Here's my take on crypto: 1. Despite any theoretical applications, all applications of crypto thus far have been to bypass laws. Some of these might be moral (

Here's my take on crypto: 1. Despite any theoretical applications, all applications of crypto thus far have been to bypass laws. Some of these might be moral (eg avoiding currency controls in some countries like Venezuela) but mostly it's just illegal stuff; 2. No one is really interested in applications. They're "hodling" [sic] because of Bitcoin FOMO. They want in on the next Bitcoin. 3. Scams and rug pulls are rife in crypto. Taken with (2), this implies that people who think they're getting rich in crypto are only going to do so by scamming or rug pulling other people who will be left holding the bag; 4. Despite all the claims about verifiability, somehow the crypto space still needs strong government intervention to deter and prosecute scammers, criminals and thieves. That's another big L for the libertarians and goldbugs-turned-crypto-bros out there; 5. NFTs are the next level scam about crypto and really only exist to sell more crypto; 6. A lot of otherwise smart people have fooled themselves into thinking that their knowledge, skills and experience with some other area somehow magically translates into finance; 7. A whole bunch more snake oil salesmen are happy to sell others this lie; 8. The desire and desperation to get rich by many "hodlers" causes them to fool themselves into thinking there's any value in crypto; 9. Reversability of transactions and the ability to change the money supply volume are features not bugs; and 10. What underpins the US dollar is, ultimately, the full might of the US government and military as well as trust. Crypto too is ultimately still built on trust but has nothing else behind it. It actually seemed to me that Coinbase was the one company operating legitimately. I haven't read the complaint so I'm not sure how much merit the charges have. We shall see.