Testimonial during cryptocurrency hearing -Ben McKenzie Crypto is a ponzi scheme

[Furious 7]

Well this is the impact of FTX and indeed we can't blame the opinion of people who don't like this especially with the FTX damage some time ago making them even more enthusiastic about doing this as if this is proof that Crypto is a ponzi scheme.
But on the other hand, seeing from the narrative that was conveyed, don't we often hear that because that is an opinion that has always been floated over the last few years to corner Crypto but indeed I am not too surprised because this is their weapon apart from the reason for destroying the environment.

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[goldkingcoiner]

He wrote a book about his opinion of cryptocurrencies named Easy Money: Cryptocurrency, Casino Capitalism and the Golden Age of Fraud. beforehand and saw this very instance coming to the crypto industry as a whole sooner or later.

Your thoughts, because this is just day two and with the SEC suing these type of celebrities in the past also currently for endorsing these failed companies and projects. There are bound to be more just like Ben McKenzie coming into these proceedings and voice their thoughts about crypto economy.

Its a bit ironic that the actor warning everyone of financial fraud is using his current, outrageous PR, after having participated in said fraud, for selling a book that he wrote on said financial fraud. So basically he is using a scam to sell his book but is pretending like he is doing something heroic... Interesting.

He obviously only cares about selling his own book even if it means spreading home-brewed FUD. What an absolute tool.

I would recommend everyone not to listen to actors for advice on investments, economics or fintech.

[serjent05]

Cryptocurrency exchange company and other cryptocurrency scam company does not represent the cryptocurrency industry.  How can you say a cryptocurrency that is sold in an open market is a Ponzi scheme?  If you say that then you can then conclude that everything on the market is a Ponzi scheme.  It is as simple as that.

Not because cryptocurrency has a different approach that lots of these people do not understand and think that it is a scam.  I hate it when people think they know better when their accusation is only based on their opinion and biasedly pick examples to suit their explanation disregarding truth that can refute their stance.

[rdbase]

Ooh, I wouldn't go to Gotham City then. Crypto payments must be banned there. So better to not attempt one or you'll be Bat-slapped  

But seriously though, is he just saying this because Sam pulled a fast one on everyone?

Sam Bankman Fried did pull a fast one and many are saying he is still doing so.
The wallets which hold the funds which were transferred to the corporate entity are moving from ethereum and tether into bitcoin today.
Around a $1.25 million worth as the articles are widely available at every cryptocurrency news outlet are reporting on this story.
If he wasn't just sent to his parents residence on a bond, he wouldn't have internet access to be doing this, who else would have access to these funds other than the ceo of said corporate entity?

[rdbase]

Well this is the impact of FTX and indeed we can't blame the opinion of people who don't like this especially with the FTX damage some time ago making them even more enthusiastic about doing this as if this is proof that Crypto is a ponzi scheme.
But on the other hand, seeing from the narrative that was conveyed, don't we often hear that because that is an opinion that has always been floated over the last few years to corner Crypto but indeed I am not too surprised because this is their weapon apart from the reason for destroying the environment.

DCG is the owner of CoinDesk who were the media outlet in the cryptocurrency space to leak those documents which comprised the now defunct cryptocurrency exchange and caused the collapse of multiple corporations tied in with FTX.
I remember seeing a chart with these tie-ins and how they each played a role with the collapse.
Will have to do some R&D on it and comeback to display this evidence.

[rdbase]

All are now coming out to have their say to be in the spotlight for 5 minutes trying to sell more books due to the massive downturn in the markets lately.
"Crypto Is Like a Ponzi Scheme, Says Stephen Diehl" - on the bloomberg markets show
https://www.youtube.com/watch?v=0LchWV4RdTA

[BenCodie]

All are now coming out to have their say to be in the spotlight for 5 minutes trying to sell more books due to the massive downturn in the markets lately.
"Crypto Is Like a Ponzi Scheme, Says Stephen Diehl" - on the bloomberg markets show
https://www.youtube.com/watch?v=0LchWV4RdTA

...we cannot afford to gamble our planet's fate on pyramid schemes and dog memes

Seriously. Dog memes? If only people clearly understood that Dogecoin is proof that even a meme can be a better currency than fiat money...Let's also, as he suggests, gamble our planet's fate on the same people who have ruined tens of millions/billions of lives repeatedly in history. Very infuriating read, but if people can't see through the BS by now and still take what bloomberg/MSM publishes for 100% fact, then it is what it is.

[rdbase]

Ben McKenzie had really believed that bitcoin would go to zero that he used a quarter of a million of his own money to short it.
So this might be the catalyst of bringing it to the next level of seeking to be it's spear of destiny it seems.

https://twitter.com/mdudas/status/1680374060985856001

Also did I mention his father was on the former chief counsel of the CFTC & special legal counsel attorney advisor of the SEC so this could also by why he is so passionate to see its demise.
https://www.forbes.com/sites/digital-assets/2023/07/17/how-actor-ben-mckenzie-emerged-as-cryptos-unlikely-antagonist

[taufik123]

Ben McKenzie had really believed that bitcoin would go to zero that he used a quarter of a million of his own money to short it.
So this might be the catalyst of bringing it to the next level of seeking to be it's spear of destiny it seems.
https://talkimg.com/images/2023/07/19/ZbnTl.jpeg
https://twitter.com/mdudas/status/1680374060985856001

Also did I mention his father was on the former chief counsel of the CFTC & special legal counsel attorney advisor of the SEC so this could also by why he is so passionate to see its demise.
https://www.forbes.com/sites/digital-assets/2023/07/17/how-actor-ben-mckenzie-emerged-as-cryptos-unlikely-antagonist

There will always be people like Ben McKenzie who continue to oppose crypto or new-age technology.
But why equate it with Ponzi schemes and multi-level marketing?
Cryptocurrency is an ecosystem in which there are many other instruments and the main focus is Bitcoin.

Crypto is only a tool used for anything, whether it is a legal business, a Ponzi business, or another, Not referring to the cryptocurrency itself.
Like a dagger that can be used to cut an apple or used to hurt someone, it's more about who is using it.

Ben McKenzie may have been drilled with crypto hatred since his father is a former CFTC counsel & SEC legal counsel.
We know how the SEC currently performs on rulings and criticism for crypto and its platforms.

Ben McKenzie, seems to have gotten tired of being an actor and is focusing on fighting crypto to gain more exposure and become a businessman known for being controversial.

Expecting the death of Bitcoin and believing that it will happen.
But he doesn't realize how potential crypto has for the future.
We will always be at odds with crypto haters and will be limited by strong currents.

[bbc.reporter]

While I can't really blame people for making these kinds of statements because of the FTX debacle, it's always dumb over-generalization.

In the video, I hate how he looks so smug as if his opinions were something new and something so groundbreaking; because if anything, it's the common opinion.

This is only for publicity to create fear, uncertainty and doubt. Similar to what you said, this is not something new. The people behind this do it to push for their real agenda whatever they may be. It would not be very surprising if the agenda involves strict regulations on self hosted wallets, required reports on wallet to CEX transactions and a required income bracket rule where if you earn less than a certain amount per year, you are not allowed to trade in a CEX.

This will certainly make it very difficult for many exchanges like Binance to survive and make it easier for traditional finance to takeover as the leading cryptocoin exchangers of the cryptospace, similar to how they are the leading exchangers of forex.

[rdbase]

Well you just knew this was coming and he would be making the rounds on all mass media morning shows so to push his book.

https://www.msnbc.com/morning-joe/watch/crypto-s-winners-and-losers-ben-mckenzie-exposes-the-dark-side-of-cryptocurrency-188809285862

Saw the one from the CBS morning show yesterday where one the interviewers sounded as if he was defending bitcoin in an attempt to debunk what he was stating during this live show.

[bbc.reporter]

Saw the one from the CBS morning show yesterday where one the interviewers sounded as if he was defending bitcoin in an attempt to debunk what he was stating during this live show.

I would speculate that it is the Blackrock effect. There are presently powerful people from traditional finance who want to debunk the FUD because they have their ETF applications on uncle Gary's desk hehehe. Forbes is one of the news outlets that had a very noticeable change of stance on bitcoin. I reckon there will be more coming for the rest of this year.

[rdbase]

Saw the one from the CBS morning show yesterday where one the interviewers sounded as if he was defending bitcoin in an attempt to debunk what he was stating during this live show.

I would speculate that it is the Blackrock effect. There are presently powerful people from traditional finance who want to debunk the FUD because they have their ETF applications on uncle Gary's desk hehehe. Forbes is one of the news outlets that had a very noticeable change of stance on bitcoin. I reckon there will be more coming for the rest of this year.

I must agree on you there. Especially with a major well-known media outlet in the financial sector whom most of these traditional finance people get their news on these new and technological advanced markets from.
Now there is a term I heard most of these individuals are waiting to make it's debt so they can jump in head first: TradeFi