THE scam that is "cryptocurrency" has cost my friend his life savings. He's in his 60s, a university professor. For nearly a year he was too shy to tell his friends what had happened. It was embarrassing. He fell for it. He should have asked friends. Earlier today a friend told me that "crypto" is cryptography, whereas cryptocurrency is a "scam + waste of electricity" (a sentiment with which I agree).
"Binance should be shredded to pieces and these pieces then be scattered into the deepest ocean."Earlier today we saw that the Securities and Exchange Commission (SEC) agreed to let Binance be [1]. We're not happy about this. Binance should be shredded to pieces and these pieces then be scattered into the deepest ocean. Banks in the US are collapsing and certainly more American banks will collapse by the end of the year. Binance might also collapse, just like FTX and the scam of Jim Zemlin's wife [1, 2, Jim 'FTX' Zemlin: “My Wife Who is a Successful Technology Executive and Harvard MBA [and Fraudster Facing Class Action Lawsuit for Securities Fraud] Really Had an Obvious Look of Disappointment... When I Told Her I Worked at a Non-Profit” [sic]].
When you allude to those "exchanges" as "crypto" you help perpetuate the lie that they are secure, even "safe". When you use the term "currency" you borrow credibility by insinuating that they're like physical coins, bartering etc. They're speculations at best. They're worse than lottery. So never refer to these as "cryptocurrency"; just call them... scams. You would not be wrong; it's only a matter of time before you're proven right.
"In many people's minds, the term "crypto" is hijacked to the point where cryptography is viewed as something risky, dangerous, illegal, even sinister/evil."Spam sites that take bribes in exchange for puff pieces continue to call these "crypto firms" [2], the "journal of record" called it "cryptocurrency" this past Friday [3] (even in the summary), and this same "journal of record" even said "Crypto Companies" in the headline earlier today [4]. We urge readers to contact these so-called 'newspapers' and ask them to quit doing this. Stop using the fake descriptions of Ponzi schemes. Charlatans and liars gain credibility each time the press uses their fictional vocabulary, which moreover misuses real words (here's a new example of "Cryptominers" [5]).
There are still examples of correct uses of terms, e.g. "cryptographer" yesterday [6], but those are becoming rarer over time. In many people's minds, the term "crypto" is hijacked to the point where cryptography is viewed as something risky, dangerous, illegal, even sinister/evil. ⬆
Related/contextual items from the news:
The Securities and Exchange Commission agreed on a compromise with Binance that will keep the exchange open as it battles a fraud lawsuit.
Recent testimony in front of the U.S. House by cryptocurrency firm Prometheum€ Inc. Chief Executive Aaron Kaplan has created a stir regarding regulatory clarity for digital assets.
Mr. Suarez, who is entering the Republican presidential race, is a cryptocurrency enthusiast who holds a largely ceremonial job as mayor of Miami.
Kyle Roche was a rising star in the field of cryptocurrency law — until his career imploded. Who orchestrated his downfall?
More to the point though, as any cryptographer will tell you, this reduction entropy is a disaster if your model requires original thought.