Crypto

How Actor Ben McKenzie Emerged As Crypto’s Unlikely Antagonist

Published

1 year ago

July 17, 2023

How Actor Ben McKenzie Emerged As Crypto’s Unlikely Antagonist

WASHINGTON, DC – DECEMBER 14: Ben McKenzie Schenkkan listens while testifying Senate Committee on … [+] Banking, Housing, and Urban Affairs hearing on cryptocurrency on Capitol Hill on Wednesday, Dec. 14, 2022 in Washington, DC. (Kent Nishimura / Los Angeles Times via Getty Images)

Los Angeles Times via Getty Images

Ben McKenzie, best known for his roles in popular television series like “The O.C.” and “Gotham,” is on a mission. His target? The complex world of cryptocurrency.

McKenzie’s foray into the world of crypto started during the early days of the pandemic. With TV production on hold and a lot of free time on his hands, he began reading about crypto out of curiosity. The more he learned, the more he grew suspicious. He saw similarities between the crypto craze and the economic bubbles of the past.

His background is in acting, not finance, although he does hold an economics degree. But in 2021, as crypto and NFTs had reached a fever pitch in the U.S. and across the globe, McKenzie saw an opportunity to leverage his fame and emerge as one of crypto’s most recognized critics.

Early Skepticism

A seasoned actor, he recognized the power of a compelling story. He concluded that crypto, much like a Hollywood blockbuster, was being sold on the strength of its narrative rather than its substance. McKenzie told CBS Mornings, “Crypto, at the end of the day, is just a story, or rather a collection of stories.” In McKenzie’s view, it was marketed as a way to build wealth and democratize finance, but he felt that these promises were empty.

McKenzie told The Guardian he reached somewhat of an epiphany while reading his daughter a bedtime story. The story was The Emperor’s New Clothes, and McKenzie said, “I’d forgotten that the tailor’s trick is to appeal to ego and status worship.” That is how McKenzie viewed crypto’s swift rise in 2021 and the aggressive advertising and marketing tactics fueling the surge.

McKenzie’s anti-crypto conviction led him to take a bold step. According to The Guardian, he essentially bet $250,000 that the crypto market would collapse. As it turned out, he was not necessarily wrong, but he miscalculated the timing, leading to a sizable loss he would have to explain to his wife.

“It was an expensive lesson. But it was a luxury that I had the money to speculate with. What makes me most angry is the selling of this junk to people who cannot afford to lose the real money they have, and the complicity of the people that did that,” said McKenzie.

Capitalizing On The Crypto Collapse

Armed with newfound knowledge and a sense of purpose, McKenzie started writing articles criticizing celebrities who endorsed crypto companies and warning the public about the risks of investing in digital currencies. His activism culminated in his testimony before the Senate banking committee in late 2022, a remarkable event in his unlikely career pivot.

WASHINGTON, DC – DECEMBER 14: (L-R) Hilary Allen of American University Washington College of Law, … [+] investor and television personality Kevin O’Leary, Director of Financial Regulation Studies at the Center for Monetary and Financial Alternatives of Cato Institute Jennifer Schulp, and actor and author Ben McKenzie Schenkkan testify during a hearing before Senate Banking, Housing, and Urban Affairs Committee at Dirksen Senate Office Building December 14, 2022 on Capitol Hill in Washington, DC. The committee held a hearing on “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers.” (Photo by Alex Wong/Getty Images)

Getty Images

“In my opinion, the cryptocurrency industry represents the largest Ponzi scheme in history. In fact, by the time the dust settles, crypto may well represent a fraud at least ten times bigger than Madoff. The fact that it has roped in tens of millions of Americans from all walks of life, as well as hundreds of millions of people worldwide, should be of concern to us all,” McKenzie testified.

He told CBS Mornings, “The reason that I used the word ‘Ponzie scheme’ in front of the Senate is that an investment scheme without value is a Ponzie scheme. I mean, that’s the definition, and Ponzie schemes are regulated by the Securities and Exchange Commission.”

From there, his momentum prompted him to co-author a book titled “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud” with journalist Jacob Silverman. The book is billed as a deep dive into the rise and fall of the cryptocurrency industry.

Kirkus Reviews calls the book “A well-reasoned, occasionally shrill critique of the crypto universe.” The review explains, “Writing with financial journalist Silverman, McKenzie charges that since crypto behaves like a security, and an unregulated one at that, its price ‘jumps up and down like a rabbit on amphetamines.’ Furthermore, the technology doesn’t scale well enough, it’s environmentally disastrous because it requires so much electricity to ‘mine,’ and it’s surrounded by ‘fraudsters’ and ‘con men.’”

While McKenzie’s crusade against crypto is far from over, his journey from Hollywood to the heart of the crypto world serves as a call to action for the crypto community to combat these negative narratives with honesty, transparency, and enhanced education around decentralized finance and crypto’s greater application to the world of finance.

“Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud” is set to publish on July 18.

Click to comment

Crypto

This Game Changing Cryptocurrency Could Reshape the Blockchain Landscape in 2025 – Brave New Coin

Published

3 hours ago

December 23, 2024

Press Room

This Game Changing Cryptocurrency Could Reshape the Blockchain Landscape in 2025 – Brave New Coin

Lightchain AI has emerged as a standout in the blockchain space, positioning itself as a force with its cutting-edge AI integration and ultra-efficient tokenomics.

Currently in presale at just $0.003, it has already drawn comparisons to established giants like revolutionary DOGE, with potential for significant growth. As Lightchain AI gears up to redefine decentralized technology, its innovative roadmap and growing community highlight it as a game-changer.

Learn more at lightchain.ai.

Understanding Blockchain Evolution

Blockchain technology has come a long way from its inception, evolving from a system focused primarily on cryptocurrencies to a broader platform for decentralized applications and smart contracts. This transformation has enabled a wide range of industries to leverage blockchain for transparency, security, and efficiency. However, as the blockchain industry expands, challenges like scalability, energy consumption, and usability remain prominent concerns.

In response to these challenges, new blockchain projects are emerging with innovative solutions. These projects focus on enhancing scalability, reducing energy requirements, and integrating advanced technologies like artificial intelligence (AI). This evolution is not just about improving existing systems but also about reimagining how blockchain can drive progress in industries such as finance, healthcare, and supply chain management.

Impact of AI on Blockchain Tokens

AI is rapidly transforming the blockchain landscape, offering new levels of intelligence and adaptability. By integrating AI, blockchain projects can automate complex tasks, enhance decision-making processes, and improve system security. These advancements make AI-driven blockchain tokens more versatile and appealing to investors and developers alike.

One of the most significant benefits of AI in blockchain is its ability to optimize transaction processes and predict market trends. This capability allows projects like Lightchain AI to stand out by offering smarter, more efficient systems. As AI becomes an essential component of blockchain innovation, tokens that incorporate these technologies are positioned to lead the industry forward.

Comparison of Rising Cryptocurrencies

When comparing emerging cryptocurrencies, Lightchain AI consistently ranks among the top contenders due to its innovative features and promising roadmap. Unlike Doge, which primarily gained attention through community-driven hype, Lightchain AI combines cutting-edge AI capabilities with efficient tokenomics, making it a practical and forward-thinking choice for investors.

Other rising tokens also bring unique features to the table, but few match the versatility and scalability of Lightchain AI. Its ability to seamlessly integrate AI-driven solutions while maintaining a low entry price sets it apart from the competition. This blend of innovation and affordability makes Lightchain AI a clear frontrunner in the race to reshape blockchain technology.

Key Features of Lightchain AI

Lightchain AI introduces several innovative features that distinguish it in the blockchain ecosystem. One such feature is the Memecoin Launchpad, an AI-driven platform that provides a secure environment for creators to develop and monetize meme-based cryptocurrencies. This launchpad enhances the creative economy by offering tools and support for the seamless creation and deployment of memecoins.

Another notable feature is the Transparent AI Framework, which ensures that all AI decision-making processes within the platform are auditable and explainable. This framework enhances trust and reliability by embedding accountability into the system, allowing users and developers to interact confidently with Lightchain AI’s technology.

Future of Lightchain AI in Blockchain Space

With its unique combination of advanced technology and strategic planning, Lightchain AI‘s future looks bright. The token’s ability to adapt to market needs while pushing the boundaries of blockchain innovation makes it a promising contender in the industry, while the growing demand for AI-driven blockchain solutions further solidifies Lightchain AI’s position as a market leader.

Lightchain AI’s presale success reflects its strong potential, with tokens available at just $0.003. This affordable pricing, combined with its innovative features, attracts a diverse range of investors. As the project gains momentum, its focus on scalability, efficiency, and AI integration will likely drive widespread adoption and long-term success.

https://lightchain.ai

https://lightchain.ai/lightchain-whitepaper.pdf

https://x.com/LightchainAI

https://t.me/LightchainProtocol

This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.

Crypto

[Analysis] “Cryptocurrency Holders Surge Over the Past Two Years”

Published

10 hours ago

December 22, 2024

Press Room

[Analysis] “Cryptocurrency Holders Surge Over the Past Two Years”

Image=Santiment

It has been observed that the number of cryptocurrency holders has surged over the past two years.

On the 23rd (local time), the on-chain analysis platform Santiment reported on X (formerly Twitter) that “the number of cryptocurrency holders has significantly increased over the past two years. The number of non-empty wallets for the top 4 cryptocurrencies by market capitalization has generally increased.”

Specifically, Bitcoin (BTC) has 54.7 million wallets (a 27% increase), Ethereum (ETH) 134.9 million wallets (a 47% increase), Tether (USDT) 657 million wallets (a 66% increase), and Ripple 575 million wallets (a 28% increase).

Crypto

Blockchain Revolution: How Cryptocurrency is Transforming Global Logistics – theafricalogistics.com

Published

18 hours ago

December 22, 2024

Press Room

Blockchain Revolution: How Cryptocurrency is Transforming Global Logistics – theafricalogistics.com

– Advertisement –

The global logistics industry is undergoing a seismic shift, driven by the integration of blockchain technology and cryptocurrency.

These innovations promise to enhance transparency, efficiency, and security across the supply chain. From tracking shipments to streamlining cross-border payments, the synergy between blockchain and cryptocurrency is setting new benchmarks for the logistics sector.

1. Blockchain’s Role in Logistics

Blockchain technology, essentially a decentralized ledger system, enables secure and transparent recording of transactions. For logistics, this translates into the ability to track goods in real-time, authenticate the origin of products, and mitigate fraud. Key benefits include:

Enhanced Traceability: Every transaction, from the manufacturing stage to delivery, is recorded on an immutable ledger. This ensures that stakeholders have a comprehensive view of the supply chain.
Reduced Paperwork: By digitizing documents such as bills of lading and certificates of origin, blockchain eliminates the inefficiencies of manual processes.
Improved Trust: Smart contracts, self-executing agreements coded on the blockchain, reduce disputes and enhance trust between parties.

2. Cryptocurrency in Cross-Border Transactions

Traditional cross-border payments in logistics are often marred by high fees, long processing times, and currency exchange risks. Cryptocurrencies, like Bitcoin and stablecoins, are addressing these challenges by:

Lowering Transaction Costs: Cryptocurrency transactions bypass intermediaries, significantly reducing fees.
Speeding Up Payments: Transactions settle in minutes, eliminating delays common with traditional banking systems.
Enhancing Financial Inclusion: For businesses in emerging markets, cryptocurrencies provide access to global trade without reliance on conventional banking infrastructure.

3. Use Cases Transforming the Sector

Several real-world applications highlight the impact of blockchain and cryptocurrency in logistics:

Walmart’s Blockchain Initiative: Walmart leverages blockchain to track the origin of produce, ensuring food safety and traceability within its supply chain.
Maersk’s TradeLens Platform: Developed in collaboration with IBM, TradeLens uses blockchain to digitize and streamline global shipping documentation, reducing inefficiencies.
Cryptocurrency-Powered Freight Payments: Startups like Slync.io enable shippers to pay carriers using digital currencies, enhancing payment speed and reliability.

4. Challenges to Adoption

Despite its potential, the adoption of blockchain and cryptocurrency in logistics is not without hurdles:

Regulatory Ambiguities: The legal status of cryptocurrencies varies across countries, complicating implementation.
Scalability Concerns: Processing thousands of transactions per second remains a challenge for blockchain networks.
Skill Gaps: The logistics workforce often lacks the technical expertise to deploy and manage blockchain systems.

5. The Road Ahead

The integration of blockchain and cryptocurrency in logistics is still in its nascent stages but holds immense promise.

Industry players are investing in pilot projects to explore scalability and operational viability. The convergence of these technologies with artificial intelligence and IoT will further revolutionize the sector, enabling predictive analytics, autonomous supply chains, and more.

Conclusion

Blockchain and cryptocurrency are not just buzzwords but transformative tools reshaping the logistics landscape.

By fostering transparency, reducing costs, and expediting processes, these technologies are addressing long-standing inefficiencies in the supply chain.

As adoption accelerates, businesses that embrace this revolution stand to gain a significant competitive edge in an increasingly digital and globalized economy.

Also Read

How cryptocurrency works: A step by step guide

Exploring the potential use cases of Pi Coins post-launch

– Advertisement –