more great reporting from Jason Mikula on the #a16z / #MarcAndreessen backed financial disaster known as Synapse, the middleman behind Yotta and others that lost track of (and maybe lost) most of their customers’ money.

Andreessen’s desire to eliminate the #CFPB for “terrorizing” #fintech companies like Synapse suggests a desire to keep backing companies that will strip mine the wallets of uneducated consumers.

Seen also: Evolve Bank & Trust (a bank popular with players like #FTX and #GeorgeSantos), #VoyagerDigital (a crypto company backed by #MarcCuban that incinerated user deposits in 2022), and #MetropolitanCommercialBank (#MCB), a NY institution beloved by the far right in Israel.

https://fintechbusinessweekly.substack.com/p/regulators-should-conduct-material

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2 years ago when I joined social media to try to get some better quality information into the debate about the horrors of the #cryptocurrency "industry" I wrote an essay that went a bit viral titled "Cryptocurrency Is A Hideous Monstrosity Made Out Of Computers And Greed That Must Be Destroyed Before It Devours The World".

Unfortunately it has languished behind Medium’s constantly shifting and extremely opaque paywall rules. Now that the crypto industry has effectively bought the government of the world’s largest superpower I decided to republish the piece on #Substack under a slightly different name ("...That Is About To Devour The World") with a couple of light edits and an additional introduction about the current state of affairs with the incoming #Trump administration. You can read it here:

https://cryptadamus.substack.com/p/cryptocurrency-is-a-hideous-monstrosity