2min chapter

"Moment of Zen"  cover image

The AI moment, AI vs crypto: a heated debate with Amjad Masad, Flo Crivello, and Nathan Labenz

"Moment of Zen"

CHAPTER

Cryptocurrency and the Ponzi Schemes

A lot of these web3tok tokenomics companies were like straight Ponzis. And people want to believe in it because it just sounds good, right? So ultimately what I think happened is Bitcoin was set back perhaps a decade by the Ponzis and by the crap and the high-tied preference shit that happened in the web3t community. Just for starters, there's one line in one of their white papers saying that we know there's a sustainability problem and working on it. But that's code word for it's a Ponzi. There's no, it's a closed system. It's just a blatant Ponzi," he says.

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