Ben McKenzieAmerican actor with serial passages gotham It is OC: A stranger in paradise, experienced a major turning point in his career. Recently, the Hollywood heartthrob has become an outspoken critic of cryptocurrencies, warning investors about the risks of digital assets.
In July he launched the book Making Money Easy: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraudthat offers insight into what he sees one of the greatest Ponzi schemes in history: the universe of cryptocurrencies.
The actor says that he did not come to this conclusion by chance. In 2020, when filming for his series was halted, McKenzie used the time to study the economics and workings of cryptocurrencies.
He graduated in economics from the University of Virginia and even took a 24-part online course on the subject taught by US Securities and Exchange Commission Chairman Gary Gensler.

After completing the course, he became convinced that many aspects of cryptocurrencies are more smoke and mirrors than tangible content.
McKenzie points out that many conspiratorial movements have an element of truth that draws people in. In the case of cryptocurrencies, this core is the justified criticism of our flawed financial and economic system. However, this logic is lost when utopian promises of quick wealth are sold.
For McKenzie, the power of cryptocurrencies lies in the marketing story. “If Bitcoin and cryptocurrencies don’t have a product, if there’s no real tangible asset behind it, then it’s really just marketing. It’s just a story.” he says.
Actor describes how celebrities used cryptocurrencies and NFTs to monetize their fans
McKenzie and his co-author Jacob Silverman also address the role of celebrities in promoting cryptocurrencies. High-profile actors and influencers have contributed to what McKenzie calls “busy culture” around technology.
In addition, he criticizes the “Hollywoodization” of the cryptocurrency world, where celebrities such as Matt Damon, Reese Witherspoon and Kim Kardashian are actively promoting cryptocurrencies and non-fungible tokens (NFTs).
While the actor is openly critical of celebrities promoting NFTs and cryptocurrencies, he says the responsibility rests with regulatory authorities.
They should have intervened sooner to prevent irresponsible trading and potential harm to investors.
“I think in many cases celebrities didn’t really understand what they were selling. What does it mean to absolve them of a moral, ethical responsibility? [ou] possibly even legal for their actions. But they don’t have to be bad people; they just see easy money making, right?”
While McKenzie’s book is a direct attack on the industry, it also points to broader problems in the financial and economic system that allowed cryptocurrencies to emerge and become popular.
He acknowledges that the rise of cryptocurrencies came mainly in response to the 2008 financial crisis, and that the mainstream financial system has serious flaws that need to be addressed.
However, he strongly opposes the idea that cryptocurrencies are the solution to these systemic problems.

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The actor argues that cryptocurrencies have been more effective at enriching a small elite than at providing tangible social or economic benefits.
The story of Sam Bankman-Fried, founder of the now-bankrupt $32 billion crypto exchange FTX, serves as a case study.
McKenzie and his co-author interviewed Bankman-Fried before their company went bankrupt.
The entrepreneur, once hailed as the future of finance, answered the tricky questions outright and played with a fidget spinner during the interview. Months later, his business collapsed and he was charged with criminal charges.
The actor spoke out against cryptocurrencies in December 2022, testifying at a U.S. Senate Banking Committee hearing focused on the FTX meltdown.
McKenzie told lawmakers at the time that the estimated 40 million Americans who invested in cryptocurrencies in FTX “received an invoice for goods sold.”
“They have been misled, big and small, by a once-seemingly powerful cryptocurrency industry whose very existence hinges on misinformation, hype and, yes, fraud.”he said.

Since then, the self-proclaimed “former teen idol” has become an outspoken enemy of cryptocurrencies.
In addition to cryptocurrencies, McKenzie is also aware of the shift in market energy to artificial intelligence.
He sees an overlap between the two industries, pointing to projects like Worldcoin, led by OpenAI’s Sam Altman, as examples of how the two technologies can combine in potentially problematic ways.
Finally, McKenzie warns that while technology can promise a bright future, it also has the potential to leave a trail of damage over time, especially if not properly regulated.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.