The European Central Bank is too busy attacking Bitcoin to worry about the myriad of real scams perpetrated by con artists in the industry.
. Apple co-founder Steve Wozniak just won an appeal against YouTube and the use of his likeness in promoting cryptocurrency scams on the site. Crypto scammers are increasingly getting caught and held accountable for their actions. Cryptocurrency is mainstream, meaning mainstream attention to coins, tokens, or platforms that seem “too good to be true” is met with widespread awareness that they are, indeed, too good to be true.) — is only serving to push more people into criminals’ clutches.
The authors went on to complain about the supposed pollution created by Bitcoin mining without the appropriate context. Likewise, they neglected to mention that Bitcoin miners have significantly adjusted operations to renewable energy sources, while other blockchains have reduced energy consumption by nearly 100% by switching to proof of work .
Nobel Laureate Robert Shiller, known for his work on bubbles and market dynamics, argues that speculative bubbles do not just signify market irrationality but can also reflect a new technology. In other words, they are behaviors that reflect a market’s attempt to price a novel asset class. Again, this historical and comparative context was missing in Bindseil and Schaaf’s remarks.
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