Wolf of Wall St says crypto "biggest scam ever"

You don’t say, via the FT:

Jordan Belfort, the former penny-stock broker immortalised in the film, The Wolf of Wall Street, has dismissed the current craze for initial coin offerings as “the biggest scam ever” that is bound to “blow up in . . . people’s faces”. The warning comes after ICOs — which raise funds online by selling investors digital tokens in exchange for cryptocurrencies such as bitcoin and ethereum — have soared in popularity. So far this year, 202 ICOs have raised just over $3bn, according to Coinschedule.com, mostly for ventures promising to improve the experience of trading and investing in digital currencies.

No end in sight:

Nobody ever thinks that they are the greater fool.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

Wolf of Wall St says crypto “biggest scam ever”