David Gerard, vocal crypto critic and author of 'Attack of the 50-Foot Blockchain,' spoke to WIRED about why he thinks crypto is all a scam—and why that’s actually the key to its longevity.
cryptocurrencies have had a rough few weeks. Bitcoin and Ethereum have lost more than half their value since their peak last November, a slide that has outpaced the broader markets’ decline. Earlier this month, a so-called algorithmic stablecoin, Terra, which supposedly had a fixed value of $1, started. That’s because it was backed by another crypto token, Luna, which was also tanking.
WIRED: A lot of people in my Twitter bubble are gloating that crypto's finally dead—that this is, as I call it, the cryptocalypse. It reminds me of how, during the Trump presidency, every time Trump would have a new scandal, some people would be like, "All right, this time he's finally going down."It's a bit like that.
The Nasdaq, which is the heavily tech stock index, is down 28 percent since mid-November. And up until the Luna thing happened, Bitcoin was down 33 percent over the same time period, so a bit more than the Nasdaq, but not dramatically so. But now Bitcoin is down 47 percent. So it looks like it's both following the market and got a pretty significant extra kick down the slippery slope by the Luna meltdown.
A pile of crypto is not a pile of capital that you can develop or invest or whatever. It's just some stuff you can buy, sell, or hold. And early investors can only pay with money from later investors. There is no way “” because it's a game of winners and losers and the winners are the big guys, and the losers are the moms and dads and grandmothers and the young people who are desperate in their economic situation and looking for “one weird trick” they can have to win.
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