{"id":124265,"date":"2023-07-18T22:30:58","date_gmt":"2023-07-18T22:30:58","guid":{"rendered":"https:\/\/dripp.zone\/news\/actor-ben-mckenzie-says-crypto-is-like-a-ponzi-scheme-crypto-news\/"},"modified":"2023-07-18T22:31:00","modified_gmt":"2023-07-18T22:31:00","slug":"actor-ben-mckenzie-says-crypto-is-like-a-ponzi-scheme-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/actor-ben-mckenzie-says-crypto-is-like-a-ponzi-scheme-crypto-news\/","title":{"rendered":"Actor Ben McKenzie says crypto is like a &#8216;Ponzi scheme&#8217;\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/actionvance-n-2_KHgeAy0-unsplash-min-1-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/actionvance-n-2_KHgeAy0-unsplash-min-1-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/actionvance-n-2_KHgeAy0-unsplash-min-1-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/actionvance-n-2_KHgeAy0-unsplash-min-1-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture>                    <\/div>\n<ul>\n<li>McKenzie says cryptocurrencies resemble an MLM scheme.<\/li>\n<li>He calls for the need to better regulate and license this market.<\/li>\n<li>Bitcoin is currently up a whopping 80% versus the start of 2023.<\/li>\n<\/ul>\n<p>An 80% year-to-date rally in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin\/\">Bitcoin<\/a> is not enough to substantiate the legitimacy of cryptocurrencies for actor Ben McKenzie.<\/p>\n<h2>McKenzie dubs crypto an MLM scheme<\/h2>\n<p>McKenzie doesn&#8217;t see cryptocurrencies as financial assets per se.<\/p>\n<p>He views them more as a &#8220;story&#8221; that can be pushed out of existence if people stopped believing in them.  On CNBC&#8217;s<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/video\/2023\/07\/18\/cryptocurrency-closely-resembles-a-ponzi-scheme-or-multi-level-marketing-says-actor-ben-mckenzie.html\">Squawkbox<\/a>The actor who played James Gordon in &#8220;Gotham&#8221; said:<\/p>\n<blockquote>\n<p>Crypto resembles a Ponzi scheme or multi-level marketing scheme.  In MLMs, 99% of people lose and 1.0% profit.  In crypto, it&#8217;d be exchange owners, VC firms, people that issue the coins.<\/p>\n<\/blockquote>\n<p>Still, the US Securities &#038; Exchange Commission has recently received several applications including from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coindesk.com\/tech\/2023\/07\/03\/blackrock-bitcoin-etf-application-refiled-naming-coinbase-as-surveillance-sharing-partner\/\">BlackRock Inc<\/a> for a Spot Bitcoin ETF that signals institutional interest in BTC.<\/p>\n<h2>McKenzie says regulation will help<\/h2>\n<p>Last month, the regulator sued both Binance and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinjournal.net\/exchanges\/coinbase\/\">Coinbase Global Inc<\/a> for violating US securities laws.<\/p>\n<p>According to Ben McKenzie, greater regulation and more sophisticated licensing could indeed help turn crypto into a proper financial market.<\/p>\n<blockquote>\n<p>You&#8217;re talking about an unregulated, unlicensed market run through shell corps in the Caribbean.  Crypto has benefited from the gray area between how we classify securities and commodities.<\/p>\n<\/blockquote>\n<p>The veteran actor is even more bearish on cryptocurrencies other than Bitcoin as the latter is at least limited in terms of supply.  Also on Tuesday, Professor Carol Alexander of Sussex University said <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/07\/18\/bitcoin-btc-mid-year-update-market-experts-predict-prices-for-2023.html\">BTC could hit $50,000<\/a> by the end of 2023.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this post<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>McKenzie says cryptocurrencies resemble an MLM scheme. He calls for the need to better regulate and license this market. Bitcoin is currently up a whopping 80% versus the start of 2023. An 80% year-to-date rally in Bitcoin is not enough to substantiate the legitimacy of cryptocurrencies for actor Ben McKenzie. McKenzie dubs crypto an MLM [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":124266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-124265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/124265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=124265"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/124265\/revisions"}],"predecessor-version":[{"id":124267,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/124265\/revisions\/124267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/124266"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=124265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=124265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=124265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}