What’s really going to blow peoples minds is when they find out that traditional banks don’t have their money either.

When finance professionals can’t succinctly explain what Crypto is, and you must use old fashioned dollars to purchase them from a company based in the Bahamas or similar place, are we really surprised by its implosion? It’s the classic Ponzi scheme.  

unregulated dealers engaged in turf wars over exclusive rights to financial flows from zero or negative sum activities, which in many jurisdictions would be highly controlled or considered illegal. 

Beautifully put!

Cryptocurrencies are another attempt to create money from nothing while allowing spurious transactions to take place and maybe accelerating the concentration of wealth.
Not as cunning as credit rating agencies as promoters of predatory lending to highly corrupt governments.

This is a very shrewd and well written piece. The author makes a persuasive case.

Hi Binance