DanielaDec 1, 2022
Robert Reich

Out of control speculation led to the Great Crash of 1929.

Wall Street deregulation led to the financial crisis of 2008.

Crypto delusion led to the crypto crash in 2022.

The worst is yet to come — just look at FTX.

All Ponzi schemes topple eventually. Crypto is no different.

Nov 23, 2022 at 7:35pmWeb
Show threadBc Clarity Carlton-MartinNov 23, 2022
@rbreich Is anyone doing B. (sic) madoff proper credit for making pyramid/Ponzis so pervasive we all get in on it? #AllyAllyInIsFree #HideAndSeek #NoSECSeeMe #cayman #Enron 1-2-3 #Poetic No#Justice For U Or Me
Show threadAJNov 23, 2022
@rbreich
Show threadHenryHill1Nov 23, 2022
@rbreich tesla.
Show threadLeigh SmithNov 23, 2022
@rbreich Other notable bubbles, the DotCom crash of 2001, supporting Prof Richard D. Wolff’s proposition that capitalism has a ~7-10 year cycle between boom -> bust.
Show threadJoyographicNov 23, 2022
@rbreich The fossil fuel economy is the biggest Ponzi scheme of all
Show threadPeter NobelsNov 23, 2022
@rbreich it not crypto’s fault. It’s some crypto-companies’ fault!
Show threadBroNov 23, 2022
@nobelspe @rbreich can't sur separate the two anymore
Show threadEric LundquistNov 23, 2022
@rbreich exactly ask most GAs on this forum how much bored monkey should be worth
Show threadSir LoinstakeNov 23, 2022
@rbreich capitalist growth is also a ponzi scheme and growth is finite when there are limited resources
Show threadMark potterNov 23, 2022
@rbreich So ... you don't think periodic crashes are an inevitable consequence of our economic fundamentals, but due to a series of mistakes which could have been avoided?
Show threadStu Duerson, machina exo deusNov 23, 2022

@rbreich Monetary instruments need an underwriting authority that can persist into the future. Normally, it's the function of a nation. Crypto may have had a value for the work that went in to creating it (bitcoin), but that does not carry future value. So yes, crypto as currency is a pure scam. And its pump and dump promotion makes it a ponzi.

Crypto is being propped up by a quasi-religious fervor, at the rate of one sucker born every minute.

Show threadZelmo ZiggyNov 23, 2022
@rbreich From what I read, the crypto community is largely self-contained, and crypto is not per se a Ponzi scheme (although there can be Ponzi schemes based on crypto just as with any other investment).
Show threadChrisNov 23, 2022
@rbreich glad I thought it would be too much work to understand from the beginning. Won’t be losing any sleep here.
Show threadSibachianNov 23, 2022
@rbreich only centralized crypto such as what just happened with FTX is a problem, much like banks (and the antithesis of crypto). the only real difference here is that the banks got bailed out in 2008. but then again, the FTX guy has deep government ties, so maybe not so different after all.
Show threadStaco77Nov 23, 2022
@rbreich cryptos are contemporaneousTulip Bulb Market Bubble
Show threadEdwardNov 23, 2022
@rbreich crypto is pure scam, 100% Ponzi scheme
Show threadGordon1956Nov 23, 2022
@rbreich You may not be aware Robert but Canada has a major political party leader that was promoting crypto as the hedge against inflation. https://www.cbc.ca/news/politics/poilievre-bitcoin-policy-1.6399986
Show threadLeslieTFJNov 23, 2022
@rbreich I've never really understood crypto but the one thing that was pretty clear is it's a great way to launder money. If that's the case then it's both unethical and doomed to fail and I'm not going anywhere near it.
Show threadJonathan-FL 🇺🇸🇺🇦🇵🇸⚛️💙Nov 23, 2022
@LeslieTFJ @rbreich - exactly
Show threadMikeNov 23, 2022
@rbreich It’s no coincidence that all of those things happened at times of high inequality. Too much investment capital reduces returns on normal investments. People respond by making riskier bets.
Show threadDavidNov 24, 2022
@rbreich crypto (bitcoin and ethereum for instance) is supposed to be a means of payment not controlled by a central authority. Using it as a store of value over long periods of time is like hoarding a foreign currency. Risky. Investing in crypto is dumb, but ethereum and bitcoin aren't ponzi schemes.
Show threadFederation BotNov 24, 2022
@rbreich there are some exceptions, like Cardano and Ethereum, which are used to purchase Web3 labor and services in their respective blockchains. But like the vapor coins, they are teetering on the same house of cards.
Show threadHubbsNov 24, 2022
@rbreich The only appropriate thing to buy with cryptocurrency is tulip bulbs in 1636 Holland.
Show threadHunter PhillipNov 24, 2022
@rbreich laissez-faire got rebranded to trickle-down. Unsurprisingly, the outcomes remain the same.
Show threadReclusive LeftistNov 24, 2022
@rbreich
These delusions are essential to greedy capitalism, I think.
Show threadDonald Drumpf (Parody)Nov 26, 2022
@rbreich Like my business ventures.
Show threadStryderNov 28, 2022
@rbreich as long as people throw their money at random people that create new crypto currencies out of thin air, the Ponzi scheme will continue. I don’t want my tax dollars being spent on regulating it. Or bailing out the crypto industry and those that gamble with it. That would be just what was done in 2008. If you gamble to make huge profits, you should be on your own when you lose.