Yet Another Crypto Disaster

Posted by Matt Birchler
— 1 min read

Ed Zitron: The Consequences of Silence

There are about a hundred different letters to the judge, many of them speaking of the fear and depression caused by having money that they desperately need to help keep their families fed locked up in Celsius’ coffers.

These stories are heartbreaking. For a movement that's supposedly all about not letting entities from blocking you from accessing your money, I sure see a lot of stories about this happening with crypto projects today.

Ed goes on to say what really gets me about cryptocurrencies (emphasis mine):

Despite growing out of the 2008 financial crisis, Bitcoin has led to the creation of a faster, leaner and crueler crisis of its own, an unregulated hellscape where the elites have found yet another way to get rich off of the backs of regular people’s money. Whatever “noble” goals Bitcoin and cryptocurrency allegedly has or had are irrelevant - cryptocurrency does not generate freedom, it does not democratize finance, it does not create wealth for the majority of people that interact with it, and it has - this is not a “might” - led to billions of dollars of regular people’s money getting burned so that wealthy people can extract liquidity from them.