What to Remember from the Crypto Policy Symposium Conferences?

A gathering of about 40 people in London on September 5 and 6 marked the start of the first international “cryptosceptic” meeting. The purpose of this event was to create a think tank that helps warn the public about the dangers of an influential industry.

A conference to counter crypto-optimists

The crypto asset market needs to be regulated because it poses a “problem of public interest”. People should also develop a more critical view of cryptocurrencies.

The Crypto Policy Symposium held in London on September 5-6 brought together 40 participants from different fields. These include members of the press with technology and business backgrounds, IT experts and government officials. The group said it was a problem of democracy and urged immediate action.

The crypto asset industry is hosting hundreds of rallies promoting a gospel message like Surfin’Bitcoin. This event took place in Biarritz on August 27, it was the second edition after 2021.

The London event was organized by a small group of “dissidents” against an industry estimated to be worth billions of dollars, said one of the co-organizers of the event, Stephen Diehl, a computer engineer specializing in finance. The participants discussed, among other things, the need to educate legislators and regulators about the dangers lurking for the crypto economy. For the common good, they want to voice their action that warns and fights against the risks of the crypto sector.

The cryptosceptic community wants to better portray the realities of the cryptoeconomic market in the media. They feel the need to contrast the media images offered by crypto-economy players, which indicate a growing interest in cryptos.

Some critics, such as freelance journalist Amy Castor, warn of growing bubbles and mounting losses. Indeed, more money is being invested and there are more casualties with the emergence of each bubble, Castor says.

Molly White, a computer engineer and Wikipedia editor, is one of the most critical voices in the crypto asset industry. With her blog Web3 Is Going Just Great, she charts scams and corporate failures in the crypto economy. She recently investigated statements made during the Celsius bankruptcy case. She also wrote a dossier on the chain of disasters caused by the fall of the stablecoin Terra Luna and the liquidation of the hedge fund Three Arrows Capital.

Are cryptocurrencies only for excluded people?

Management consultant and conference co-organizer Martin Walker considers crypto assets to be just as corrosive as predatory financial products such as high-interest credit cards or payday loans. According to speaker Tonantzin Carmona, this is because many crypto assets are promoted as tools for financially vulnerable people who have been excluded from the banking system in the past. These groups include black and Latino communities in the United States, said Carmona, a banking inclusion specialist and researcher at the Brookings Institution.

Jacob Silverman is a journalist specializing in the political issues of new technologies. He knows three persistent myths that still exist in the crypto economy: easy money, financial freedom and independence. However, Silverman says that cryptocurrency markets are unfair, asymmetric, opaque and open to fraud, manipulation and insider trading, all characteristics that make casino-style capitalism possible.

Another alleged cryptoskeptic is Ben McKenzie – an American actor – who co-authored Silverman’s Easy Money essay. This writing describes many cases of financial fraud and is expected to be published in 2023.

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