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Bankman-Fried, Crypto and Victimless Crime

Once again in the news this week is the arrest in The Bahamas of Sam Bankman-Fried who is alternately described as an American entrepreneur, investor, and former billionaire. You could use the same description for our soon-to-be-indicted, former President Donald Trump. You could describe them both as crooks.

One difference, in Bankman-Fried's case he may be a crook, but it was victimless crime. He merely preyed on those who are stupid enough to try to profit from investments (ha, ha) in cryptocurrencies. Even though he was educated (?) at the Massachusetts Institute of Technology, he probably didn't fully understand that crypto is only intended for use by stupid people or crooks. He thought he was smart. He thought he was a Master of the Universe. He was just stupid.

Sure, much of what we hold against Trump could also be described as victimless crime. He is just a con-man. He has and continues to bilk his supporters (who like crypto investors also aren't really victims). But in Trump's case and in current and future indictments, he is/will be charged with crimes against the States of New York and Georgia, and the United States of America for inciting an insurrection and illegally attempting to tamper with elections, and the proceedings of Congress. Those are real offenses for which he should be held accountable.

Bankman-Fried's investment company has also filed for bankruptcy (sounds like Trump). Congress wants to investigate and try to get the crypto investors paid back. Once again Congress is regressing to political theater. There is no money to get back. It was long ago spent or reinvested in crypto. I repeat...there is no money to get back. It's all gone. What's to investigate. It will only show that this is political theater. Only crooks understand the concept of cryptocurrency. If there are members of Congress who claim that they personally understand crypto..the are almost by definition crooks.

There is nothing to understand folks. Cryptocurrency is a Ponzi Scheme. Stupid people get sucked in... Smart People don't.