“Whatever else one can say that cryptocurrency has accomplished, it has been one of the greatest destroyers of wealth in the financial history of mankind.”
“hardly a day goes by that somebody doesn't ask me about investing in cryptocurrency because their financial advisor told them that they need "some exposure to cryptocurrencies". My response is always the same: They need to find another financial advisor” #CryptoSnakeOilAlert
crypto is starting to make that transition from a bad financial idea to an outright scam. Larger firms shying away hasn't stopped lesser ones from attracting investors who don't know what they are investing in but succumb to predictions of instant riches. #CryptoSnakeOilAlert
a goodly number of Bitcoin prognosticators are simply shilling and attempting to pump the price of Bitcoin up because they themselves are invested in cryptocurrency companies. This is where the scam comes in. #CryptoSnakeOilAlert
investors are being actively misled into investment that doesn't have a realistic chance of yielding the promised results. In the old days of securities regulation, this was known as selling "blue sky" and resulted in state securities laws of the same name. #CryptoSnakeOilAlert
Securities regulators have let the public down by not more actively regulating cryptocurrency, setting suitability guidelines for financial firms, and prosecuting the worst offenders including pundits who are nakedly shilling Bitcoin and related investments. #CryptoSnakeOilAlert
Bitcoin has become a giant pump-and-dump scheme that investors should be protected from as they would be protected from a penny-stock biotech company whose sole existence is a website, a closet with a phone and promise of someday obtaining valuable patents. #CryptoSnakeOilAlert
