Jeff John Roberts (disclosure: I know him from Fortune, where I am a regular contributor) has two interesting views on the state of cryptography in his Fortune Crypto newsletter. They promised something that all investors should worry about: the game.
The first involved a $1.26 million SEC fine against Kim Kardashian for promoting cryptocurrency on Instagram. Roberts called the agency's move a publicity stunt, "taking the unusual step of opening up in front of the market on Monday and teasing his video meant to mimic Kardashian's celebrity status."
He correctly noted that the SEC failed to detect Terra's collapse.
The SEC can certainly expand the scope to cover new areas, but cryptocurrencies are difficult to work with. They don't have the value you would expect from coins (note the wild fluctuations over time, with currency volatility often expressed in cents). There is no real property behind it, because it is simply an expression of faith, close to a religious belief in something invisible.
Roberts believes that SEC Chairman Gary Gensler is "preparing to become Treasury Secretary after Janet Yellen retires," he wrote. “This includes a senior lawyer who worked closely with Gensler at the SEC and told me this summer that he redoubled theater enforcement efforts to force Senator Elizabeth Warren, who shares President Joe Biden’s financial policies (sources added, Warren doesn't like him, and Gensler has no hope of fulfilling his dream.)
I don't know if this is ultimately true or not, although I see how politicians advance their work over the years, they take notes on their next career path.
This brings us to another book, the latest Fortune Crypto newsletter and article “Coinbase Movies: Documentary or Vanity Project?” base of the coin
If yes, then expectations are set.
"Someone close to Armstrong told me that one of his motivations was to avoid the fate of Mark Zuckerberg, who is defined in the popular imagination as a scumbag for his 2010 Oscar winner, The Social Network." writes Roberts. “In this case, Armstrong believes that the media has an insidious program to demonize tech managers and will never give him a proper shake, so he better tell his story first.”
Watching tech billionaires try to control the media and their stories to appear polite, educated, and smart is probably as old as tech innovation itself. But sure from the start of Apple
Also, I once had someone as a company founder when I was an employee of the company in the past, and I knew three CEOs, including the current founder. What people sometimes do to whitewash their reputation is shocking and laughable.
But when it comes to cryptocurrency marketing, you can't help but see government officials on the one hand and business leaders on the other. Senator Cynthia Lummis (R-WY) has publicly stated that she considers cryptocurrency, or at least bitcoin, to be “a great store of value.” Bitcoin itself lost 70% of its value on November 9, 2021. It's like saying that filters are big reservoirs for water.
As a result, many people in and around cryptocurrency, whether they are promoting it on social media like the manipulators who talked about penny stocks on old internet forums a few years ago, or warning and advising people to buy gold, have an agenda. day. . The best way to take care of yourself is to acknowledge this and remember that just because someone is telling you what you want to hear doesn't mean it's in your best interest.