Sal’s sure looks that way. It’s copyrighted but he probably won’t see an infringement by quoting his last paragraphs. We came across his post via NC and agree with their take on Matt Levine. It should be kept in mind he is writing for Bloomberg. Here is the excerpt from Sal’s post and the whole is a must read.
“The ‘Crypto Story’ is a comprehensive tour de force and an excellent general overview of crypto’s past and present, however, its view on crypto’s future is at best naive, and at worst potentially harmful to the unaware. Despite all of Levine’s warnings, mockery, and colourful language, the failure to identify and highlight crypto disinformation puts those unfamiliar with the industry’s fundamental flaws at risk. Though I do not think Levine intended it, his portrayal of crypto as the early days of an innovative new technology could cause members of the public to invest money into an industry whose collapse is inevitable.
Far from being “The Only Crypto Story You Need”, Levine has authored what might be the most subtle example of mainstream journalism’s crypto credulity. This piece should not be consumed by the uninitiated in isolation, rather it should be paired with a hearty dose of more critical voices like Castor, Diehl, Gerard, and White. To those familiar with crypto’s landscape, whether skeptic or true believer, I very much recommend reading ‘The Crypto Story‘.
Unfortunately, Levine has drunk from the poison chalice of accepted crypto industry narratives and in so doing has fallen victim to useful delusions. Though there is hope, as I have begun to write these last sentences, the story of FTX’s spectacular meltdown has begun breaching the waters of social media and the tide of institutional momentum may finally be turning. Many journalists, politicians, and investors will soon be forced to confront reality by asking uncomfortable questions, and little room will be spared for convenient excuses.
Long after the last miner lay abandoned and the echoes of crypto punditry have become a scarlet letter, Levine’s Story will remain, a testament to folly and greed’s bitter ashes. Future pilgrims will come seeking answers about history’s greatest deception, and as they travel through its pages, The Crypto Story will serve as a reminder to ignore the whispers about the future of finance from the devil on our shoulder.”
Read the whole post.