bitcoin

Is Charlie Munger being sarcastic when he says America should ban crypto?

SatoshiNakanodo

This article, by Charlie Munger, seems very Bitcoin Maxi to me.

This quote:
>In the U.S. in recent years, privately owned companies have issued thousands of new cryptocurrencies, large and small.

Is clearly referring to the many small crypto token projects out there. And yeah, lots of the effort put into these are and will become wasted productivity. As already referred to as in the reply by @kr. But liberty allows for that kind of experimentation, his banning argument is overstepping the line in my opinion.

He also seems to refer to "Pump & Dump"-Schemes
>In some cases, a big block of cryptocurrency has been sold to a promoter for almost nothing, after which the public buys in at much higher prices without fully understanding the pre-dilution in favor of the promoter. 



I think he is right in his analysis of the situation about both productivity loss and the fraudulent trickery of "pump and dump schemes". But banning a whole innovative industry, isn't the way to go for a free society.

I quite fancy that Mark Twain quote:
>“a mine is a hole in the ground with a liar on top.” 