Perhaps the conviction of #SamBankmanFried for #Fraud will allow more people to see #crypto as the #ponzischeme that it is.

But the lure of free money, as always, will encourage the foolish (and/or greedy) to continue to bet on crypto's financial gyrations.

The lesson that 'if something looks too good to be true, then it isn't' still applies to the idea that somehow you can get rich quick by dabbling in crypto.

There may be legitimate reasons for its use, but these were far from SBF's mind!

@ChrisMayLA6 the energy use of blockchain and crypto mining is not something to be ignored. Last year it was estimated to use more energy than Norway:

https://www.forbes.com/advisor/investing/cryptocurrency/bitcoins-energy-usage-explained/

Why Does Bitcoin Use So Much Energy?

When the enigmatic Satoshi Nakamoto minted the world’s first cryptocurrency in 2009, the plan was to create a decentralized payments platform that would revolutionize how we buy and sell everything. The point of Bitcoin, according to Nakamoto’s founding white paper, was to enable quick, borderles

Forbes Advisor
@ChrisMayLA6 the popular iteration of ‘AI’ is likely to be more of the same. A local charlatan was using LLM conjuring to try to deceive data scientists I know.