Scammed with cryptocurrencies
I used to think speculating with cryptocurrencies was unwise, because those things have no underlying asset and don't yield any returns. They are unsuitable as a means of payment, provide pointless energy consumption and are far too volatile to be taken seriously as potting tools. The only reason to buy a bitcoin, ethereum, or dogecoin is because someone may want to pay even more for it later. A classic bubble.
Not everyone agreed with my verdict. The crypto speculators themselves, in particular, often took the time to explain to me in clear terms that I was just a little bit wrong. It turns out that now. I was wrong. Because crypto is not a bubble. It's a scam and a scam. A scam of historic proportions. The bankruptcy of crypto exchange FTX proves that.
Investor assets were used to speculate, investment funds were 'backed' with self-printed fake money, there were backdoors in accounting. Billions in investment have disappeared, writes Reuters news agency.
Is FTX the exception? Are other crypto exchanges doing well? Anyone who still believes that is ripe for another round of scams.Mathijs Bouman
