Crypto, Ponzi & LeBron Idiom of Day

WSJ’s “Crypto Party Is Over” echoes the refrain Ponzi must have gotten when his get rich quick scheme was exposed for the sucker punch it was. Is LeBron still telling his greedy fans “Fortune favors the brave” if foolish?

Recall how, on Super Bowl Sunday, a crypto ad “featuring billionaire NBA star LeBron James lit up millions of Americans’ TVs: ‘If you want to make history, you gotta call your own shots,’ Mr. James said in the 30-second spot for the popular cryptocurrency-trading platform.” Unfortunately, in recent days, that platform laid off 5% of its workforce. As the newspaper noted, the “cryptocurrency industry was built in part on swagger, enthusiasm and optimism. Bitcoin backers’ rallying cry to rebuff skeptics was, ‘Have fun staying poor.’ Those who didn’t buy in were letting the future pass them by.”

There is, of course, an old saw warning, “If something sounds too good to be true, it probably is.”

Davd Soul