McKenzie Blasts Crypto as 'Ponzi Scheme' with 'Insiders' Reaping All the Rewards
Ben McKenzie, an actor and writer known for his roles on The O.C. and Gotham, has become one of America's most outspoken critics of cryptocurrency. He believes that crypto is a Ponzi scheme, a 'generational hallucination,' and a 'quasi-cult.' In 2021, during the height of the pandemic, McKenzie started researching cryptocurrency after his friend recommended he invest.
McKenzie was frustrated by celebrity endorsements for digital currencies. He used this as an example in his directorial debut, a documentary titled Everyone Is Lying to You for Money. The film explores the rise and fall of platforms like FTX and Celsius Network and reveals the mechanisms behind the hype and speculation.
McKenzie argues that crypto fills the void created by distrust in the conventional financial system. However, he believes that this system is not as flawed as people think. According to McKenzie, the regulated financial system can be improved, making it fairer and more equitable for everyone.
The winners of the crypto game are the insiders, those who issue currencies and run exchanges. These individuals hide behind the myth of decentralization but ultimately benefit from privately issued monies with people controlling them. Venture capital firms have made significant profits by investing in crypto projects early on, only to sell them to the public at higher prices.
McKenzie spoke with people who lost money when Celsius Network collapsed and found that many still believed in crypto despite their losses. He attributes this to a phenomenon known as 'When Prophecy Fails,' where cult members do not renounce their faith even after a prophecy fails.