EXCLUSIVE: Short seller Andrew Left says the idea of decentralization is the 'dumbest thing ever'
Andrew Left, founder of Citron Research, says the idea of decentralization, where power is transferred from the hands of centralized entities, is the "dumbest thing ever" and has pointed out that Bitcoin's only usefulness is that it is a collective consciousness of people, with people buying because others are doing so.
Web3 a great illusionLeft, one of the world's most well-known short sellers, in an exclusive interview with Benzinga, said that Web3 is a grand illusion, and it only aims to take the power away from big tech companies.
"I see no value in cryptocurrencies, especially altcoins. They have no use. And Web3 is a grand illusion aimed at taking power away from big tech companies … In a world where the internet needs more governance, it's the dumbest thing that nobody controls anything, while billions of dollars are thrown into it,” he added. said.
BTC at $10,000 and ETH at $200He added that he would not be surprised to see Bitcoin BTC/USD at the $10,000 level and Ethereum ETH/USD at $200 and they have no use or are only accepted as payment.
"BTC and ETH are different. BTC is a perceived value, so it can stay as long as people want to buy it. It looks like it has a future because it's already part of of our collective consciousness. ETH, on the other hand, is supposed to have a use, and it has none. I expect that price to come back to $200," he said.
"The only people involved in buying bitcoin are from the same community, because they see it as an asset. But it's useless. On the other hand, there are businesses that have real utility,” he added.
Asked to explain what real utility means to him, Left replied that there are companies that do things in the real world and generate profits.
Digital assets are solutions in search of problems"Assets like NFTs, on the other hand, are just collectibles, solutions in search of problems," he said.
He added that people expect Ethereum to have real use once it is upgraded. "But once they realize there's nothing they can do, they'll be like - Oh my God!"
Left further stated that the use of blockchain technology is marginal to the "hype" generated around it, and that the technology has issues that have yet to be resolved. . “I know companies like Oracle and IBM use blockchain technology. However, there are several issues with this, and it is being tested. »
Photo: Courtesy of citronresearch.com
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Andrew Left, founder of Citron Research, says the idea of decentralization, where power is transferred from the hands of centralized entities, is the "dumbest thing ever" and has pointed out that Bitcoin's only usefulness is that it is a collective consciousness of people, with people buying because others are doing so.
Web3 a great illusionLeft, one of the world's most well-known short sellers, in an exclusive interview with Benzinga, said that Web3 is a grand illusion, and it only aims to take the power away from big tech companies.
"I see no value in cryptocurrencies, especially altcoins. They have no use. And Web3 is a grand illusion aimed at taking power away from big tech companies … In a world where the internet needs more governance, it's the dumbest thing that nobody controls anything, while billions of dollars are thrown into it,” he added. said.
BTC at $10,000 and ETH at $200He added that he would not be surprised to see Bitcoin BTC/USD at the $10,000 level and Ethereum ETH/USD at $200 and they have no use or are only accepted as payment.
"BTC and ETH are different. BTC is a perceived value, so it can stay as long as people want to buy it. It looks like it has a future because it's already part of of our collective consciousness. ETH, on the other hand, is supposed to have a use, and it has none. I expect that price to come back to $200," he said.
"The only people involved in buying bitcoin are from the same community, because they see it as an asset. But it's useless. On the other hand, there are businesses that have real utility,” he added.
Asked to explain what real utility means to him, Left replied that there are companies that do things in the real world and generate profits.
Digital assets are solutions in search of problems"Assets like NFTs, on the other hand, are just collectibles, solutions in search of problems," he said.
He added that people expect Ethereum to have real use once it is upgraded. "But once they realize there's nothing they can do, they'll be like - Oh my God!"
Left further stated that the use of blockchain technology is marginal to the "hype" generated around it, and that the technology has issues that have yet to be resolved. . “I know companies like Oracle and IBM use blockchain technology. However, there are several issues with this, and it is being tested. »
Photo: Courtesy of citronresearch.com
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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