Against the Rules with Michael Lewis On Background: Crypto Skeptic Proven Right
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May 16, 2023 Molly White, a renowned software engineer and fierce cryptocurrency critic, discusses her insightful perspective on the crypto landscape. She highlights her early recognition of hucksterism and fraud in the crypto rise, sparking her skepticism. Molly shares her journey from Wikipedia editing to advocating against crypto scams. The conversation delves into media portrayals of Sam Bankman-Fried and critiques the simplistic narratives surrounding him. Additionally, she explores the varied responses to cryptocurrency criticism, particularly the lack of female voices in the debate.
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Shifting Narratives of Bitcoin
- Bitcoin's narrative has constantly shifted to find a compelling purpose.
- It doesn't function well as a currency due to volatility and slow transaction speeds.
Early Bitcoin Experience
- Michael Lewis recounts a story about being introduced to Bitcoin in Palo Alto.
- The experience involved a difficult Bitcoin transaction at a coffee shop, highlighting the impracticality of Bitcoin as a currency.
Bitcoin's Transparency
- Bitcoin transactions are permanently recorded on a public ledger.
- This transparency makes Bitcoin unsuitable for illicit activities, contrary to early claims.