Ponzi Schemes Has Plagued The Crypto industry Said Palantir Co-Founder

After years of industry, the majority of crypto enterprises will ‘collapse.’ Palantir co-founder accused of Ponzi scheme.

More bitcoin enterprises will fail as a result of Ponzi scheme-style bankruptcy, but cryptocurrency will remain an important tool for worldwide exchange funds.

“Overall, I think you’re going to see most things fail. The ecosystem’s various crypto lenders, crypto tokens, and other components constituted a Ponzi scheme that made no sense whatsoever.” said Joe Lonsdale, an investor and Palantir co-founder.

Some corporations that have gone bankrupt “have had a lot of corruption,” according to Lonsdale, who only mentioned FTX. “Long term, there’s a nice component of crypto, but much of what we’ve seen in crypto over the last three, four, five years was a speculative bubble fuelled by cheap money and a lot of these Ponzi scams.”

Despite recent volatility in bitcoin markets, Lonsdale believes that crypto-based technology will continue to evolve. According to Lonsdale, the blockchain technology employed in cryptocurrencies allows funds to be transferred online without the use of traditional government or bank infrastructure, offering a new and vital way to move money globally.

“It makes sense to have more decentralized power and to have something like Bitcoin, it’s helped individuals get money out of Russia, Venezuela, and China. It allows more autonomy for the financial system from extremely bad-acting governments.” he remarked

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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