[cgbg]

Good post.

I spent most of my career underwriting commercial mortgages—and in my view bitcoin is useless as an “asset”.

It was my job to figure out who was lying and/or trying to “fake it until you make it”.

“Bitcoin” as currently implemented has scam written all over it. Those who push it are either scammers or clueless.

[Rockingham]

There is a germ of a good idea in crypto -- lowering transaction costs and providing privacy. Without the backing of hard assets though, most cryptos have the persistent odor of a scam.

Over the years, I developed a lot of respect for human lie detectors I came to know: cops, judges, trial lawyers, auditors, bank examiners, forensic accountants -- and commercial mortgage underwriters.