Max Keiser has bashed DeFi as scam and LUNA as a recent example of one going off
Prominent bitcoin proponent Max Keizer responded to a tweet from Joe Weisenthal, a Bloomberg economics newscaster and co-host of the Odd Lots podcast, who called UST/LUNA “a glaring example of games like Ponzi”.
Keiser also slammed LUNA, as well as DeFi, Ethereum and even Mike Novogratz, associating them all with scams.
LUNA Doesn’t Represent All Cryptos: Jake Chervinsky
Weisenthal tweeted that despite being the “biggest thing in crypto” over the past two years, in reality, decentralized finance apps have had next to no economic impact. He tweeted this in response to Jake Chervinsky, head of policy at the Blockchain Association.
Chervinksy had complained on Twitter that anti-crypto media has been slamming LUNA hard and stating that basically all crypto is potentially like LUNA/UST.
Weisenthal called LUNA “a particularly glaring example of a broader phenomenon of Ponzi-like games throughout space,” since he apparently believes all DeFi are Ponzi schemes.
He does like Uniswap and other AMM (automated market maker protocols), saying that they bear potential that may make them economically important one day.
“LUNA is emblematic of all DeFi [scams]”
Max Keiser, an economist and RT host of his own finance and Bitcoin-related show, tweeted Weisenthal that he totally agrees with DeFi’s definition as a scam and a Ponzi scheme (based on which operate their yield farming mechanics, according to his tweet).
As for LUNA and the UST stablecoin from Terra, Keiser has called them “emblematic of all DeFi.”
Some harsh criticism was even leveled at Galaxy Digital CEO Mike Novogratz, who was a LUNA fan until he broke down and even got a tattoo of it (a wolf howling at the luna-moon) .
Keiser is known to be one of the Bitcoin OGs, and he is critical of all altcoins, calling them a scam, including the second largest crypto, Ethereum, on which the majority of DeFi apps run.