Saturday, October 7, 2023

#280 / The "Smart Set"


Many will recognize SBF, Sam Bankman-Fried, who is pictured above. Bankman-Fried is now on trial for fraud. I have, in many past blog postings, provided warnings about the essential unreality of cryptocurrency as an "investment opportunity." That is the "opportunity" that SBF provided to the gullible. Eight billion dollars in "investments" disappeared! 

If you'd like to see some of my past pronouncements on cryptocurrency, you can click right here for a partial inventory. That click will take you to a blog posting, from this past May, entitled, "My Advice: Don't Bite." 

No one has ever paid me for investment advice, but people do pay good money for The Wall Street Journal, and many of them do so because they are looking for information about what sort of investments might make them more wealthy. That is not, let me say, my personal motivation for subscribing. In its edition published on Friday, October 6, 2023, in a "Bookshelf" review by Barton Swaim, The Journal outlines exactly why cryptocurrency is not, and never was, and never will be (in my opinion) any kind of legitimate vehicle for investment. Swaim's "Bookshelf" column is entitled "Two Books On Crypto and the Smart Set."

Swaim's book review is worth reading, if The Journal's paywall will let you pass. The two books he reviews also seem to provide very good advice, and some interesting analysis. I will list them here: Number Go Up, by Zeke Faux, and Going Infinite, by Michael Lewis. You can, incidentally, read about the relationship that Lewis had with his subject, SBF, if you can penetrate The New York Times' paywall and get access to a profile of Lewis, "Michael Lewis Doesn't Do Villains."

If you already "get the picture," and don't need to read any more books or articles about crypto, you can just remember my advice. No books to buy. No charge to you: Don't Bite!

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