one the interviewers sounded as if he was defending bitcoin in an attempt to debunk what he was stating during this live show.

This is only for publicity to create fear, uncertainty and doubt. Similar to what you said, this is not something new. The people behind this do it to push for their real agenda whatever they may be. It would not be very surprising if the agenda involves strict regulations on self hosted wallets, required reports on wallet to CEX transactions and a required income bracket rule where if you earn less than a certain amount per year, you are not allowed to trade in a CEX.

This will certainly make it very difficult for many exchanges like Binance to survive and make it easier for traditional finance to takeover as the leading cryptocoin exchangers of the cryptospace, similar to how they are the leading exchangers of forex.

There will always be people like Ben McKenzie who continue to oppose crypto or new-age technology.
But why equate it with Ponzi schemes and multi-level marketing?
Cryptocurrency is an ecosystem in which there are many other instruments and the main focus is Bitcoin.

Crypto is only a tool used for anything, whether it is a legal business, a Ponzi business, or another, Not referring to the cryptocurrency itself.
Like a dagger that can be used to cut an apple or used to hurt someone, it's more about who is using it.

Ben McKenzie may have been drilled with crypto hatred since his father is a former CFTC counsel & SEC legal counsel.
We know how the SEC currently performs on rulings and criticism for crypto and its platforms.

Ben McKenzie, seems to have gotten tired of being an actor and is focusing on fighting crypto to gain more exposure and become a businessman known for being controversial.

Expecting the death of Bitcoin and believing that it will happen.
But he doesn't realize how potential crypto has for the future.
We will always be at odds with crypto haters and will be limited by strong currents.

Ben McKenzie had really believed that bitcoin would go to zero that he used a quarter of a million of his own money to short it.
So this might be the catalyst of bringing it to the next level of seeking to be it's spear of destiny it seems.

https://twitter.com/mdudas/status/1680374060985856001

Also did I mention his father was on the former chief counsel of the CFTC & special legal counsel attorney advisor of the SEC so this could also by why he is so passionate to see its demise.
https://www.forbes.com/sites/digital-assets/2023/07/17/how-actor-ben-mckenzie-emerged-as-cryptos-unlikely-antagonist

Seriously. Dog memes? If only people clearly understood that Dogecoin is proof that even a meme can be a better currency than fiat money...Let's also, as he suggests, gamble our planet's fate on the same people who have ruined tens of millions/billions of lives repeatedly in history. Very infuriating read, but if people can't see through the BS by now and still take what bloomberg/MSM publishes for 100% fact, then it is what it is.

All are now coming out to have their say to be in the spotlight for 5 minutes trying to sell more books due to the massive downturn in the markets lately.
"Crypto Is Like a Ponzi Scheme, Says Stephen Diehl" - on the bloomberg markets show
https://www.youtube.com/watch?v=0LchWV4RdTA

DCG is the owner of CoinDesk who were the media outlet in the cryptocurrency space to leak those documents which comprised the now defunct cryptocurrency exchange and caused the collapse of multiple corporations tied in with FTX.
I remember seeing a chart with these tie-ins and how they each played a role with the collapse.
Will have to do some R&D on it and comeback to display this evidence.

Sam Bankman Fried did pull a fast one and many are saying he is still doing so.
The wallets which hold the funds which were transferred to the corporate entity are moving from ethereum and tether into bitcoin today.
Around a $1.25 million worth as the articles are widely available at every cryptocurrency news outlet are reporting on this story.
If he wasn't just sent to his parents residence on a bond, he wouldn't have internet access to be doing this, who else would have access to these funds other than the ceo of said corporate entity?

Cryptocurrency exchange company and other cryptocurrency scam company does not represent the cryptocurrency industry.  How can you say a cryptocurrency that is sold in an open market is a Ponzi scheme?  If you say that then you can then conclude that everything on the market is a Ponzi scheme.  It is as simple as that.

Not because cryptocurrency has a different approach that lots of these people do not understand and think that it is a scam.  I hate it when people think they know better when their accusation is only based on their opinion and biasedly pick examples to suit their explanation disregarding truth that can refute their stance.

Its a bit ironic that the actor warning everyone of financial fraud is using his current, outrageous PR, after having participated in said fraud, for selling a book that he wrote on said financial fraud. So basically he is using a scam to sell his book but is pretending like he is doing something heroic... Interesting.

He obviously only cares about selling his own book even if it means spreading home-brewed FUD. What an absolute tool.

I would recommend everyone not to listen to actors for advice on investments, economics or fintech.

Well this is the impact of FTX and indeed we can't blame the opinion of people who don't like this especially with the FTX damage some time ago making them even more enthusiastic about doing this as if this is proof that Crypto is a ponzi scheme.
But on the other hand, seeing from the narrative that was conveyed, don't we often hear that because that is an opinion that has always been floated over the last few years to corner Crypto but indeed I am not too surprised because this is their weapon apart from the reason for destroying the environment.

Ooh, I wouldn't go to Gotham City then. Crypto payments must be banned there. So better to not attempt one or you'll be Bat-slapped  

But seriously though, is he just saying this because Sam pulled a fast one on everyone?

Congrats for misinterpreting my point for the billionth time.

black hat your the freak of nature calling bitcoin a scam
while YOU hypocrtically and ironically spend endless posts in many topics promoting a system that has no blockchain no consensus and no underlying value(no monetary security). promoting a network that phishes an established payment systems brand(lln 2017 vs bitcoin 2009 thus LN is not bitcoin). and also promoting a network that is easy to enter with funds in an hour. but harder to escape taking more time and delays(to avoid threats) and threats of losing value if you do exit

you are the one that does not understand much and are just hyping up a crap network where you get upset when your called out on it

now go back to your cave instead of thinking i should only talk in one topic

if you want to call bitcoin a scam. im gonna call you out on it and also highlight your own ironic hypocrisy no matter where i see you and your buddies doing their manipulative crap

i know you hate having your crap network(LN) called out on, but your crap network has more flaws than bitcoin so its you that has to stop trying to call bitcoin a scam. and start to realise its your favoured network(LN) thats the scam
LN is brand stealing "bitcoin" but it is not even bitcoin.. YOUR buddies are phishing
LN can break its value IOU promise in many ways.. thus easier to scam on LN compared to bitcoin

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my view is crypto is a multi economical industry with thousands of currencies and all of different types. where native blockchains owned by no party are superior than ICO premined blockchains
where native blockchains owned by no party are superior than sub networks that have no blockchains

where each blockchain based currency has its own ranking(high). as do the subnetworks of non blockchain stupidity(low)

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ok i wasnt going to do it.. but lets do it

a ponzi is a easy enter, hard to leave system, where people cant just trade out. or sell out as easy as they bought in

where people are not changing ownership of an asset. but instead having a trail of people appearing as they are getting paid by the person before them(on a route)

hmm wonder if that sounds more like some silly subnetwork blackhat doesnt want talked about
i wonder why he doesnt want that network discussed. yet he easily wants to put bitcoin into a scam category.

For God's sake, stop derailing every thread. You're unable to comprehend the lightning network. Fine, stop mentioning it, and go study it. Don't whine about it in the expense of this board, please. I mean, we've done this discussion like a million times. Grow up, or act childishly in your thread that is dedicated for your horseshit. Gosh.

And just like that -- the media has turned all public legitimate bitcoin and cryptocurrency proponents into fraudsters to the layman eye once again, but this time with FTX and market decline as precedent. They are very good at attacking the space. I wonder how long it will last this time before the economic attributes hard-coded into bitcoin prevail and new highs invalidate the attacks. My guess is 2024.

The worst part is that people will take this attack seriously even though it was made by someone who's profession is to be a fake. Acting is the worst form of fraud.

many wallets can change the peg.... YOU need to realise that, much like stable coins and luna have learned the hard way this year.. yep the peg is a risk to your network

many wallets can create msat balance without a funding lock... YOU need to realise that other tokens that just print money from nothing..yep its a risk to your network

and there is no network blockchain of rules. nor a consensus to stop that

yet bitcoin has a relay network that checks that a payment is using locked funds(utxo)
yet bitcoin has a relay network that checks that a payment is using proper value amounts in and out
yet bitcoin can account for every unit in existance right back to its coinbase reward creation

but hey if you want to treat all crypto as bad apart from your favoured network.. you go play in your dreams
....
my view is crypto is a multi economical industry with thousands of currencies and all of different types. where native blockchains owned by no party are superior than ICO premined blockchains
where native blockchains owned by no party are superior than sub networks that have no blockchains

where each blockchain based currency has its own ranking. as do the subnetworks of non blockchain stupidity

Meanwhile, all these books be like: bitcoin does not have intrinsic value! It consumes irrational amounts of energy! It's a ponzi! It's a national attack!

Please, either steal my lightning sats (since it's a weak, unsafe, fractional reserve based system) or: STFU.