Cryptocurrency critic Molly White discussed the recent fall of Bitcoin and other cryptocurrencies, the dangers of gambling on pension money, and her employment in a poisonous and sexist business. Genuine people cannot afford to throw away the money they are squandering.

It’s hard not to feel sorry for them and wish they hadn’t placed themselves in these situations in the first place. There are circumstances in which she admits to experiencing schadenfreude, most notably when the victim is very affluent and loses money they can afford to lose. She would say that she suffers schadenfreude in such instances. People learn to recognize entirely fraudulent initiatives, and then they remark, “Oh, that doesn’t look all that different from these other genuine programs.”

When she began to pay more attention to these issues, she saw a considerable discrepancy between what proponents of the technology said it was capable of and what was happening. When individuals participated in conventional financial markets and saw claims of 40 per cent annual returns, they would exclaim, “Oh, that’s a Ponzi scheme.” However, in the case of cryptocurrency, there are so many intriguing ideas that it appears individuals are willing to ignore the warning sign via unknown means.

Also read: Top 6 Crypto Experts Discuss The Future Of Cryptocurrency Investment

Numerous individuals anticipated bitcoin to be the future’s currency. Everyone will utilize it since it will completely revolutionize the financial system and society. In contrast, she saw several instances of similar endeavours falling short of expectations. There are sporadic instances such as this. The vast majority of the time, however, they serve as examples of existing system faults. For instance, the fact that individuals may send remittances to family members in sanctioned regimes demonstrates that sanctions hurt individuals even though their primary purpose is to exert pressure on governments. The venture investors will contend that the technology’s untapped potential is significant.

It is in their best interest to discuss it as if it were the next great thing, but she is unsure how seriously they hold this belief. In addition, it is difficult to dispute that crypto-based enterprises may create significant revenues. Instead of waiting ten years to evaluate the profitability of their investments, successful investors will enter and exit the market immediately. Many individuals believe that the economic downturn will sort out those who are just interested in getting money quickly and have no enthusiasm for technology. They believe the financial crisis will have this consequence. Even if this is true, it will not alter the reality that she does not see much promise in that area. She anticipated fewer individuals engaging in fraudulent activity now that they cannot acquire as much money by deceiving others.

However, she has not yet seen a substantial difference in this regard. She believes that the failure of several projects and the price decline have had a significant impact on those who made to think that bitcoin is an investment and that they would be able to obtain these tremendous returns, thus achieving financial independence. It is a serious concern because Bitcoin, Ethereum, and other huge cryptocurrencies consume absurd energy for something that produces little value. This is a situation that requires immediate attention.

In addition, she attempts to avoid exaggeration while responding to my remarks. People react to her overemphasis on environmental problems by asking, “Well, well, how can we address the environmental aspect of it?” and then maintaining all other aspects. Many believe she does not have a degree in computer technology and is not technically proficient. There is often a significant gender gap across the whole technology business. Therefore, it does not surprise her that most early Bitcoin adopters were guys.

On the other hand, the ecosystem, particularly in recent years, has developed a culture with a very high toxicity level and a significant degree of sexism. It is thus natural for women to question why they should engage in such activities. It’s unfortunate when people say, “Oh, she’s just the diversity hire, she can’t write code,” but it shouldn’t be a surprise coming from organizations with many misogynists.