“This cycle crypto is spending more than a third of all corporate super PAC spending. They are on track to spend more than $200 million, just that one industry. Just crypto.” – Ezra Levin, Indivisible co-founder
Ben McKenzie, author of New York Times bestseller Easy Money and maker of the documentary, Everyone is Lying to You for Money, is a guest on this Indivisible podcast. He provides a brief explainer of cryptocurrency in plain terms:
“You’ve heard of the term Blockchain technology. So Blockchain is just a ledger. It’s a way of storing information. In this case recording transactions. These are transactions where a person is sending crypto currency to another person.
All cryptocurrency itself is just the lines of code stored on these ledgers called blockchains. So there is no there there. It’s just lines of code. It’s uncorrelated with any real world asset of any kind and it’s not an actual currency that’s backed by the full faith and credit of the United States, in the case of the U.S. dollar or by other countries’ governments. So it is theoretically, a form of private money, meaning money that’s not issued by a government, but by a corporation. Or by an individual, in this case, Donald Trump – World Liberty Financial is his corporation. So it’s literal corporate money.
What’s important to understand about Blockchain is that it sucks. It’s really old and it’s not used by almost any other businesses outside of the cryptocurrency industry… The reason that companies don’t use it is that it’s 35 years old. It goes back to 1991. It’s not a new technology. It’s been around for a very long time… Blockchain is just not that useful. Part of the reason is that it’s slow. Bitcoin can only do 5 to 7 transactions a second. Visa can do 24,000. So, it doesn’t work very well. And this is a repetitive theme when it comes to crypto.
So to bullet point this – what is it? It’s based on old, bad technology. And number two, it’s not money that’s issued by the government, it’s a form of private money. And if private money meaning corporate money, seems like a good idea to you then okay. But for most people, that seems like a really bad idea for obvious reasons. We don’t want corporations having even more control over our daily lives and God forbid, our monetary system.” – Ben McKenzie








