Bonum Certa Men Certa

There is No Such Thing as 'Cryptocurrency' and Please Stop Referring to It as Cryptocurrency


Summary: A lot of reckless media, including the "journal of record" New York Times, helps a bunch of spammers and scammers hijack and distort words in order to promote theft

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).

Say what you will about the international/global banking system (yes, it is corrupt), but the alternative to it isn't some charlatans or frauds, boosted online by "bros" in social control media. "Get rich fast" schemes have long relied on misinformation, more so or especially relying on much-deserved distrust (alluding to "traditional" banks and governments). Having an alternative to something does not mean the alternative is better or safer. My above-mentioned friend was scammed by "cryptocurrency" charlatans through Microsoft's LinkeIn, which is social control media where corruption flourishes. No wonder, it's controlled by a company where scams are "business as usual" (Microsoft).

"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:

  1. Binance Reaches Deal With Government to Avert U.S. Shutdown
    The Securities and Exchange Commission agreed on a compromise with Binance that will keep the exchange open as it battles a fraud lawsuit.

  2. House testimony by crypto firm Prometheum CEO€ raises questions about regulation
    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.

  3. Francis Suarez, Miami Mayor, Is Running for President: What to Know
    Mr. Suarez, who is entering the Republican presidential race, is a cryptocurrency enthusiast who holds a largely ceremonial job as mayor of Miami.

  4. He Went After Crypto Companies. Then Someone Came After Him.
    Kyle Roche was a rising star in the field of cryptocurrency law — until his career imploded. Who orchestrated his downfall?

  5. 2023-06-12 [Older] Geoserver Attack Details: More Cryptominers against Unconfigured WebApps, (Mon, Jun 12th)
  6. Ouroboros LLMs and their impending entropy problem

    More to the point though, as any cryptographer will tell you, this reduction entropy is a disaster if your model requires original thought.

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