Is bitcoin like a giant garbage dumpster?

Kashkari elaborated: The bitcoin and cryptocurrency, it’s basically, it’s like a giant garbage dumpster. The reason that the dollar has value is because the U.S. government has a legal monopoly on producing the dollar. Minneapolis Federal Reserve President Neel Kashkari.

Do cryptocurrencies actually work?

Nick Weaver: “Cryptocurrencies don’t actually work as currency”; “they are deliberately incompatible with the rest of the financial system”; “Most merchants who accept cryptocurrency aren’t actually accepting cryptocurrency, they’re using a service that turns it into dollars”; “they are provably inferior to alternative payment mechanisms.”

Is cryptocurrency fake?

So Is Blockchain. Overwhelming evidence shows that the blockchain/cryptocurrency space is mostly fraudulent Note: Amy Castor and David Gerard provided extensive commentary, editorial help, and in some cases the actual words used in this piece. I have been writing about cryptocurrencies since at least 2013.

Is crypto a complete waste of time?

That is the only reason crypto was not a complete waste of time – but that time has passed. Subscribe to the City A.M. newsletter to have our top stories delivered directly to your inbox.