About 20 minutes into his latest interview with Bloomberg, crypto’s favorite entrepreneur Sam Bankman-Fried said something revealing about the industry: Crypto is mostly a shell game.
“You know, where do you start? You start with a company that builds a box and in practice this box, they probably dress it up to look like a life-changing, you know, world-altering protocol that’s gonna replace all the big banks in 38 days or whatever. Maybe for now actually ignore what it does or pretend it does literally nothing. It’s just a box,” Bankman-Fried said.
Crypto, specifically “yield-farming,” or the generative process of turning tokens into more tokens, is filled with machines that print money, or grant voting rights over money printers or promise future returns through things like airdrops. You put a token into the “box,” you take some out, he said. And anyone can make their own box.
The exchange – prompted by a question from Bloomberg financial maven Matt Levine for a “sophisticated” explanation of yield-farming – went on for a bit longer. “Sophisticated investors” were mentioned, but the definition stayed pretty rudimentary. (“You’re just like, well, I’m in the Ponzi business, and it’s pretty good,” Levine said, summing up.)
L'IA : opportunité ou menace ? Les DSI de la finance s'interrogent Alors que l'intelligence…
Sécurité des identités : un pilier essentiel pour la conformité au règlement DORA dans le…
La transformation numérique du secteur financier n'a pas que du bon : elle augmente aussi…
Telegram envisage de quitter la France : le chiffrement de bout en bout au cœur…
L'intelligence artificielle (IA) révolutionne le paysage de la cybersécurité, mais pas toujours dans le bon…
TISAX® et ISO 27001 sont toutes deux des normes dédiées à la sécurité de l’information. Bien qu’elles aient…
This website uses cookies.