Howard Marks is an incredibly well respected investor, and this memo makes a lot of good points. That said, his underlying criticism of crypto boils down to th

Howard Marks is an incredibly well respected investor, and this memo makes a lot of good points. That said, his underlying criticism of crypto boils down to the usual ad hominem / appeal to authority kinds of attacks. I was hoping for a well reasoned critique, but there is far better criticism of the actual technology and economics on HN. But his point isn't just that crypto is junk, he assumes that his audience will take his word on that and devotes little effort to defending that position. What he is really doing is using crypto as an example of how overheated and risk-seeking the broader market is. Personally I think he's right about the market, including crypto prices. (Though I'm guessing that a growing number of people are hedging their portfolios with crypto speculation, and the jury is out on how the asset class will fare in a broad-based correction.) I think he's wrong on his dismissal of the technology and asset class.