Scammers exist in the world, from the past to present and future.

Scammers can use many available tools in society to scam others. They can use tulip bulbs, stocks (Enron), Internet (e-commerce 20 years ago), cryptocurrency in the last 10 years.

Some scammers can try to compromise the advance and attraction of blockchain technology and cryptocurrency to run their Ponzi scam. Like Onecoin which does not have its blockchain. It is actually not a cryptocurrency but many victims believed in Onecoin and believed that it is built on a blockchain.

Ponzi will exist in society and if a scam team like Sam Bankman-Fried team did not use cryptocurrency, FTT and FTX, Alameda to scam others, they will use other tools which can be stocks, real estates or whatever.

Cryptocurrency can not be stopped! according to Senator Toomey and I agree with him.

Manhattan U.S. Attorney Announces Charges Against Leaders Of “OneCoin,” A Multibillion-Dollar Pyramid Scheme Involving The Sale Of A Fraudulent Cryptocurrency

Senate FTX hearing: calls for regulation and crypto criticisms aplenty

Of course, but these people are in a committee meeting on regulation of the entire industry. That would be much different then a rebuttal between a teacher and politician because that is just casual conversation and not where they can put laws into place where it shapes where things go from here for anyone who even touches a satoshi when it comes to taxes and your finances.

This actor even says he is in an industry where he is paid to lie for a living.
So take that as you will.

It is always disastrous to fall into the snare of critics and enemies. FTX has given critics the floor to dance. Even people that do not know anything about the crypto industry would become instant Professors in the field. Ben McKenzie's statement is a baseless fallacy and this clown shouldn't be taken seriously.

Although I felt that the use of celebrities by exchanges and other crypto firms to advertise their services helps in bitcoin awareness and promotion. But one of the biggest challenges of using these celebrities is that the can also be used by anti-government forces to discredit the sector. All these investigations and hearings are just pointing in one direction: Regulation.

"golden" age of fraud

hmm he is about 300 years out of date with that title
he forgets the fiat age of fraud last 100 years
and now the digital age of fraud

yes frauds happen. but thats at the business level of business owners scamming people into their business schemes

the underlying asset has no brain or arm or leg or mouth to scam people.
bitcoin does not set up a business.

there is a massive difference between bitcoin, the real intrinsic value asset. vs FTT a company created token

its as if he is trying to say, and compare all company shares are ponzi because maddoff sold shares in a ponzi business, thus shares are ponzi

yes bitcoin is an asset/security
yes bitcoin can be transacted/ownership transfered thus it is a currency. however he does not understand that many things are a currency. he mixes up "common money" descriptor vs currency descriptor

yes bitcoin is not main stream common money.
but it does not mean that its a ponzi and does not mean its not a currency

bitcoin has utility function and underlying costs.
its not stored in some business where investors of old are paid interest via investors of new. where there is no other function/utility bar "robbing peter to pay paul"(ponzi)
showing he does not even understand how ponzi's work

bitcoin as a economic currency system is a simple ownership swap. much the same as shares and commodities and assets.
the price:cost of the swap has different markets and methods of acquisition and transfer. where some businesses do so at a premium or sometimes in 1% of cases maliciously steal from customers of their business

he has failed to recognise the difference between a business failure vs bitcoins success.

Yeah, bet he was practising in front of the mirror for a long time, but it's easy to preach to the choir, and that's more or less what he was doing.

One thing I do feel, though, these hearings at least get the popular opinion out there and provide the grounds for myth-busting and disproving, which is what Bitcoin (unfortunately or not) has been steadily doing.

Once you win people over, the converts are more useful than those who bought in from the start (I'm a convert, so I have no qualms in saying this).

The collapse of 1907 shows this to be the truth as it was capitalized in the last video I posted at the very end:

And that is your prerogative as so many others will take this avenue.
I am sure.
People don't like bad actors and Ben McKenzie certainly falls into this category. And I doubt anyone would disagree with this statement here as he is against all cryptocurrency including bitcoin with the publication of his book against it months before the collapse of FTX.
Now he is singing it's praises for foretelling of it's demise as a whole.
Which is far from the truth.

It will strengthen bitcoin in the coming months as I see it.

Meanwhile, all these books be like: bitcoin does not have intrinsic value! It consumes irrational amounts of energy! It's a ponzi! It's a national attack!

Please, either steal my lightning sats (since it's a weak, unsafe, fractional reserve based system) or: STFU.

And just like that -- the media has turned all public legitimate bitcoin and cryptocurrency proponents into fraudsters to the layman eye once again, but this time with FTX and market decline as precedent. They are very good at attacking the space. I wonder how long it will last this time before the economic attributes hard-coded into bitcoin prevail and new highs invalidate the attacks. My guess is 2024.

The worst part is that people will take this attack seriously even though it was made by someone who's profession is to be a fake. Acting is the worst form of fraud.

black hat your the freak of nature calling bitcoin a scam
while YOU hypocrtically and ironically spend endless posts in many topics promoting a system that has no blockchain no consensus and no underlying value(no monetary security). promoting a network that phishes an established payment systems brand(lln 2017 vs bitcoin 2009 thus LN is not bitcoin). and also promoting a network that is easy to enter with funds in an hour. but harder to escape taking more time and delays(to avoid threats) and threats of losing value if you do exit

you are the one that does not understand much and are just hyping up a crap network where you get upset when your called out on it

now go back to your cave instead of thinking i should only talk in one topic

if you want to call bitcoin a scam. im gonna call you out on it and also highlight your own ironic hypocrisy no matter where i see you and your buddies doing their manipulative crap

i know you hate having your crap network(LN) called out on, but your crap network has more flaws than bitcoin so its you that has to stop trying to call bitcoin a scam. and start to realise its your favoured network(LN) thats the scam
LN is brand stealing "bitcoin" but it is not even bitcoin.. YOUR buddies are phishing
LN can break its value IOU promise in many ways.. thus easier to scam on LN compared to bitcoin

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my view is crypto is a multi economical industry with thousands of currencies and all of different types. where native blockchains owned by no party are superior than ICO premined blockchains
where native blockchains owned by no party are superior than sub networks that have no blockchains

where each blockchain based currency has its own ranking(high). as do the subnetworks of non blockchain stupidity(low)

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ok i wasnt going to do it.. but lets do it

a ponzi is a easy enter, hard to leave system, where people cant just trade out. or sell out as easy as they bought in

where people are not changing ownership of an asset. but instead having a trail of people appearing as they are getting paid by the person before them(on a route)

hmm wonder if that sounds more like some silly subnetwork blackhat doesnt want talked about
i wonder why he doesnt want that network discussed. yet he easily wants to put bitcoin into a scam category.

Ooh, I wouldn't go to Gotham City then. Crypto payments must be banned there. So better to not attempt one or you'll be Bat-slapped  

But seriously though, is he just saying this because Sam pulled a fast one on everyone?