Don’t worry about Matt being embarrassed by the near total collapse of the product he had been hawking, he got his money. No, those most deserving of ridicule should be all of those ‘more than mere cocky’ assholes that bought into this obvious pyramid scheme. Bitcoin and other make believe currencies have always been nothing more than a gamble. I could never really understand what underlying value exists in these non-existent ‘coins’. If you thought paper currency is/was a shaky proposition, what of a ‘currency’ that only exists in the notional world of cyber?
These currencies, BTW, are not a single product pyramid scheme, there is a whole world of gambling behind a vast array of ‘coins’ in this fantasy world. Here are a few of the valueless products available. Place your bets folks.
Bitcoin (BTC)
Terra (LUNA)
Avalanche (AVAX)
PancakeSwap (CAKE)
ThorChain (RUNE)
Dogecoin (DOGE)
FTX Token (FTT)
Cosmos (ATOM)
Ethereum (ETH)
Decentraland (MANA)
Ripple (XRP)
Solana (SOL)
Apecoin (APE)
WAVES
WhaleFin
Here are just a couple of charts that demonstrate the pain:
There are a whole lot of folk that got extremely rich working this scheme. All of those folk that set up the markets and sold the vapors to a population eager to see double (and sometime triple) digit returns are sitting pretty. As for the smucks left holding an empty bag here is a little free advice:: “a fool and his fortune. . . .”