So, I’m now doing some work for Protos because I love what they are doing by positioning themselves as informed and regular critics of the crypto industry. I may not necessarily agree with Bennett Tomlin and Cas Piancey who have a regular podcast called Crypto Critics, but they are indeed a breath of fresh air in an industry characterized by Ponzi schemes and frauds. Then there is also the position of critics like Concoda who argue that all of crypto is a Ponzi scheme.
I have a very idealistic view of Bitcoin and I equate it to digital gold, potentially becoming a monetary instrument by decentralised consensus. Gold too is like a pyramid scheme to me and I like it as well. The use cases for gold are minimal and most of its value is derived from institutions and people who hold it as a store of value similar to Bitcoin. Bitcoin has a use case for transferring money, mainly US Dollars without a middleman and serves as an excellent tool to acquire Dollars in places where Dollars are scarce such as Argentina, Turkey, Venezuela and other crisis-hit countries. This is not financial advice and I’m not a financial advisor, as always, etc… etc…
The crypto industry is relatively new and is also seriously averse to criticism. Critics of the crypto industry are also lacking because there isn’t a financial incentive to study its flaws and discuss them publicly. Predictably, most of the crypto exchanges and companies would prefer to fund crypto-related media which is friendly and lukewarm to the industry. The scams and the frauds in the industry are also high and lack of regulation has allowed unfettered nefarious activity by many rogue players. At the same time, well-informed investors have also been in a position to make money off naive investors thanks to the lack of regulation. I study one example of the latter with KlimaDAO which was funded by Mark Cuban. Mark Cuban made a profit by selling Klima tokens and accumulating other tokens from KlimaDAO as most of the retail investors saw their investment obliterated.
Ask yourself this question. Had KlimaDAO pitched its project to Shark Tank investors after its inception, and after its rug-pull took place, do you think Mark Cuban would have put his money in it?