“Doing this only excuses the messaging that we have been seeing everywhere we
look … that crypto is an ‘investment’, or the future of money, or the
democratized version of finance that will finally give the average person a fair
shake.”
posted 10/5/2022 8:00pm ∞
“The less optimistic possibility is that financial engineering is all crypto can
do. It may make money transfers more efficient, maybe it makes collecting
royalties quicker and more transparent…. Those are all great, valid use
cases. But they are narrow in scope: they were already financial
transactions.”
“Tether’s Chinese investments and crypto-backed loans are potentially
significant. … [I]f those loans fail, even a small percentage of them, one
Tether would become worth less than $1. Any investors holding Tethers would
then have an incentive to redeem them; if others did it first, the money could
dry up. The bank run would be on.”
Zeke Faux ,
Anyone Seen Tether’s Billions?
(Bloomberg ,
October 7, 2021 )
posted 8/14/2022 8:00pm ∞
“Ironically, the Times reports that Crossover’s own employees so resented the
company’s intrusive monitoring of them (as they created and sold intrusive
monitoring tools) that Crossover hemorrhaged employees and struggled to hire
replacements. Eventually, Crossover had to turn off its most intrusive features
so that it could keep the employees needed to make and sell its bossware
product.”
posted 12/17/2022 3:19pm ∞
“They didn’t give a shit about journalism; they just wanted prime real estate
that they could develop. And news organizations had it in the form of buildings
in the middle of town. So financiers squeezed the news orgs until there was no
money to be squeezed and then they hung them out to dry.”
posted 12/7/2022 8:28pm ∞