Number Go Up: Inside Crypto's Wild Rise and Staggering Fall

Number Go Up: Inside Crypto's Wild Rise and Staggering Fall by Zeke Faux

Crypto is not only the ultimate ponzi scheme, but it also contributes significantly to global warming. It relies on a publically viewable blockchain of all transactions, yet relies on anonymity. Many companies are based in lightly-regulated countries and have little security in place. There are hefty transaction fees involved. Since there is a blockchain involved, transactions tend to be slow. Some places have tried to allow bitcoin as legal tender, but it has not panned out well.

This book looks at the boom and bust of blockchain, with a focus on Tether and FTX. While FTX looked like the stronger company, it is Tether that is still around. The crypto is lightly regulated. Few people really understand how it works or how it will make money. (Some of explanations were that it would go up because it goes up.) People were taking the ride up, hoping to get out before it crashed. Some made money. Many lost money. Many developing countries rode the wave, such as the Philippines with crypto-based gaming add ons. That did not end very well. 

Is crypto ready to emerge from the ashes as a legitimate enterprise? Perhaps. However, it will likely be different players that do it.